Questions from Financial Accounting

Q: Balance sheet data for Kwan Company on December 31, the end

Balance sheet data for Kwan Company on December 31, the end of two recent fiscal years, follow: Prepare a comparative balance sheet for both years, stating each asset as a percent of total assets and...

Q: The following data were accumulated for use in reconciling the bank account

The following data were accumulated for use in reconciling the bank account of Nakajima Co. for July: 1. Cash balance according to the company’s records at July 31, $49,910. 2. Cash balance according...

Q: Using the data presented in Exercise 8-18, journalize the

Using the data presented in Exercise 8-18, journalize the entry or entries that should be made by the company. Data from Exercise 8-18: 1. Cash balance according to the company’s records at July 31,...

Q: Autumn Designs & Decorators issued a 120-day, 5%

Autumn Designs & Decorators issued a 120-day, 5% note for $93,000, dated April 13 to Zebra Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the n...

Q: Apple Inc. designs, manufactures, and markets personal computers and

Apple Inc. designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod) and mobile phones (iPhone) along with related access...

Q: Equipment acquired on January 6 at a cost of $401,

Equipment acquired on January 6 at a cost of $401,300 has an estimated useful life of 18 years and an estimated residual value of $25,100. a. What was the annual amount of depreciation for Years 1–3 u...

Q: Amazon.com, Inc. is the world’s leading Internet retailer

Amazon.com, Inc. is the world’s leading Internet retailer of merchandise and media. Amazon also designs and sells electronic products, such as e-readers. Netflix, Inc. is the world&a...

Q: Journalize the entries to record the following: a. Check

Journalize the entries to record the following: a. Check is issued to establish a petty cash fund of $1,290. b. The amount of cash in the petty cash fund is now $303. Check is issued to replenish the...

Q: Hasbro, Inc., designs, manufactures, and markets toy products

Hasbro, Inc., designs, manufactures, and markets toy products worldwide. Hasbro’s toys include Monopoly®, My Little Pony®, and Nerf brands. For a recent year, Hasbro reported the following net cash fl...

Q: Ralph Lauren Corporation designs, markets, and distributes a variety of

Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company’s products include such brands as Polo by...