Accounting Help for College and University Students

Financial Accounting: Expiration of Prepaid Rent

The person keeping the financial records forgot to record the expiration of prepaid rent during the current year. The result of this error is that: Net Income Owners’ Equity Assets A) overstated understated understated B) overstated overstated overstated C) overstated understated no effect D) no effect n ...continues

Financial Accounting: effect of not accruing interest expense at end of current year

20) The person keeping the financial records forgot to record the accrual of interest expense at the end of the current year. The result of this error is that: Net Income Liabilities Assets A) overstated understated understated B) overstated overstated overstated C) overstated understated no effect D) no ...continues

Multiple choice question about the year-end financial statements. At year end, the aircraft manufacturer collected $2,500 in advance from a customer. Which of the following should be reported on the year-end financial statements?

At year end, the aircraft manufacturer collected $2,500 in advance from a customer. Which of the following should be reported on the year-end financial statements? A) Revenue. B) Expense. C) Liability. D) Owners' equity. Please select one of the following answers stated above.

Financial Accounting: cash flow from operating activities

22) Eakins Moving Company reported a substantial net loss for the most recent accounting period. Which of the following circumstances could it also have reported for the same period? Positive cash flow Negative cash flow From operating activities from operating activities A) Yes Yes B) Yes No C) No ...continues

Multiple choice question about balance sheets.

A classified balance sheet is one that: A) Is not distributed publicly because of national security reasons. B) Reports revenue and expenses by the category in which they function. C) Groups assets and liabilities into specific categories. D) Has a statement of stockholders' equity attached to it. Please select one of t ...continues

On the statement of cash flow (direct method), what amount would be reported for "cash collected from customers" for this year?

24) A company reported sales of $320,000 this year. The following is also available: Accounts receivable Balance at the beginning of this year $40,000 Balance at end of this year $25,000 On the statement of cash flow (direct method), what amount would be reported for “cash collected from customers” for thi ...continues

Multiple choice question regarding the format of the statement of cash flows.

Nearly all corporations use which format for reporting the statement of cash flow? A) Direct format. B) Indirect format. C) Accrual basis format. D) None of the above. Please select one of the following answers stated above.

Financial Accounting: prepare year end entries for Thomas Company

See attached file. 26) As of the end of the current calendar year, prepare the entry for each of the following situations. If NO entry is necessary, please explain why. A) Thomas Company’s most recent pay information shows that employees worked last week and earned $10,800, but they will not receive this pay until the reg ...continues

The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies.

The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies. See attached file #1 27) The following classified Balance Sheet has numerous errors. Indicate in this Balance Sheet by describing in words the deficiencies. Tigeress Company, Inc. Tir ...continues

Financial Accounting: LeHigh Company method for the Statement of Cash Flows.

Using the above information, answer the following questions: A) Did LeHigh use the direct format or indirect format? How did you determine this? B) What amount of cash flowed into (or out of) the company this period as a result of depreciation? C) Did the following accounts increase or decrease during the year? 1) ...continues