Questions from Financial Accounting

Q: Using these data from the comparative balance sheet of Rollaird Company,

Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis.

Q: In performing accounting services for small businesses, you encounter the following

In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Cerviq Company enters sales and sales taxes separately on its cash register....

Q: Bramble University sells 3,500 season basketball tickets at $80

Bramble University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after pl...

Q: Ratzlaff Company issues (in euros) €2 million, 10

Ratzlaff Company issues (in euros) €2 million, 10-year, 8% bonds at 97, with interest payable annually on January 1. Instructions (a) Prepare the journal entry to record the sale of these bonds on Jan...

Q: Using the data presented in BE13-4(given below)

Using the data presented in BE13-4(given below) for Rollaird Company, perform vertical analysis.

Q: Betsy Strand’s regular hourly wage rate is $16, and she

Betsy Strand’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Betsy works 47 hours. Betsy’s federal income tax wit...

Q: Due to rapid employee turnover in the accounting department, the following

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Inland Corporation. 1. Inland developed a new manufactur...

Q: Data for Betsy Strand are presented in BE10-5. Prepare

Data for Betsy Strand are presented in BE10-5. Prepare the employer’s journal entries to record (a) Betsy’s pay for the period and (b) the payment of Betsy’s wages. Use January 15 for the end of the...

Q: The T-accounts for Equipment and the related Accumulated Depreciation—

The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Goldstone Company at the end of 2017 are shown here. In addition, Goldstone’s in...

Q: Indicate whether each of the following transactions would increase (+), decrease (−),

Indicate whether each of the following transactions would increase (+), decrease (−), or not affect (N/A) total assets, total liabilities, and total stockholders’ e...