Questions from College Accounting

Q: The worksheet of Lantz’s Office Supplies contains the following revenue, cost

The worksheet of Lantz’s Office Supplies contains the following revenue, cost, and expense accounts. Prepare a classified income statement for this firm for the year ended December 3...

Q: The worksheet of Lantz’s Office Supplies contains the following owner’s equity accounts

The worksheet of Lantz’s Office Supplies contains the following owner’s equity accounts. Use this data and the net income determined in Exercise 13.3 to prepare a statement of owner’s equity for the y...

Q: The worksheet of Lantz’s Office Supplies contains the following asset and liability

The worksheet of Lantz’s Office Supplies contains the following asset and liability accounts. The balance of the Notes Payable account consists of notes that are due within a year. P...

Q: On December 31, 20X1, the Income Statement columns of the

On December 31, 20X1, the Income Statement columns of the worksheet for The Sax Shop contained the following information. Give the entries that should be made in the general journal to close the reven...

Q: Examine the following adjusting entries and determine which ones should be reversed

Examine the following adjusting entries and determine which ones should be reversed. Show the reversing entries that should be recorded in the general journal as of January 1, 20X2. Include appropriat...

Q: The Adjusted Trial Balance section of the worksheet for Hendricks Janitorial Supplies

The Adjusted Trial Balance section of the worksheet for Hendricks Janitorial Supplies follows. The owner made no additional investments during the year. Prepare a postclosing trial balance for the fir...

Q: The following selected accounts were taken from the financial records of Sonoma

The following selected accounts were taken from the financial records of Sonoma Valley Distributors at December 31, 20X1. All accounts have normal balances. Cash $31,340 Accounts Receivable 67,900 Not...

Q: For each of the following cases, respond to the question and

For each of the following cases, respond to the question and indicate the accounting principle or concept that applies. 1. Princeton, LLC, paid insurance premiums of $9,600 on December 1, 20X1. These...

Q: For each of the following cases, respond to the question asked

For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies. 1. Patterson Company purchased many small tools during 20X1 at a total cos...

Q: Mike Ryan is the owner of Ryan Contractors, a successful small

Mike Ryan is the owner of Ryan Contractors, a successful small construction company. He spends most of his time out of the office supervising work at various construction sites, leaving the operation...