Questions from Financial Accounting

Q: Rodriguez Transfer manufactures conveyor belts. Early in the month of July

Rodriguez Transfer manufactures conveyor belts. Early in the month of July, Rodriguez Transfer constructed its own building at a cost of $980,000 (for materials, labor, and overhead). Rodriguez Transf...

Q: Cool Rays Tanning Salon bought three tanning beds in a $15

Cool Rays Tanning Salon bought three tanning beds in a $15,000 lump-sum purchase. An independent appraiser valued the tanning beds: Tanning Bed ………………………… Appraised Value 1 …………………………………………………….. $ 3...

Q: On January 2, 2018, Trendz Lighting purchased showroom fixtures for

On January 2, 2018, Trendz Lighting purchased showroom fixtures for $20,000 cash, expecting the fixtures to remain in service for four years. Trendz Lighting has depreciated the fixtures on a straight...

Q: Assume that Branson Corporation’s comparative balance sheet reported these amounts:

Assume that Branson Corporation’s comparative balance sheet reported these amounts: Requirement 1. Assume that on January 1, 2018, Branson sold one-eighth of its plant and equipmen...

Q: Mesa Transport is a large trucking company. Mesa Transport uses the

Mesa Transport is a large trucking company. Mesa Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Mesa Transport acquired a Mack truck costing $330,000, with a us...

Q: At the end of 2018, Zepher Corp. had total assets

At the end of 2018, Zepher Corp. had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600, and accumulated dep...

Q: Let’s think about Dick’s Sporting Goods (Dick’s) again. Think

Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where Dick’s got its money, and what Dick’s has been doing to create value. Is Dick’s earning...

Q: The following are selected data for Nelson Equipment, Inc., for

The following are selected data for Nelson Equipment, Inc., for the current year: Requirement 1. Calculate the return on assets (ROA) and the fixed asset turnover ratio for Nelson Equipment for the...

Q: Make journal entries to record the following transactions. Explanations are not

Make journal entries to record the following transactions. Explanations are not required.

Q: Record the following note payable transactions of Concilio Corp. in the

Record the following note payable transactions of Concilio Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the neare...