Accounting Question

Q: ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discou...

A: Given information is:  ProBuilder has the following June 30 fiscal-year-end unadjusted balances: All...

Q: Employee purchases of supplies with a company-issued credit card is typically recorded with a credit...

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic transaction...

Q: Total assets on a balance sheet prepared on any date mustagree with which of the following?a. The su...

A: Balance sheet is a financial statement that shows the companies assets, liabilities and Shareholders...

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec. Ret...

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing accou...

Q: Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its cust...

A: Prepetual Inventory System : Perpetual inventory system is a method of inventory management that rec...

Q: Depending on whether an account is an accounts payable or accounts receivable, a debit can mean addi...

A: Accounts receivable is a current asset , it normally has a debit balance and would increase by debit...

Q: One of Cristina's peanut butter catering clients has made a deposit for a big event--a backyard wedd...

A: Customer Deposit It is basically a liability in the books of a firm which means cash received in ad...

Q: Learning Objective 7: Calculate return on assets) In 2018, Ambrosia Corporation LO 7reported $100 mi...

A: Return on assets = Net Income / Average total assets where, Average total assets = (Beginning total ...

Q: The following describe several different business organizations. Determine whether each description ...

A:   Sole proprietorship is a form of business organization where a single person is the owner of busin...

Q: You are an assistant in the accounting department of Hasher Electronics, a small electronicsretailer...

A: Given: Hasher has a loan that requires the company to maintain a minimum cash balance of$125,000, as...

Q: During 2018, Orlando Medical’s total assetsa. increased by $1,863 million.b. increased by 28.3%.c. B...

A: Increase in total assets = (Total assets in 2018 - total assets in 2017) /total assets in 2017

Q: Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts R...

A: Revenue account is credited when revenue is recorded.

Q: Littleton Books has the following transactions during May.May 2 Purchases books on account from Read...

A: Given transactions are:  May 2 Purchases books on account from Readers Wholesale for $3,300, terms 1...

Q: What factors do you think might cause an auditing team to spend more time than average on tests to i...

A:

Q: The following information is available to reconcile Severino Co.’s book balance of cash with its ban...

A: A bank reconciliation statement refers to a outline of banking and business movement that accommodat...

Q: Nicole has decided that she is going to start her business, Nicole’s Getaway Spa (NGS). A lot hasto ...

A:

Q: Accounting Question

A: 1. Cost of Goods Manufactured:

Q: Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal...

A: In the sales journal, sales of inventory on account is recorded. In the purchase journal, purchase o...

Q: At December 31, the unadjusted trial balance of H&R Tacks reports Supplies of $9,000 and Supplie...

A: Supplies Expense shall be recorded in the adjusting journal entry. 

Q: A ratio that measures a company’s profitability is thea. leverage ratio.b. gross margin percentage.c...

A: Profitability ratio shows the ability of the company to earn income by operating proficiently. These...

Q: A company that purchases inventory costing $10,000 onterms 2/10, n/30, but first returns one-half of...

A: Purchase return = Total purchases  x 1/2 = $10,000 x 1/2 = $5,000

Q: Jagdeep sold his Indian restaurant “Maya no Dhaba” to Jasleen for the amount of$450,000. On top of t...

A: Ordinary income is the one that is to be taxed at ordinary rates. This income includes all the incom...

Q: Equipment has a book value of $16,000 and a fair value of $14,750. The decline in value meets the im...

A: Impairment refers to the writing off the assets which has been impaired or whose fair value is less ...

Q: What document signals that a company should record thepurchase of goods on account?a. Purchase requi...

A:

Q: New Deli is in the process of closing its operations. It sold its three-year-old ovens to Sicily Piz...

A: 1 Balance in the Accumulated Depreciation account at the end of the third year = Annual depreciation...

Q: Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit ...

A: 1) Balance in accounts receivable on December 31, 2018, prior to the adjustment = = opening balance ...

Q: At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $...

A: As per the Balance Sheet Equation, Liabilities + Owner's Equity= Assets Assets Increased by $130000 ...

Q: Taylor Company purchased a machine for $9,800 on January 1, 2016. The machine has beendepreciated us...

A: Methods of Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset...

Q: Polymer is a limited liability company with the following trial balance as at 31 October 2018. Dr   ...

A: Statement of comprehensive income provides an overview of the income realized and the expenditures i...

Q: Mobo, a wireless phone carrier, completed its first year of operations on October 31. All of theyear...

A: Accrual adjusting entries or just accruals are one of three kinds of altering passages which are set...

Q: (Learning Objective 2: Distinguish a capital expenditure from an immediate expense)Identify each of ...

A: Capital expenditure: It refers to the amount spent on acquiring, maintaining, and improving the fix...

Q: Explain how to encourage high quality of financial reporting.

A: High quality of financial reporting is an amalgamation of many factors which involve financial repor...

Q: What are the four methods used to account for inventory?

A:

Q: Indicate the financial statement on which each of the following items appears. income statement,stat...

A:   Owner Withdrawals is a contra-equity account