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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Daley Company was started on January 1, Year 1, and experienced the following events during its first year of operation:1. Acquired $52,000 cash from the issue of common stock.2. Borrowed $20,000
During Year 6, Shelby Enterprises earned $115,000 of cash revenue. The company incurs all operating expenses on account. The Year 6 beginning balance in Shelby’s accounts payable account was
London Falls Inc. had a beginning balance of $15,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $8,500. During the period, London Falls collects $65,000 of
Determine the missing amounts in each of the following four independent scenarios:a. W Co. had a $5,500 beginning balance in accounts payable on January 1, Year 8. During Year 8, the company
Determine the missing amounts in each of the following four independent scenarios:a. W Co. had a $5,000 beginning balance in accounts receivable on January 1, Year 4. During Year 4, the company
California Company borrowed $120,000 from the issuance of a note payable on August 1, Year 1. The note had a 7 percent annual rate of interest and a one-year term to maturity.Requireda. What amount
Carry Connelly started Connelly Company on January 1, Year 1. The company experienced the following events during its first year of operation:1. Earned $6,200 of cash revenue.2. Borrowed $10,000 cash
Companies make sacrifices known as expenses to obtain benefits called revenues. The accurate measurement of net income requires that expenses be matched with revenues. In some circumstances, matching
In Year 1, Hall Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Hall incurred $39,000 of other operating expenses on account. Hall paid
Rosewood Inc. experienced the following events in Year 1, its first year of operation:1. Received $50,000 cash from the issue of common stock.2. Performed services on account for $67,000.3. Paid a
The following events apply to Parker and Moates, a public accounting firm, for the Year 1 accounting period:1. Performed $96,000 of services for clients on account.2. Performed $65,000 of services
Talley Inc. experienced the following events in Year 1 in its first year of operation:1. Received $20,000 cash from the issue of common stock.2. Performed services on account for $38,000.3. Paid the
During Year 1, Star Corporation earned $5,000 of cash revenue and accrued $3,000 of salaries expense.RequiredBased on this information alone:a. Prepare the December 31, Year 1, balance sheet.b.
Kendall Company earned $20,000 of cash revenue. Kendall Co. incurred $10,000 of utility expense on account during Year 1. The company made cash payments of $5,000 to reduce its accounts payable
The Woodstock Shop experienced the following events during its first year of operations, Year 1:1. Acquired $38,000 cash by issuing common stock.2. Earned $30,000 revenue on account.3. Paid $25,000
Smith Company earned $12,000 of service revenue on account during Year 1. The company collected $9,800 cash from accounts receivable during Year 1.RequiredBased on this information alone, determine
The following horizontal financial statements model shows the transactions experienced by Surf’s Up Industries during Year 1. The table contains missing data that are labeled with alphabetic
Pet Partners experienced the following events during its first year of operations, Year 1:1. Acquired cash by issuing common stock.2. Borrowed cash from a bank.3. Signed a contract to provide
The Bruce Spruce Co. experienced the following events during its first year of operations, Year 1:1. Acquired $75,000 cash by issuing common stock.2. Earned $48,000 cash revenue.3. Paid $34,000 cash
Pete Chalance is an accountant with a shady past. Suffice it to say that he owes some very unsavory characters a lot of money. Despite his past, Pete works hard at keeping up a strong professional
Castile Inc. had a beginning balance of $4,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $4,500. During the period, Castile recognized $68,000 of revenue on
The following information was drawn from the records of Bennett Company:Common stock issued .................................................$ 5,000 Retained earnings (beginning)
Sentry, Inc. was started on January 1, Year 1.Year 1 Transactions1. Acquired $20,000 cash by issuing common stock.2. Earned $62,000 of revenue on account.3. On October 1, Year 1, borrowed $12,000
Waddell Company had the following balances in its accounting records as of December 31, Year 1:The following accounting events apply to Waddell Company’s Year 2 fiscal year: Jan. 1
Electronic Enterprises (EE) experienced eight accounting events during Year 6. These events affected EE’s financial statements, as shown in the following horizontal financial statements
Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation:1. Acquired $30,000 cash from the issue of common stock.2. Borrowed $40,000
Name and provide a brief explanation of the six Principles of Professional Conduct of the AICPA Code of Professional Conduct.
