Questions from General Accounting

Q: If a company recorded accrued salaries expense of $500 at the

If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing entry could be made? When would it be made?

Q: In a recent year’s financial statements, Home Depot reported the following

In a recent year’s financial statements, Home Depot reported the following results. Compute and interpret Home Depot’s return on assets (assume competitors average an 8.0% return on assets). Sales ……...

Q: Hawk Company records prepaid assets and unearned revenues in balance sheet accounts

Hawk Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for the company as of August 31, the end of the com...

Q: The following information is taken from Camara Company’s unadjusted and adjusted trial

The following information is taken from Camara Company’s unadjusted and adjusted trial balances. Given this information, which of the following is likely included among its adjusti...

Q: Molly Mocha employs one college student every summer in her coffee shop

Molly Mocha employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through Frida...

Q: Damita Company reported net income of $48,025 and net

Damita Company reported net income of $48,025 and net sales of $425,000 for the current year. Calculate the company’s profit margin and interpret the result. Assume that its competitors earn an averag...

Q: BMW Group, one of Europe’s largest manufacturers, reports the following

BMW Group, one of Europe’s largest manufacturers, reports the following income statement accounts for the year ended December 31, 2013 (euros in millions). Revenues . . . . . . . . . . . . . . . . ....

Q: Review the balance sheet of Google in Appendix A. Identify the

Review the balance sheet of Google in Appendix A. Identify the amount for property and equipment. What adjusting entry is necessary (no numbers required) for this account when preparing financial stat...

Q: The following selected information is taken from the work sheet for Warton

The following selected information is taken from the work sheet for Warton Company as of December 31, 2015. Using this information, determine the amount for B. Warton, Capital, that should be reported...

Q: Heineken N.V., which is a global brewer domiciled in

Heineken N.V., which is a global brewer domiciled in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2013 (euro in millions). Prepare the balance sheet fo...