475 Answered Questions for the topic Financial Accounting

Financial Accounting

07/24/25

Which financial statement shows the company’s financial position at a specific point in time?
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Financial Accounting

06/20/25

Straight Line Method Depreciation
A company purchased equipment on January 1, 2025, for $50,000.The equipment has an estimated useful life of 5 years and an estimated salvage value of $5,000.Required: Calculate the annual... more
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Financial Accounting Tax Accounting Managerial Accounting

04/13/25

Accounting: The Language of Business- Discussion Questions
1: What types of people or organizations are interested in financial information about a firm, and why are they interested in this information?2: What is the function of the Securities and Exchange... more
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Financial Accounting Tax Accounting Managerial Accounting

04/13/25

Accounting: The Language of Business

Why is Accounting called the "language of business"?
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Financial Accounting Finance

04/03/25

Question 1: What is the gain or loss on the sale of the Coca Cola shares?
Basis per share:Original basis- 500 sharesNumber of splits- The 500 shares split multiple times, resulting in 24,000 shares.Implied basis per share- $450,000 (total basis) / 24,000 (total... more
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Financial Accounting Tax Accounting Managerial Accounting

03/22/25

What's the difference between cash and accrual in accounting?
One of the hardest concepts for new Accountants to grasp is the difference between cash based accounting and accrual accounting.
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Financial Accounting

03/19/25

Periodic inventory

Periodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows: DateLine Item DescriptionUnitsCost per... more
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Financial Accounting

01/19/25

My tutor didn't show up to the scheduled session, how do I get a refund?

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Financial Accounting

12/12/24

Financial Accounting question about common stock, shares authorized and shares issued.

I could really use some help for this, I do not understand and can not find the answer at all. Thank you!Common stock (par $1; no changes during the current year).Shares authorized, 500,000.Shares... more
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Financial Accounting

11/18/24

Perpetual Inventory
Perpetual inventory using weighted averageBeginning inventory, purchases, and sales for WCS12 are as follows: DateLine Item DescriptionValue Oct. 1 Inventory 300 units at $11 Oct. 13 Sale 160... more
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Financial Accounting

11/18/24

Accounting (LIFO)
Perpetual inventory using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows: DateLine Item DescriptionValue July 1 Inventory 82 units @ $30 July 8 Sale 66 units July... more
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Financial Accounting

11/18/24

Financial Accounting
eBookShow Me HowQuestion Content AreaPeriodic inventory using FIFO, LIFO, and weighted average cost methodsThe units of an item available for sale during the year were as follows: DateLine Item... more
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Financial Accounting

11/15/24

Accounting - Fraud Examination
Hello, I am in need of a tutor that can help me with a couple of problems for Fraud.
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Financial Accounting Tax Accounting

10/29/24

Calculate the deduction taken in 2024 and 2025 if Gray gifts the land to charity in 2024.
In 2024, Gray Corporation, a calendar year Ccorporation, holds a $75,000 charitablecontribution carryover from a gift made in 2019.Gray is contemplating a gift of land to a qualifiedcharity in... more
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Financial Accounting Tax Accounting

10/29/24

Andy reported the following gains and losses from the sale of capital assets
Andy reported the following gains and losses from the sale of capital assets: • Loss on Pigeon Corporation stock (held 9 months): (15,000) • Gain on Dove, Inc. stock (held for 2 years): 5,000 •... more
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Financial Accounting Tax Accounting

10/29/24

How much income tax results if Olivia has income of $500,000? If her income is $50,000?
During the year, Olivia had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 4 years) $4,000,Loss on the sale of a camper... more
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Financial Accounting Microsoft Excel Finance

10/15/24

Amortization Schedule excel sheet

I was hoping for assistance in creating a spreadsheet that can be used to calculate an amortization schedule for a loan. I want to create one that should be formula driven so it will adjust with... more
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Financial Accounting

10/07/24

Bank Reconciliation
Prepare Bank Reconciliation for Snoopy Company for the month of June 30, 20XXBank Balance: $15,000Book Balance: $13,000Non-Sufficient Fund (NSF) : $175Collection on Non Receivable $505 Note... more
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Financial Accounting Tax Accounting Managerial Accounting

10/02/24

Use the following information to complete a 1040 for Kyle and Ariana Bruney for 2023
Use the following information to complete a 1040 for Kyle and Ariana Bruney for 2023. forms are available at www.irs.gov. Show the 1040 and any supporting schedules and forms. You do not need to... more
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Financial Accounting

09/12/24

Why cant i contact the tutors ?
I have put in my Cc info, bit I'm still not able to send messages to the tutors
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Financial Accounting

09/11/24

INVENTORY VALUATION METHODS UNDER GAAP
Can you name the inventory valuation methods acceptable under GAAP?
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Financial Accounting

09/11/24

Cash Flow Statement and Sold Loans
How to you categorize sold loans in the Cash Flow Statement?
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Financial Accounting

09/07/24

Advanced Accounting

On January 1, 2024, Pine Company owns 40 percent (92,000 shares) of Seacrest, Incorporated, which it purchased several years ago for $476,100. Since the date of acquisition, the equity method has... more
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07/10/24

When should you seek the advice of a Tax Professional?
Do you feel that QuickBooks tutors should be giving tax advice?I am often asked to give advice on tax related questions, or they will ask how to make a certain entry that affects how taxes are... more
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Financial Accounting

06/17/24

Payment for a lesson
How do I know how much I will be paying for a lesson with a tutor?
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