Questions from Financial Accounting

Q: The following information is available for two different types of businesses for

The following information is available for two different types of businesses for the Year 1 accounting year. Diamond Consulting is a service business that provides consulting services to small busines...

Q: Middleton Co. paid $80,000 cash to purchase land

Middleton Co. paid $80,000 cash to purchase land from Saws Lumber Company. Saws originally paid $80,000 for the land. Required a. Did this event cause the balance in Middleton’s cash account to increa...

Q: Sara Bayer started a small merchandising business in Year 1. The

Sara Bayer started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Bayer uses the perpetual inventory system. 1....

Q: The following data were taken from the 2017 annual reports of Biogen

The following data were taken from the 2017 annual reports of Biogen Idec, Inc. and Amgen, Inc. Both companies are leaders in biotechnology. All dollar amounts are in millions. Required a. For each co...

Q: Green Gardens, Inc. began operations on January 1, Year

Green Gardens, Inc. began operations on January 1, Year 1. During Year 1, Green Gardens experienced the following accounting events. 1. Acquired $20,000 cash from the issue of common stock. 2. Borrowe...

Q: This exercise continues the scenario described in Exercise 1-11B shown

This exercise continues the scenario described in Exercise 1-11B shown earlier. Specifically, Green Gardens’s Year 1 ending balances become the Year 2 beginning balances. At the begi...

Q: Lewis Enterprises was started on January 1, Year 1 when it

Lewis Enterprises was started on January 1, Year 1 when it acquired $4,000 cash from creditors and $6,000 from owners. The company immediately purchased land that cost $9,000. The land purchase was th...

Q: Both balance sheets shown in the following table were dated as of

Both balance sheets shown in the following table were dated as of December 31, Year 3: Required a. Based only on the information shown in the balance sheets, can Smith Co. pay a $2,000 cash dividend?...

Q: Determine the missing amounts in each of the following four independent scenarios

Determine the missing amounts in each of the following four independent scenarios: a. W Co. had a $5,000 beginning balance in accounts receivable on January 1, Year 4. During Year 4, the company earne...

Q: Leaf Company experienced the following events during its first-year operations

Leaf Company experienced the following events during its first-year operations: 1. Acquired $65,000 cash from the issue of common stock. 2. Borrowed $18,000 from the First City Bank. 3. Earned $48,000...