Questions from Financial Accounting

Q: Swenson Corporation reported the following items at December 31, 2018,

Swenson Corporation reported the following items at December 31, 2018, and 2017: Requirements: 1. Compute the company’s (a) quick (acid-test) ratio and (b) days’...

Q: Norfolk Co., Inc., an electronics and appliance chain, reported

Norfolk Co., Inc., an electronics and appliance chain, reported these figures in millions of dollars Requirements: 1. Compute Norfolk’s days’ sales in receivables...

Q: Cedar Point is an amusement park in Sandusky, Ohio, owned

Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each year between May and October. It covers 364 acres and has...

Q: At Hometown Arts, gross sales for the month included: Sales

At Hometown Arts, gross sales for the month included: Sales on account (2/10, n/30) $150,000 Credit card sales (3% credit card fee) $200,000 Half of the sales on account were paid within the discount...

Q: Set up the following T-accounts: Cash, Accounts Receivable

Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the...

Q: Dr. Char Morin opened a medical practice specializing in surgery.

Dr. Char Morin opened a medical practice specializing in surgery. During the first month of operation (July), the business, titled Dr. Char Morin, Professional Corporation (P.C.), experienced the foll...

Q: Refer to Exercise 2-30B. Requirement 1

Refer to Exercise 2-30B. Requirement 1. Record the transactions in the journal of Dr. Char Morin, P.C. List the transactions by date and give an explanation for each transaction.

Q: The unadjusted trial balance and income statement amounts from the December 31

The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Crawford Production Company follow. Requirement: 1. Journalize the adjusting and closing entri...

Q: Refer to Exercise 3-26A. Requirements:

Refer to Exercise 3-26A. Requirements: 1. Use the data in the partial worksheet to prepare Crawford Production Company’s classified balance sheet at December 31 of the current year. Use the report fo...

Q: Peyton Company reported these ratios at December 31, 2018 (dollar

Peyton Company reported these ratios at December 31, 2018 (dollar amounts in millions): Peyton Company completed these transactions during 2019: a. Purchased equipment on account, $5 b. Paid long-ter...