Question 1

Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
  The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-How much net income will Sheena report for the year ending December 31, 2010?

Accepted Answer

The answer of Use the information that follows taken from...

Question 2

If accounts receivable on January 1 totals $21,000, and during the current year sales revenue is $300,000, and cash receipts from customers is $296,000, then what is the balance in Accounts Receivable on December 31?

Accepted Answer

The answer of If accounts receivable on January 1 totals...

Question 3

Interest receivable on January 1 is $5,000. During the current year interest revenue is $65,000, and cash receipts from interest is $60,000. How much is the balance of Interest Receivable on December 31?

Accepted Answer

The answer of Interest receivable on January 1 is $5,000....

Question 4

Given below is a listing of selected accounts before adjusting entries for Duane Corporation as of December 31.
  Complete the 'Adjusted Account Balances' column on the basis of the following information: 
a. Unused supplies amount to $400 on December 31.
b. $300 of rent is prepaid on December 31.
c. Unpaid salaries amount to $500 on December 31.
d. $1,200 of the $45,000 service revenue is not yet earned on December 31.

Accepted Answer

The answer of Given below is a listing of selected...

Question 5

Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
  The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-What is the effect on net income of each of the adjusting entries necessary for Sheena, Inc.?

Accepted Answer

The answer of Use the information that follows taken from...

Question 6

Given below is the Accounts Receivable T-account. Accounts receivable on January 1 was $1,700. During the year, customers charged on account sales totaling $255,000. The current year's cash received from customers is $250,000. Post all amounts to this account and calculate the account balance.

Accepted Answer

The answer of Given below is the Accounts Receivable T-account....

Question 7

If interest payable on January 1 is $3,000, and during the current year interest expense is $62,000, and cash payments for interest is $63,000, then what is the balance in the T-account, Interest Payable, on December 31?

Accepted Answer

The answer of If interest payable on January 1 is...

Question 8

Inventory on January 1 and December 31 is $41,500 and $47,000, respectively. During the year, cash paid to suppliers of inventory is $100,000. If all purchases of inventory are for cash, how much is the current year's cost of goods sold?

Accepted Answer

The answer of Inventory on January 1 and December 31...

Question 9

Dora Manufacturing, a capital-intensive company that manufactures commercial snow blowers, announced that it is expecting a record loss of $7,000,000 in 2010. However, it also stated that its business is generating sufficient cash to meet its obligations due in 2010. How can Dora lose $7 million and still generate cash necessary to meet obligations?

Accepted Answer

The answer of Dora Manufacturing, a capital-intensive company that manufactures...

Question 10

Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
  The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-Determine total liabilities for Sheena, Inc. for the year ending December 31, 2010.

Accepted Answer

The answer of Use the information that follows taken from...

Question 11

The following are amounts from the accounting records of Farley Company before adjusting entries have been for the year ending December 31, 2010.  The following adjustments have not been made as of December 31, 2010: 
1. Wages accrued on 12/31/10 amounts to $1,100.
2. Three months' interest on the note payable has not been paid or recognized.
3. Depreciation for 2010 amounts to $3,000.
4. Supplies on hand at 12/31/10 amounts to $700.
Prepare Farley's balance sheet at December 31, 2010 after the adjusting process is completed. Omit the heading.

Accepted Answer

The answer of The following are amounts from the accounting...

Question 12

Accounts receivable on January 1 and December 31 is $18,000 and $21,500, respectively. During the year, sales revenue is $260,000. What is the current year's cash received from customers?

Accepted Answer

The answer of Accounts receivable on January 1 and December...

Question 13

Retained earnings on January 1 was $27,000. During the current year net income is $160,000. Cash payments for dividends declared totals $145,000. What is the retained earnings balance on December 31?

Accepted Answer

The answer of Retained earnings on January 1 was $27,000....

Question 14

If interest payable on January 1 is $1,000, and during the current year interest is accrued for $2,200, and cash payments for interest amount to $2,000, then what is the balance in the T-account, Interest Expense, on December 31?

Accepted Answer

The answer of If interest payable on January 1 is...

