Questions from Financial Accounting

Q: Frank Dunn began a music business in January 2010. Dunn prepares

Frank Dunn began a music business in January 2010. Dunn prepares monthly financial statements and uses the accrual basis of accounting. The following transactions are Dunn Companys only activities dur...

Q: Frank Dunn began a music business in January 2010. Dunn prepares

Frank Dunn began a music business in January 2010. Dunn prepares monthly financial statements and uses the accrual basis of accounting. The following transactions are Dunn Companys only activities dur...

Q: Frank Dunn began a music business in January 2010. Dunn prepares

Frank Dunn began a music business in January 2010. Dunn prepares monthly financial statements and uses the accrual basis of accounting. The following transactions are Dunn Companys only activities dur...

Q: At December 31, 2010, Tommer Products has cash of $

At December 31, 2010, Tommer Products has cash of $12,000, receivables of $5,000, and inventory of $42,000. The companys equipment totals $82,000. Tommer owes accounts payable of $17,000, and long-ter...

Q: In which month should revenue be recorded? a. In

In which month should revenue be recorded? a. In the month that cash is collected from the customer b. In the month that goods are shipped to the customer c. In the month that goods are ordered by...

Q: On January 1 of the current year, Bambi Company paid $

On January 1 of the current year, Bambi Company paid $1,200 rent to cover six months (January June). Bambi recorded this transaction as follows: Bambi adjusts the accounts at the end of each month. B...

Q: Assume the same facts as in question 3-56. Bambis

Assume the same facts as in question 3-56. Bambis adjusting entry at the end of February should include a debit to Rent Expense in the amount of a. $200. b. $1,000. c. $400. d. $0.

Q: What effect does the adjusting entry in question 3-57 have

What effect does the adjusting entry in question 3-57 have on Bambis net income for February? a. Increase by $200 b. Decrease by $200 c. Increase by $400 d. Decrease by $400

Q: Selected data for the Blossom Company follow: /

Selected data for the Blossom Company follow: Based on these facts, what are Blossoms current ratio and debt ratio? Current ratio Debt ratio a. 1.633 to 1 0.742 to 1 b. 0...

Q: Unadjusted net income equals $7,500. Calculate what net

Unadjusted net income equals $7,500. Calculate what net income will be after the following adjustments: 1. Salaries payable to employees, $660 2. Interest due on note payable at the bank, $100 3. U...