Questions from Financial Accounting

Q: Using the data in Exercise 8-11, assume that the

Using the data in Exercise 8-11, assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $5,140 as of December 31. Journalize the adjusting entry for uncollectible a...

Q: During its first year of operations, Mack’s Plumbing Supply Co.

During its first year of operations, Mack’s Plumbing Supply Co. had sales of $6,740,000, wrote off $48,600 of accounts as uncollectible using the direct write-off method, and reported net income of $7...

Q: Using the data in Exercise 8-15, assume that during

Using the data in Exercise 8-15, assume that during the second year of operations Mack’s Plumbing Supply Co. had sales of $7,450,000, wrote off $52,000 of accounts as uncollectible using the direct wr...

Q: Valley Designs issued a 120-day, 6% note for

Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journal...

Q: Creative Solutions Company, a computer consulting firm, has decided to

Creative Solutions Company, a computer consulting firm, has decided to write off the $13,780 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write- off, ass...

Q: On June 1, 20Y2, Herbal Co. received $18

On June 1, 20Y2, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 20Y2.

Q: At the end of the current year, the accounts receivable account

At the end of the current year, the accounts receivable account has a debit balance of $1,835,000 and sales for the year total $25,690,000. Determine the amount of the adjusting entry to provide for d...

Q: A storage tank acquired at the beginning of the fiscal year at

A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $12,000 and an estimated useful life of 25 years. Determine the following: (a) the a...

Q: The total assets and total liabilities (in millions) of Dollar

The total assets and total liabilities (in millions) of Dollar Tree Inc. (DLTR) and Target Corporation (TGT) follow: Determine the stockholders’ equity of each company.

Q: A building with a cost of $1,800,000

A building with a cost of $1,800,000 has an estimated residual value of $125,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount of th...