Questions from Financial Accounting

Q: Harper Company manufactures a popular brand of footballs. Harper employs 147

Harper Company manufactures a popular brand of footballs. Harper employs 147 workers and keeps time sheets that show how many hours the employees work each week. On Friday the shop foreman collects th...

Q: Mary Jenson served as executive director of Downtown Bridgeport, an organization

Mary Jenson served as executive director of Downtown Bridgeport, an organization created to revitalize Bridgeport, Oregon. Over the course of 14 years, Jenson embezzled $295,000 through a variety of m...

Q: Lexitech Company’s checkbook lists the following: / The January

Lexitech Company’s checkbook lists the following: The January bank statement shows: Requirement : 1. Prepare Lexitech’s bank reconciliation at January 31, 2018.

Q: The cash data of Eddy Automotive for October 2018 follow:

The cash data of Eddy Automotive for October 2018 follow: Eddy Automotive received the following bank statement on October 31, 2018: Additional data for the bank reconciliation include the following:...

Q: Janet Black, the owner of Janet’s Catering, has delegated the

Janet Black, the owner of Janet’s Catering, has delegated the management of the business to Danielle Vale, a friend. Black drops by to meet customers and check up on cash receipts, but Vale buys the m...

Q: The president of The Peterson Company suspects the bookkeeper is embezzling cash

The president of The Peterson Company suspects the bookkeeper is embezzling cash from the company. She asks you, confidentially, to look over the bank reconciliation that the bookkeeper has prepared t...

Q: Cedar Point is an amusement park in Sandusky, Ohio, owned

Cedar Point is an amusement park in Sandusky, Ohio, owned by Cedar Fair Entertainment Company. Over 3.5 million people visit Cedar Point each year between May and October. It covers 364 acres and has...

Q: Treno Industries sells to wholesalers. Customers must pay within 15 days

Treno Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. Treno’s cost of goods sold is 40% of sales. The company had the...

Q: Preston Industrial Supply offers terms of 2/10, n/

Preston Industrial Supply offers terms of 2/10, n/30 to its wholesale customers. Preston’s cost of goods sold is 25% of sales. The company had the following transactions during Octob...

Q: Lincoln Delivery Corporation is an overnight shipper. Since it sells on

Lincoln Delivery Corporation is an overnight shipper. Since it sells on credit, the company cannot expect to collect 100% of its accounts receivable. At December 31, 2018, and 2019, respectively, Linc...