Questions from College Accounting

Q: Freedom Company purchased four identical machines on January 4, 20X1,

Freedom Company purchased four identical machines on January 4, 20X1, paying $9,000 for each machine. The useful life of each machine is expected to be five years, with no salvage value expected. The...

Q: Campuzano Company acquired a mineral property and drilled an oil well in

Campuzano Company acquired a mineral property and drilled an oil well in 20X1. Capitalized costs subject to depletion totaled $800,000. When the well began producing in late 20X1, it was estimated tha...

Q: Liberty National Airlines is a small commercial airline operating in the United

Liberty National Airlines is a small commercial airline operating in the United States. Because of poor economic conditions in the airline industry in 20X1, Liberty National has eliminated some routes...

Q: Selected accounts of the Mayo Medical Labs are listed below. Also

Selected accounts of the Mayo Medical Labs are listed below. Also given are some transactions and events that took place at the company during 20X1. INSTRUCTIONS 1. Record in general journal form the...

Q: Teresa Ballard operates the Ballard Broadcast Company. Her postclosing trial balance

Teresa Ballard operates the Ballard Broadcast Company. Her postclosing trial balance on December 31, 20X1, is as follows: Ballard agrees to enter into a partnership with Helena Pittman, effective Janu...

Q: James Grayson operates a store that sells paintings and portraits by local

James Grayson operates a store that sells paintings and portraits by local artists. Grayson has agreed to enter into a partnership with Connie Chu, effective January 1, 20X1. The new firm will be call...

Q: Warren Burggren and Justin Beavers operate a retail furniture store. Under

Warren Burggren and Justin Beavers operate a retail furniture store. Under the terms of the partnership agreement, Burggren is authorized to withdraw $9,000 a month and Beavers $7,500 a month. The wit...

Q: Alicia Meeks and Charolette Hicks operate Uptown Apartments. Their partnership agreement

Alicia Meeks and Charolette Hicks operate Uptown Apartments. Their partnership agreement provides for salaries of $120,000 a year for Meeks and $96,000 for Hicks and for an interest allowance of 10 pe...

Q: What is a purchase return?

What is a purchase return?

Q: The balance sheet of The Office Equipment and Supply Shop after the

The balance sheet of The Office Equipment and Supply Shop after the revenue, expense, and partners’ drawing accounts have been closed on December 31, 20X1, is provided below. On that...