Questions from Financial Accounting

Q: Golf Universe is a regional and online golf equipment retailer. The

Golf Universe is a regional and online golf equipment retailer. The company reported the following for the current year: • Purchased a long-term investment for cash, $15,000. &acir...

Q: Suppose your company sells services for $325 cash this month.

Suppose your company sells services for $325 cash this month. Your company also pays $100 in salaries and wages, which includes $15 that was payable at the end of the previous month and $85 for salari...

Q: Suppose your company sells services of $150 in exchange for $

Suppose your company sells services of $150 in exchange for $120 cash and $30 on account. Depreciation of $50 relating to equipment also is recorded. Required: 1. Show the journal entries to record...

Q: Suppose your company sells goods for $300, of which $

Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded...

Q: Plummer Industries purchased a machine for $43,800 and is

Plummer Industries purchased a machine for $43,800 and is depreciating it with the straight-line method over a life of 8 years, using a residual value of $3,000. At the beginning of the sixth year, an...

Q: Suppose your company reports $160 of net income and $40

Suppose your company reports $160 of net income and $40 of cash dividends paid, and its comparative balance sheet indicates the following. Required: 1. Prepare the operating activities section of th...

Q: Suppose the income statement for Goggle Company reports $95 of net

Suppose the income statement for Goggle Company reports $95 of net income, after deducting depreciation of $35. The company bought equipment costing $60 and obtained a long-term bank loan for $70. The...

Q: New Vision Company completed its income statement and balance sheet and provided

New Vision Company completed its income statement and balance sheet and provided the following information: Required: 1. Present the operating activities section of the statement of cash flows for N...

Q: What is an adjusted trial balance? What is its purpose?

What is an adjusted trial balance? What is its purpose?

Q: The average price of a gallon of gas in 2015 dropped $

The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let’s see whether these changes are reflected in the income statement o...