Questions from Financial Accounting

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 14 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...

Q: a. Under what conditions is the use of the straight-

a. Under what conditions is the use of the straight-line depreciation method most appropriate? b. Under what conditions is the use of the units-of-activity depreciation method most appropriate? c. Und...

Q: Financial data for Otto Company follow: ___________________________For Year Ended

Financial data for Otto Company follow: ___________________________For Year Ended December 31 Cash on December 31 ……………………………………………..………….. $ 69,350 Cash flow from operations …………………………………….…………… (114...

Q: Lundquist Company received a 60-day, 9% note for

Lundquist Company received a 60-day, 9% note for $28,000, dated July 23, from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journalize t...

Q: On February 14, Garcia Associates Co. paid $2,

On February 14, Garcia Associates Co. paid $2,300 to repair the transmission on one of its delivery vans. In addition, Garcia paid $450 to install a GPS system in its van. Journalize the entries for t...

Q: Sather Co. sold merchandise to Boone Co. on account,

Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase,...

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...

Q: Financial data for Bonita Company follow: ______________________________For Year Ended

Financial data for Bonita Company follow: ______________________________For Year Ended December 31 Cash on December 31 ……………………………………………………………….. $ 187,180 Cash flow from operations ………………………………………………...

Q: Prefix Supply Company received a 120-day, 8% note

Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9, from a customer on account. a. Determine the due date of the note. b. Determine the maturity value of the note. c. Journa...

Q: The following payments and receipts are related to land, land improvements

The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to a...