Questions from Financial Accounting

Q: Pacific Bank lent $125,000 to Robert Simmons on a

Pacific Bank lent $125,000 to Robert Simmons on a 30-day, 6 percent note. Record the following transactions for Pacific Bank (explanations are not required): 1. Lending the money on June 12 2. Collec...

Q: What journal entry is made when unearned revenue is earned?

What journal entry is made when unearned revenue is earned?

Q: Bargain Oil, a small Texas oil company, holds huge reserves

Bargain Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2016, Bargain Oil’s cost of oil reserves totaled approximately $14.4 million, representing 1.2 million bar...

Q: Swanson, Incorporated’s sales for the year ended March 31, 2016

Swanson, Incorporated’s sales for the year ended March 31, 2016, were $1,275,000, and cost of goods sold amounted to $728,000. Beginning inventory was $55,000, and ending inventory was $68,000. Comput...

Q: Calculate the quick assets and the quick ratio for each of the

Calculate the quick assets and the quick ratio for each of the following companies:

Q: Classify each of the following as: Trading security (T

Classify each of the following as: Trading security (T) Available-for-sale security (A) Held-to-maturity security (H) None of the above (N) ______ 1. A bond that management plans on owning until it i...

Q: Golfer’s Delight, Inc., carries a line of titanium putters.

Golfer’s Delight, Inc., carries a line of titanium putters. Golfer’s Delight, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each putter is $195. Company records indic...

Q: Calculate accounts receivable turnover for the following two companies:

Calculate accounts receivable turnover for the following two companies:

Q: Specify how each of the following items would be reported in the

Specify how each of the following items would be reported in the financial statements of Cunnington Enterprises for its current fiscal year. Also specify the amount that would appear on the statement....

Q: Refer to the data for E5-16A. However, instead

Refer to the data for E5-16A. However, instead of the FIFO method, assume Golfer’s Delight, Inc., uses the LIFO method. Data from E5-16A: Golfer’s Delight, Inc., carries a line of titanium putters. G...