Questions from Financial Accounting

Q: For some of the fixed assets of a business, the balance

For some of the fixed assets of a business, the balance in Accumulated Depreciation is equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if they are...

Q: Prepare journal entries for each of the following: a.

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $1,000. b. The amount of cash in the petty cash fund is $315. Issued a check to replenish the fun...

Q: At the end of the current year, Accounts Receivable has a

At the end of the current year, Accounts Receivable has a balance of $3,750,000, Allowance for Doubtful Accounts has a credit balance of $22,750, and sales for the year total $48,400,000. Using the ag...

Q: Determine the amount to be paid in full settlement of each of

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid w...

Q: Beginning inventory, purchases, and sales for WCS12 are as follows

Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) The weighted average unit cost after th...

Q: Prepare journal entries for each of the following: a.

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $900. b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund,...

Q: At the end of the current year, Accounts Receivable has a

At the end of the current year, Accounts Receivable has a balance of $3,460,000, Allowance for Doubtful Accounts has a debit balance of $12,500, and sales for the year total $46,300,000. Using the agi...

Q: Data related to the acquisition of timber rights and intangible assets during

Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows: a. Timber rights on a tract of land were purchased for $1,600,000 on Fe...

Q: Determine the amount to be paid in full settlement of each of

Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid w...

Q: A retailer is considering the purchase of 500 units of a specific

A retailer is considering the purchase of 500 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $40 a unit, total of $20,000, 1/10, n/30, no charge for...