Questions from Financial Accounting

Q: Sell-Soft is the defendant in numerous lawsuits claiming unfair trade

Sell-Soft is the defendant in numerous lawsuits claiming unfair trade practices. Sell- Soft has strong incentives not to disclose these contingent liabilities. However, GAAP requires that companies re...

Q: Many small businesses have to squeeze down costs any way they can

Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as “independent contractors” rather than as regular employees. U...

Q: Consider the following transactions of Sapphire Software: /

Consider the following transactions of Sapphire Software: Journalize the transactions for the company. Ignore cost of goods sold.

Q: The accounting records of Sculpted Ceramics included the following at January 1

The accounting records of Sculpted Ceramics included the following at January 1, 2018: In the past, Sculpted’s warranty expense has been 9% of sales. During 2018, Sculpted made sal...

Q: Analyze the following independent situations. a. Weaver,

Analyze the following independent situations. a. Weaver, Inc. is being sued by a former employee. Weaver believes that there is a remote chance that the employee will win. The employee is suing Weave...

Q: Empire State Carpets’s books show the following data. In early 2020

Empire State Carpets’s books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merch...

Q: The following financial information was obtained from the year ended 2018 income

The following financial information was obtained from the year ended 2018 income statements for Cash Automotive and Pennington Automotive: Requirements: 1. Compute the times-interest-earned ratio fo...

Q: Consider the following note payable transactions of Creative Video Productions.

Consider the following note payable transactions of Creative Video Productions. Journalize the transactions for the company.

Q: Watson Publishing completed the following transactions during 2018: /

Watson Publishing completed the following transactions during 2018: Journalize the transactions (explanations are not required). Round to the nearest dollar.

Q: Erin O’Neil Associates reported short-term notes payable and salaries payable

Erin O’Neil Associates reported short-term notes payable and salaries payable as follows: During 2018, O’Neil paid off both current liabilities that were left ove...