Questions from Financial Accounting

Q: Home Repair Corp. (HRC) operates a building maintenance and

Home Repair Corp. (HRC) operates a building maintenance and repair business. The business has three office employees—a sales manager, a materials/crew manager, and an accountant. HRC’s cash payments s...

Q: Hills Company’s June 30 bank statement and the June ledger account for

Hills Company’s June 30 bank statement and the June ledger account for cash are summarized here: Required: 1. Prepare a bank reconciliation. A comparison of the checks written with...

Q: The September 30 bank statement for Cadieux Company and the September ledger

The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized here: No outstanding checks and no deposits in transit were noted in August. However, ther...

Q: Expedia, Inc., reported total cash of $1,862

Expedia, Inc., reported total cash of $1,862 million at September 30, 2016. Of this amount, $18 million was set aside and could be used only to fulfill the requirement of an aviation authority of a ce...

Q: Briefly explain the purposes of adjustments.

Briefly explain the purposes of adjustments.

Q: Gatti Corporation reported the following balances at June 30. /

Gatti Corporation reported the following balances at June 30. Required: 1. What amount should be reported as “Cash and Cash Equivalents”? 2. Prepare a classified...

Q: Sunshine Health established a $100 petty cash fund on January 1

Sunshine Health established a $100 petty cash fund on January 1. From January 2 through 10, payments were made from the fund, as listed below. On January 12, the fund had only $10 remaining; a check w...

Q: Last year, Pastis Productions reported $100,000 in sales

Last year, Pastis Productions reported $100,000 in sales and $40,000 in cost of goods sold. The company estimates it would have doubled its sales and cost of goods sold had it allowed customers to buy...

Q: For each of the following, indicate whether the item would be

For each of the following, indicate whether the item would be reported on the balance sheet (B/S), reported on the income statement (I/S), or not shown in the financial statements (Not). Also indicate...

Q: During the months of January and February, Solitare Corporation sold goods

During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Required: Compute the total revenue Solitare would report over the...