Questions from Financial Accounting

Q: Salary Payable at the beginning of the month totals $26,

Salary Payable at the beginning of the month totals $26,000. During the month, salaries of $125,000 were accrued as expense. If ending Salary Payable is $10,000, what amount of cash did the company pa...

Q: Which of the following is an example of poor internal control in

Which of the following is an example of poor internal control in an organization? a. The company rotates employees through various jobs. b. The accounting department compares goods received with the...

Q: Which of the following statements is correct? a. Sales

Which of the following statements is correct? a. Sales returns and allowances increase a company’s profit. b. If a customer returns a product, sales revenue will be credited. c. The performance obl...

Q: On April 3, a customer returned $600 of merchandise that

On April 3, a customer returned $600 of merchandise that had been purchased with cash to Ryan Supplies. Ryan’s cost of the goods returned was $200. Which journal entry or entries should Ryan prepare?...

Q: Maple Grove Legal Association performs legal services for Weymouth Construction for $

Maple Grove Legal Association performs legal services for Weymouth Construction for $5,000 on account with credit terms of 2/10, n/30. If Weymouth pays the invoice within the discount period, Maple Gr...

Q: Sprague Company uses the aging method to adjust the allowance for uncollectible

Sprague Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2018, the balance of accounts receivable is $250,000 and the allowanc...

Q: This exercise should be used with Exercise 1-25A.

This exercise should be used with Exercise 1-25A. Requirements: 1. Prepare the income statement of Jill Carlson Realty Company for the year ended January 31, 2018. 2. What amount of dividends did J...

Q: Milford Company uses the percent-of-sales method to estimate

Milford Company uses the percent-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $140,000, and management estimates 2% will be uncollectible. The Allowance...

Q: Refer to Q5-45. The balance of Allowance for Uncollectible

Refer to Q5-45. The balance of Allowance for Uncollectible Accounts, after adjustment, will be a. $5,200. b. $5,800. c. $1,500. d. $2,800.

Q: Refer to questions 5-45 and 5-46. The

Refer to questions 5-45 and 5-46. The following year, Milford Company wrote off $2,800 of old receivables as uncollectible. What is the balance in the Allowance account now? The net receivables on the...