Questions from Financial Accounting

Q: Advantage Electronics, Inc., uses the direct write-off method

Advantage Electronics, Inc., uses the direct write-off method to account for bad debts. Record the following transactions that occurred during the year:

Q: Beckett Appliance Repair, Inc., ended December 2017 with Accounts Receivable

Beckett Appliance Repair, Inc., ended December 2017 with Accounts Receivable of $2,400 and a debit balance of $175 in Allowance for Uncollectible Accounts. During January 2018, Beckett Appliance Repai...

Q: On March 31, 2018, the Accounts Receivable balance of Dunham

On March 31, 2018, the Accounts Receivable balance of Dunham Manufacturing, Inc., is $173,000. The Allowance for Uncollectible Accounts has a $1,650 credit balance. Dunham Manufacturing, Inc., prepar...

Q: Inland Paving, Inc., uses the allowance method to account for

Inland Paving, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2018, Allowance for Uncollectible Accounts has a $725 credit balance. Journalize the year-end adju...

Q: Let’s examine Dick’s Sporting Goods (Dick’s) again. Think about

Let’s examine Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. What liabilities might Dick’s need to finance its operations? Return to Dick’s Annual Report and look at the financial statement...

Q: On July 31, 2018, Virginia State Bank loaned $175

On July 31, 2018, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7 percent note. Requirements 1. Compute the interest on the note for the years ended December 31, 2018, an...

Q: Journalize the following transactions of Cramer Art Supply, Inc., which

Journalize the following transactions of Cramer Art Supply, Inc., which ends its accounting year on September 30:

Q: Jitterz Coffee Supply, Inc., sells on account. When a

Jitterz Coffee Supply, Inc., sells on account. When a customer account becomes four months old, Jitterz Coffee Supply, Inc., converts the account to a note receivable. During 2018, Jitterz Coffee Supp...

Q: Consider the following data: / Requirements

Consider the following data: Requirements 1. Calculate the quick assets and the quick ratio for each company. 2. Calculate the current ratio for each company. 3. Which company should be concerned ab...

Q: Tri-State Equipment reported the following items on July 31,

Tri-State Equipment reported the following items on July 31, 2018 (last year’s amounts are also given as needed): Requirements 1. Compute Tri-State Equipment’s (a...