Questions from Financial Accounting

Q: Parts Plus, Inc., had the following FIFO perpetual inventory record

Parts Plus, Inc., had the following FIFO perpetual inventory record for one of its inventory items at September 30, the end of the fiscal year.
A physical count of the inventory performed at year-...

Q: Inland Paving, Inc., uses the allowance method to account for

Inland Paving, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2016, Allowance for Uncollectible Accounts has a $725 credit balance. Journalize the year-end adju...

Q: Providence Medical Center bought equipment on January 2 for $39,

Providence Medical Center bought equipment on January 2 for $39,000. The equipment was expected to remain in service for four years and to perform 1,240 operations. At the end of the equipment’s usefu...

Q: Hudson River Truck Parts, Inc., reported sales revenue of $

Hudson River Truck Parts, Inc., reported sales revenue of $351,000 and cost of goods sold of $216,000. Requirements 1. Compute Hudson River Truck Parts, Inc.’s correct gross profit assuming the comp...

Q: On July 31, 2016, Virginia State Bank loaned $175

On July 31, 2016, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7 percent note. Requirements 1. Compute the interest for the years ended December 31, 2016 and 2017, on t...

Q: Silsbee Freight purchased a building for $600,000 and depreciated

Silsbee Freight purchased a building for $600,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value was $100,000. After using the building for 15 years, S...

Q: Jacob’s Upholstery, Inc., reported the following comparative income statements for

Jacob’s Upholstery, Inc., reported the following comparative income statements for the years ended September 30, 2016 and 2015.
During 2016, Jacob’s Upholstery, Inc., discovered that the 2015 endi...

Q: Journalize the following transactions of Cramer Art Supply, Inc., which

Journalize the following transactions of Cramer Art Supply, Inc., which ends its accounting year on September 30:

Q: On January 2, 2016, Trendz Lighting purchased showroom fixture for

On January 2, 2016, Trendz Lighting purchased showroom fixture for $20,000 cash, expecting the fixture to remain in service for four years. Trendz Lighting has depreciated the fixture on a straight-li...

Q: Indicate by letters which of the following control activities match with the

Indicate by letters which of the following control activities match with the following descriptions: Separation of duties (SD) Restricted access (RA) Proper authorization (PA) Adequate documents and...