Questions and Answers of Financial Accounting 11th

Lumina Company was organized on April 1, 2022. The company prepares quarterly financial statements. The adjusted trial balance at June 30 is shown here.a. Determine the net income for the quarter
The adjusted trial balance of Sharp Corporation at December 31, 2022, includes the following accounts: Retained Earnings $18,000 and Dividends $7,000. The balance in Retained Earnings is the balance
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s
The trial balance columns of the worksheet for Nanduri Company at June 30, 2022, are as follows.Other data:1. A physical count reveals $500 of supplies on hand.2. $100 of the unearned revenue is
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including
Kay Magill Company had the following adjusted trial balance.Instructionsa. Prepare closing entries at June 30, 2022.b. Prepare a post-closing trial balance. Kay Magill Company Adjusted Trial Balance
Plevin Company ended its fiscal year on July 31, 2022. The company’s adjusted trial balance as of the end of its fiscal year is shown as follows:Instructionsa. Prepare the closing entries using
Andrew Clark Company discovered the following errors made in January 2022.1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.2. A
The adjusted trial balance for Martell Bowling Alley at December 31, 2022, contains the following accounts.Instructionsa. Prepare a classified balance sheet; assume that $22,000 of the note payable
These financial statement items are for Norsted Company at year-end, July 31, 2022.Instructiona. Prepare an income statement and a retained earnings statement for the year.b. Prepare a classified
Using Apple’s annual report, determine its current liabilities at September 30, 2017, and September 29, 2018. Were current liabilities higher or lower than current assets in these two years?
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the
In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are
Janus Company understated its 2021 ending inventory by $31,000. Determine the impact this error has on ending inventory, cost of goods sold, and stockholders’ equity in 2021 and 2022.
In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are
Nona Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000, but Nona was given a $30 cash discount and required to pay freight charges of $50.
Kuzu Company discovers in 2022 that its ending inventory at December 31, 2021, was $7,000 understated. What effect will this error have on (a) 2021 net income, (b) 2022 net income, (c)

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