Questions from Financial Accounting

Q: Blair, Inc., has the following plant asset accounts: Land

Blair, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Blair completed the following trans...

Q: Without making journal entries, record the transactions of E-E

Without making journal entries, record the transactions of E-E-27B directly in the McCloud T-account, Equity-method Investment. Assume that after all the noted transactions took place, McCloud sold it...

Q: On January 3, 2018, Pawnee Company paid $230,

On January 3, 2018, Pawnee Company paid $230,000 for a computer system. In addition to the basic purchase price, the company paid a setup fee of $1,000, sales tax of $6,000, and $28,000 for a special...

Q: Savanaugh Stores, Inc., sells electronics and appliances. The excerpts

Savanaugh Stores, Inc., sells electronics and appliances. The excerpts that follow are adapted from Savanaugh’s financial statements for 2018 and 2017. Requirements: 1. How much was...

Q: Pacific Energy Company’s balance sheet includes the asset Iron Ore Rights.

Pacific Energy Company’s balance sheet includes the asset Iron Ore Rights. Pacific Energy paid $3.0 million cash for the right to work a mine that contained an estimated 240,000 tons of ore. The com...

Q: At the end of 2017, Stretch Energy had total assets of

At the end of 2017, Stretch Energy had total assets of $17.3 billion and total liabilities of $9.7 billion. Included among the assets were property, plant, and equipment with a cost of $4.9 billion an...

Q: One Stop Shop Corporation operates general merchandise and food discount stores in

One Stop Shop Corporation operates general merchandise and food discount stores in the United States. The company reported the following information for the three years ending December 31, 2017: Requ...

Q: Parker Corporation reported the following related to property and equipment (all

Parker Corporation reported the following related to property and equipment (all in millions): From the balance sheets Requirements: 1. Draw T-accounts for Property and Equipment and Accumulated Depr...

Q: Lancey Supply, Inc., opened an office in Ypsilanti, Michigan

Lancey Supply, Inc., opened an office in Ypsilanti, Michigan. Lancey incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the new sales building:...

Q: Greco Lake Resort reported the following on its balance sheet at December

Greco Lake Resort reported the following on its balance sheet at December 31, 2018: On July 1, 2019, the resort expanded operations and purchased additional equipment for cash at a cost of $109,000....