Questions from Financial Accounting

Q: Assume Tradesmen Credit Union completed these transactions: /

Assume Tradesmen Credit Union completed these transactions: Show what the company would report for these transactions on its 2010 and 2011 balance sheets and income statements.

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

Cherokee, Inc., reported the following items at December 31, 2010 and 2009: Requirement 1. Compute Cherokees (a) acid-test ratio and (b) days sales in average receivables for 2010. Evaluate each r...

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

Modern Co., Inc., the electronics and appliance chain, reported these figures in millions of dollars: Requirements 1. Compute Moderns average collection period during 2011. 2. Is Moderns collectio...

Q: The net income of Solas Photography Company decreased sharply during 2010.

The net income of Solas Photography Company decreased sharply during 2010. Lisa Almond, owner of the company, anticipates the need for a bank loan in 2011. Late in 2010, Almond instructed Brad Lail, t...

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

Eastern Corporation reports short-term investments on its balance sheet. Suppose a division of Eastern completed the following short-term investment transactions during 2010: Requirement 1. Prepare...

Q: At December 31, 2010, Whites Travel has an accounts receivable

At December 31, 2010, Whites Travel has an accounts receivable balance of $92,000. Allowance for Doubtful Accounts has a credit balance of $820 before the year-end adjustment. Service revenue for 2010...

Q: On April 30, Hilltop Party Planners had a $33,

On April 30, Hilltop Party Planners had a $33,000 balance in Accounts Receivable and a $4,000 credit balance in Allowance for Uncollectible Accounts. During May, the store made credit sales of $156,00...

Q: Refer to Exercise 5-34B. From 34:

Refer to Exercise 5-34B. From 34: On April 30, Hilltop Party Planners had a $33,000 balance in Accounts Receivable and a $4,000 credit balance in Allowance for Uncollectible Accounts. During May, the...

Q: Use the data for Kens in Exercise 6-16A to answer

Use the data for Kens in Exercise 6-16A to answer the following: Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specific unit cost, with t...

Q: Refer to the Foot Locker, Inc., consolidated financial statements in

Refer to the Foot Locker, Inc., consolidated financial statements in Appendix B at the end of this book. Show amounts in millions and round to the nearest $1 million. 1. Three important pieces of inv...