Questions from Financial Accounting

Q: Brian Horton opened a software consulting firm that immediately paid $8

Brian Horton opened a software consulting firm that immediately paid $8,000 for a computer. Was Hortons computer an expense of the business? If not, explain.

Q: Seventh Investments, Inc., began by issuing common stock for cash

Seventh Investments, Inc., began by issuing common stock for cash of $140,000. The company immediately purchased computer equipment on account for $100,000. 1. Set up the following T-accounts of Seve...

Q: Redberrys trial balance follows. / Compute these amounts

Redberrys trial balance follows. Compute these amounts for the business: 1. Total assets 2. Total liabilities 3. Net income or net loss during December

Q: Refer to Short Exercise 2-3. Which of the transactions

Refer to Short Exercise 2-3. Which of the transactions of Hannah Lyle, MD, increased the total assets of the business? For each transaction, identify the asset that was increased. From short exercise...

Q: Capri Design specializes in imported clothing. During May, Capri completed

Capri Design specializes in imported clothing. During May, Capri completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on...

Q: Orman Unlimited performed service for a client who could not pay immediately

Orman Unlimited performed service for a client who could not pay immediately. Orman expected to collect the $5,200 the following month. A month later, Orman received $2,400 cash from the client. 1. R...

Q: Assume that Old Boardwalk reported the following summarized data at December 31

Assume that Old Boardwalk reported the following summarized data at December 31, 2010. Accounts appear in no particular order; dollar amounts are in millions. Prepare the trial balance of Old Boardwa...

Q: Nelson, Inc.s comparative balance sheet at January 31,

Nelson, Inc.s comparative balance sheet at January 31, 2011, and 2010, reports (in millions): Requirements Three situations about Nelsons issuance of stock and payment of dividends during the year en...

Q: Crow Golf Co. prepaid three years rent ($24,000

Crow Golf Co. prepaid three years rent ($24,000) on January 1, 2010. At December 31, 2010, Crow prepared a trial balance and then made the necessary adjusting entry at the end of the year. Crow adjust...

Q: Bryson, Inc., collects cash from customers two ways:

Bryson, Inc., collects cash from customers two ways: a. Accrued revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2010, Bryson made sales of $60,000 on ac...