During Year 6, Kincaid, Inc. earned $85,000 of cash revenue. The company incurs all operating expenses on account. The Year 6 beginning balance in Kincaid’s accounts payable account was $2,000,
Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $10,500. During the period, Harbert collects $72,000 of its
Determine the missing amounts in each of the following four independent scenarios:a. X Co. had a $4,700 beginning balance in accounts payable on January 1, Year 8. During Year 8, the company
Determine the missing amounts in each of the following four independent scenarios:a. X Co. had a $4,500 beginning balance in accounts receivable on January 1, Year 4. During Year 4, the company
Leach Company borrowed $80,000 cash by issuing a note payable on June 1, Year 1. The note had an 8 percent annual rate of interest and a one-year term to maturity.Requireda. What amount of interest
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation:1. Earned $2,000 of cash revenue for performing services.2.
Companies make sacrifices known as expenses to obtain benefits called revenues. The accurate measurement of net income requires that expenses be matched with revenues. In some circumstances, matching
In Year 1, Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account, and paid
Cordell Inc. experienced the following events in Year 1, its first year of operation:1. Received $40,000 cash from the issue of common stock.2. Performed services on account for $82,000.3. Paid a
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period:1. Performed $70,000 of services for clients on account.2. Performed $40,000 of services for
Milea Inc. experienced the following events in Year 1, its first year of operations:1. Received $20,000 cash from the issue of common stock.2. Performed services on account for $56,000.3. Paid the
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense.RequiredBased on this information alone:a. Prepare the December 31, Year 1, balance sheet.b.
Troy Company earned $15,000 of cash revenue. Troy incurred $12,000 of utility expense on account during Year 1. The company made cash payments of $8,000 to reduce its accounts payable during Year
The Containers Inc. experienced the following events during its first year of operations, Year 1:1. Acquired $42,000 cash by issuing common stock.2. Earned $25,000 revenue on account.3. Paid $18,000
Holloway Company started operations on January 1, Year 1. During Year 1, Holloway earned $18,000 of service revenue and collected $14,000 cash from accounts receivable.RequiredBased on this
The following horizontal financial statements model shows the transactions experienced by The Frame Shop (TFS) during Year 1. The table contains missing data which are labeled with alphabetic
The Candle Shop experienced the following events during its first year of operations, Year 1:1. Acquired cash by issuing common stock.2. Paid a cash dividend to the stockholders.3. Paid cash for
The Ramires, Incorporated experienced the following events during its first year of operations, Year 1:1. Acquired $56,000 cash by issuing common stock.2. Earned $52,000 cash revenue.3. Paid $27,000
How does the recognition of revenue earned on account affect the income statement compared to its effect on the statement of cash flows?
Complete the requirements below using the most recent (20xx) financial statements available on Sonic Drive-In’s website. Obtain the statements on the Internet by following the steps below. (The
Sam and his sister Blair both attend the state university. As a reward for their successful completion of the past year (Sam had a 3.2 GPA in business, and Blair had a 3.7 GPA in art), their father
The following information was drawn from the annual report of Machine Imports Company (MIC):Requireda. Compute the percentage of growth in net income from Year 1 to Year 2. Can stockholders expect a
The following cash transactions occurred in five real-world companies:1. During the third quarter of 2016 (July 1 through September 30), Ford Motor Company paid approximately $31.5 billion in
The following selected financial information is available for Best, Inc. Amounts are in millions of dollars.Required(1) Fill in the missing information for Year 1.(2) Fill in the missing information
Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions:a. What was Target’s net income for

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