Questions from Financial Accounting

Q: Seminole, Inc., reported the following items at December 31,

Seminole, Inc., reported the following items at December 31, 2012, and 2011: Requirements 1. Compute Seminole’s (a) Quick (acid-test) ratio and (b) Days’ sales in...

Q: Unique Co., Inc., the electronics and appliance chain, reported

Unique Co., Inc., the electronics and appliance chain, reported these figures in millions of dollars: Requirements 1. Compute Unique’s days’ sales in receivables...

Q: All America Bank, the nationwide banking company, owns many types

All America Bank, the nationwide banking company, owns many types of investments.Assume that All America Bank paid $650,000 for trading securities on December 5. Two weekslater, All America Bank recei...

Q: Refer to the All America Bank data in Quiz question 5-

Refer to the All America Bank data in Quiz question 5-45. At December 31, All AmericaBank’s balance sheet should report a. Short-term investment of $655,000. b. Unrealized gain of $5,000. c. Short-ter...

Q: Under the allowance method for uncollectible receivables, the entry to record

Under the allowance method for uncollectible receivables, the entry to record uncollectible-accountexpense has what effect on the financial statements? a. Decreases owners’ equity and increases liabil...

Q: Siegal Investments purchased Demer shares as a trading security on December 16

Siegal Investments purchased Demer shares as a trading security on December 16 for $109,000. 1. Suppose the Demer shares decreased in value to $100,000 at December 31. Make the Siegal journal entry to...

Q: Maverson Company uses the aging method to adjust the allowance for uncollectibleaccounts

Maverson Company uses the aging method to adjust the allowance for uncollectibleaccounts at the end of the period. At December 31, 2012, the balance of accounts receivable is$220,000, and the allowanc...

Q: Refer to Question 5-48. The net receivables on the

Refer to Question 5-48. The net receivables on the balance sheet is ____________. In Question 5-48 Maverson Company uses the aging method to adjust the allowance for uncollectibleaccounts at the end...

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

Linus Company uses the percent-of-sales method to estimate uncollectibles. Net creditsales for the current year amount to $100,000, and management estimates 2% will be uncollectible.Allowance for doub...

Q: Refer to question 5-50. The balance of Allowance for

Refer to question 5-50. The balance of Allowance for Doubtful Accounts, after adjustment,will be a. $5,000. b. $2,000. c. $1,000. d. $1,500. In question 5-50 Linus Company uses the percent-of-sales m...