Questions from Financial Accounting

Q: Show the effect of each of the following independent accounting events on

Show the effect of each of the following independent accounting events on the financial statements using a horizontal statements model like the following one. Use + for increase, − f...

Q: The Corners Corporation experienced three events that affected its financial statements,

The Corners Corporation experienced three events that affected its financial statements, as shown in the following table. Assume that the original issue (Event 1) was for 400,000 shares, and the treas...

Q: On January 1, Year 1, Lakeview Company is started when

On January 1, Year 1, Lakeview Company is started when it issues 100 shares of $20 par value stock for a cash price of $25 per share. Also, on January 1 Year 1, Lakeview borrows $45,000 cash by issuin...

Q: Indicate whether each of the following accounts normally has a debit or

Indicate whether each of the following accounts normally has a debit or credit balance: a. Retained Earnings b. Prepaid Insurance c. Insurance Expense d. Accounts Receivable e. Salaries Payable f. Ca...

Q: As of January 1, Year 5, the accounting records for

As of January 1, Year 5, the accounting records for High Tech Supply (HTS) showed Cash of $180,000, Common Stock of $120,000, and Retained Earnings of $60,000. During Year 5, HTS experienced the follo...

Q: The accounting firm of Brooke & Doggett, CPAs, recently completed

The accounting firm of Brooke & Doggett, CPAs, recently completed the audits of three separate companies. During these audits, the following events were discovered, and Brooke & Doggett is trying to d...

Q: The December 31, Year 2, balance sheet for Mason Dixon

The December 31, Year 2, balance sheet for Mason Dixon Corp. (MDC) showed Cash of $80,000, Common Stock of $30,000, and Retained Earnings of $50,000. During Year 3, MDC experienced the following accou...

Q: Use the financial statements for Bluffton Company from Problem 14-17B

Use the financial statements for Bluffton Company from Problem 14-17B to compute the following for Year 4. Round percentages to two decimal points. a. Current ratio. b. Quick (acid-test) ratio. c. Ave...

Q: Required For each of the following fraudulent acts, describe one

Required For each of the following fraudulent acts, describe one or more internal control procedures that could have prevented (or helped prevent) the problems. a. Linda Hinson, the administrative ass...

Q: Use the financial statements for Bluffton Company from Problem 14-17B

Use the financial statements for Bluffton Company from Problem 14-17B to perform a vertical analysis (based on total assets, total equities, and sales) of both the balance sheets and income statements...