Questions from Financial Accounting

Q: Journalize the entries for the following transactions: a. Sold

Journalize the entries for the following transactions: a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000. b. Sold merchandise on account, $258,000. The cost of the me...

Q: Identify each of the following reconciling items as: (a

Identify each of the following reconciling items as: (a). an addition to the cash balance according to the bank statement, (b). a deduction from the cash balance according to the bank statement, (c...

Q: MGM Resorts International owns and operates hotels and casinos including the MGM

MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of $592,937,000 and...

Q: The following table shows the revenue and average net fixed assets (

The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and RadioShack: a. Compute the fixed asset turnover for each company. Round to...

Q: Journalize the following transactions in the accounts of Dining Interiors Company,

Journalize the following transactions in the accounts of Dining Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: Apr. 2. Sold...

Q: Elliptical Consulting is a consulting firm owned and operated by Jayson Neese

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared for the year ended June 30, 2016: Based on the preceding spreadshe...

Q: Journalize entries for the following related transactions of South Coast Heating &

Journalize entries for the following related transactions of South Coast Heating & Air Company: a. Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30. b. Paid the amount owed...

Q: Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn

Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had ta...

Q: Assume that the business in Exercise 6-9 maintains a perpetual

Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in,...

Q: The payroll registers for Proctor Company for the week ended February 14

The payroll registers for Proctor Company for the week ended February 14 indicated the following: In addition, state and federal unemployment taxes were calculated at the rate of 5.4% and 0.8%, resp...