Questions from Financial Accounting

Q: Record the following petty cash transactions of Apex, Inc., in

Record the following petty cash transactions of Apex, Inc., in the journal. Explanations are not required.

Q: Top Flight Airways purchased a baggage-handling truck for $64

Top Flight Airways purchased a baggage-handling truck for $64,000. Suppose Top Flight Airways sold the truck on December 31, 2018, for $42,000 cash, after using the truck for three full years and accu...

Q: When one media company buys another, goodwill is often the most

When one media company buys another, goodwill is often the most costly asset acquired. TXL Publishing paid $925,000 to acquire the Thrifty Nickel, a weekly advertising paper. At the time of the acquis...

Q: Bargain Oil, a small Texas oil company, holds huge reserves

Bargain Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2018, Bargain Oil’s cost of oil reserves totaled approximately $14.4 million, representing 1.2 million bar...

Q: Refer to the data for S8-7. Compute second-

Refer to the data for S8-7. Compute second-year depreciation expense on the truck using the following methods: a. Straight-line b. Units of production c. Double-declining balance S8-7: On January 1,...

Q: On March 31, 2018, Titan Trucking purchased a used Kenworth

On March 31, 2018, Titan Trucking purchased a used Kenworth truck at a cost of $52,000. Titan Trucking expects to drive the truck for five years and to have a residual value of $10,000. Compute Titan...

Q: On August 31, 2018, Freemont Co. purchased $18

On August 31, 2018, Freemont Co. purchased $18,000 of inventory with a one-year, 8 percent note payable. Journalize the following for the company: 1. Accrual of interest expense on December 31, 2018 2...

Q: Chad Simpson started a mobile DJ business named Sounds on Wheels,

Chad Simpson started a mobile DJ business named Sounds on Wheels, Inc., on April 1, 2018. In the month of April, before providing services to customers, the business incurred six transactions, which h...

Q: Wilson Corp. issued 6.5 percent, 10-year

Wilson Corp. issued 6.5 percent, 10-year bonds payable with a maturity value of $30,000 on January 1, 2018. Journalize the following transactions and include an explanation for each entry. The market...

Q: Allied Corp. issued 8 percent, five-year bonds payable

Allied Corp. issued 8 percent, five-year bonds payable at a price of $48,200 on January 1, 2018; these bonds have a maturity value of $50,000. Journalize the following transactions for Allied Corp. In...