Question 15

Inventory on January 1 and December 31 is $40,000 and $35,000, respectively. Accounts payable on January 1 and December 31 are $25,000 and $29,000, respectively. During the year, cost of goods sold is $190,000. How much is the current year's cash payments to suppliers of inventory?

Accepted Answer

The answer of Inventory on January 1 and December 31...

Question 16

How does the information presented in an income statement relate to the information reported in a statement of shareholders' equity?

Accepted Answer

The answer of How does the information presented in an...

Question 17

Retained earnings on January 1 and December 31 are $72,000 and $69,000, respectively. During the year, net income is $100,000. How much dividends did the company declare and pay to the shareholders?

Accepted Answer

The answer of Retained earnings on January 1 and December...

Question 18

On January 1, 2010, Somerville Co. received $3,600 for a three-year service subscription. Somerville credited a revenue account on January 1 for the cash received. What adjusting entry must be made on December 31, 2010?

Accepted Answer

The answer of On January 1, 2010, Somerville Co. received...

Question 19

Dena, Inc. began operations during 2010. During January of 2010, the following transactions occurred:
$\bullet$Received $80,000 from shareholders as initial investments
$\bullet$Received cash of $50,000 for services performed during January
$\bullet$Billed customers an additional $12,000 for services performed during January
$\bullet$Borrowed $12,000 from NationsBank Company, and signed a one-year note payable
$\bullet$Paid rent in the amount of $5,000 for January
$\bullet$Paid dividends in January amounting to $8,000
$\bullet$Paid wages of $35,000 for January
How much Net Income should Dena, Inc. report for January?

Accepted Answer

The answer of Dena, Inc. began operations during 2010. During...

Question 20

Interest receivable on January 1 and December 31 totals $4,800 and $3,600, respectively. During the year, cash received from interest is $15,000. Determine interest revenue for the current year.

Accepted Answer

The answer of Interest receivable on January 1 and December...

Quiz 4: The Mechanics of Financial Accounting

If accounts receivable on January 1 totals $21,000, and during the current year sales revenue is $300,000, and cash receipts from customers is $296,000, then what is the balance in Accounts Receivable on December 31?

Interest receivable on January 1 is $5,000. During the current year interest revenue is $65,000, and cash receipts from interest is $60,000. How much is the balance of Interest Receivable on December 31?

Given below is the Accounts Receivable T-account. Accounts receivable on January 1 was $1,700. During the year, customers charged on account sales totaling $255,000. The current year's cash received from customers is $250,000. Post all amounts to this account and calculate the account balance.

If interest payable on January 1 is $3,000, and during the current year interest expense is $62,000, and cash payments for interest is $63,000, then what is the balance in the T-account, Interest Payable, on December 31?

Inventory on January 1 and December 31 is $41,500 and $47,000, respectively. During the year, cash paid to suppliers of inventory is $100,000. If all purchases of inventory are for cash, how much is the current year's cost of goods sold?

Accounts receivable on January 1 and December 31 is $18,000 and $21,500, respectively. During the year, sales revenue is $260,000. What is the current year's cash received from customers?

Retained earnings on January 1 was $27,000. During the current year net income is $160,000. Cash payments for dividends declared totals $145,000. What is the retained earnings balance on December 31?

If interest payable on January 1 is $1,000, and during the current year interest is accrued for $2,200, and cash payments for interest amount to $2,000, then what is the balance in the T-account, Interest Expense, on December 31?

Inventory on January 1 and December 31 is $40,000 and $35,000, respectively. Accounts payable on January 1 and December 31 are $25,000 and $29,000, respectively. During the year, cost of goods sold is $190,000. How much is the current year's cash payments to suppliers of inventory?

How does the information presented in an income statement relate to the information reported in a statement of shareholders' equity?

Retained earnings on January 1 and December 31 are $72,000 and $69,000, respectively. During the year, net income is $100,000. How much dividends did the company declare and pay to the shareholders?

On January 1, 2010, Somerville Co. received $3,600 for a three-year service subscription. Somerville credited a revenue account on January 1 for the cash received. What adjusting entry must be made on December 31, 2010?

Interest receivable on January 1 and December 31 totals $4,800 and $3,600, respectively. During the year, cash received from interest is $15,000. Determine interest revenue for the current year.