Questions from General Accounting

Q: Compute Chavez Company’s current ratio using the following information.

Compute Chavez Company’s current ratio using the following information.

Q: Swiss Group reports net income of $40,000 for 2015

Swiss Group reports net income of $40,000 for 2015. At the beginning of 2015, Swiss Group had $200,000in assets. By the end of 2015, assets had grown to $300,000. What is Swiss Group’s 2015 return on...

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October

On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $84,000 in assets to launch the business. On October 31, the company’s records show the foll...

Q: Use the information in Exercise 1-15 to prepare an October

Use the information in Exercise 1-15 to prepare an October statement of owner’s equity for Ernst Consulting. Data from Exercise 1-15

Q: Use the information in Exercise 1-15 (if completed,

Use the information in Exercise 1-15 (if completed, you can also use your solution to Exercise 1-16) to prepare an October 31 balance sheet for Ernst Consulting. Data from Exercise 1-15

Q: Refer to the financial statements of Apple in Appendix A near the

Refer to the financial statements of Apple in Appendix A near the end of the book. To what level of significance are dollar amounts rounded? What time period does its income statement cover? Financia...

Q: Identify the dollar amounts of Google’s 2013 assets, liabilities, and

Identify the dollar amounts of Google’s 2013 assets, liabilities, and equity as reported in its statements in Appendix A near the end of the book. Google’s 2013 St...

Q: Refer to Samsung’s 2013 balance sheet in Appendix A near the end

Refer to Samsung’s 2013 balance sheet in Appendix A near the end of the book. Confirm that its total assets equal its total liabilities plus total equity. Samsung’...

Q: The following is selected financial information for Armani Company as of December

The following is selected financial information for Armani Company as of December 31, 2015: liabilities, $44,000; equity, $46,000; assets, $90,000. Required Prepare the balance sheet for Armani Compa...

Q: During the year, a company recorded prepayments of expenses in asset

During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company mus...