Questions from General Accounting

Q: For each of the following expenditures, indicate the type of account

For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers. a. $22,000 annual cost of routine repair and...

Q: For each of the following expenditures, indicate the type of account

For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers. a. $3,700 for repairing damage that resulted...

Q: Alpha Inc. and Beta Co. are sheet metal processors that

Alpha Inc. and Beta Co. are sheet metal processors that supply component parts for consumer product manufacturers. Alpha has been in business since 1985 and is operating in its original plant faciliti...

Q: Partially completed financial statements for Whittaker Inc. follow: /

Partially completed financial statements for Whittaker Inc. follow: Required: a. Complete the income statement and balance sheet for Whittaker Inc. Show how each amount was determined. b. After comple...

Q: Net income for the year was $72,000. During

Net income for the year was $72,000. During the year, net cash provided by operating activities was $201,000; net cash used for investing activities was $168,000; net cash provided by financing activi...

Q: Listed here are a number of accounts: Land, Common stock

Listed here are a number of accounts: Land, Common stock, Merchandise inventory, Equipment, Cost of goods sold, Accounts receivable, Interest expense, Supplies, Long-term debt, Cash, Sales, Accounts p...

Q: Listed here are a number of accounts: Income tax expense,

Listed here are a number of accounts: Income tax expense, Accumulated depreciation, Notes payable, Land, Sales, Common stock, Cost of goods sold, Equipment, Accounts receivable, Rent expense, Supplies...

Q: Firm J has net income of $124,800, sales

Firm J has net income of $124,800, sales of $960,000, and average total assets of $640,000. Required: Calculate Firm J’s margin, turnover, and return on investment (ROI).

Q: Firm K has a margin of 9%, turnover of 1.

Firm K has a margin of 9%, turnover of 1.6, and sales of $4,000,000. Required: Calculate Firm K’s net income, average total assets, and return on investment (ROI).

Q: Firm L had net assets at the end of the year of

Firm L had net assets at the end of the year of $660,000. The only items affecting stockholders’ equity during the year were net income of $162,000 and dividends of $42,000. Required: Calculate Firm L...