Questions from Financial Accounting

Q: At December 31, 2012, before any year-end adjustments

At December 31, 2012, before any year-end adjustments, the Accounts Receivable balance of Stenner’s Electronics is $180,000. The Allowance for Doubtful Accounts has an $11,600 credit...

Q: Answer these questions about investments. 1. What is the

Answer these questions about investments. 1. What is the amount to report on the balance sheet for a trading security? 2. Why is a trading security always a current asset? Explain.

Q: Assume Oak Leaf Foods, Inc., experienced the following revenue and

Assume Oak Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Oak Leaf estimates that 3% of revenues will become uncollectible. Requirement Journalize s...

Q: Record the following note receivable transactions in the journal of Arabian Realty

Record the following note receivable transactions in the journal of Arabian Realty. How much interest revenue did Arabian earn this year? Use a 365-day year for interest computations, and round intere...

Q: Assume Queen City Credit Union completed these transactions: 2012

Assume Queen City Credit Union completed these transactions: 2012 May 1 Loaned $90,000 to Lois Frank on a one-year, 9% note. Dec 31 Accrued interest revenue on the Frank note. 2013 May 1 Collected the...

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

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

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

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

Q: Summer Corporation, the investment banking company, often has extra cash

Summer Corporation, the investment banking company, often has extra cash to invest. Suppose Summer buys 700 shares of Musica, Inc., stock at $59 per share. Assume Summer expects to hold the Musica sto...

Q: In a bank reconciliation, an EFT cash payment is a

In a bank reconciliation, an EFT cash payment is a. Added to the bank balance. b. Deducted from the book balance. c. Added to the book balance. d. Deducted from the bank balance.

Q: Southern Corporation reports short-term investments on its balance sheet.

Southern Corporation reports short-term investments on its balance sheet. Suppose a division of Southern completed the following short-term investment transactions during 2012: 2012 Dec 12 Purchased 7...