Questions from Financial Accounting

Q: On June 30, Paisley Party Planners had a $35,

On June 30, Paisley Party Planners had a $35,000 balance in Accounts Receivable and a $3,252 credit balance in Allowance for Uncollectible Accounts. During July, Paisley made credit sales of $198,000....

Q: At December 31, 2016, before any year-end adjustments

At December 31, 2016, before any year-end adjustments, the Accounts Receivable balance of Turf Trimmers, Inc., is $350,000. The Allowance for Doubtful Accounts has an $18,700 credit balance. Turf Trim...

Q: Assume Birch Foods, Inc., experienced the following revenue and accounts

Assume Birch Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Birch estimates that 4% of (gross) revenues will become uncollectible. Assume all revenues are...

Q: Record the following note receivable transactions in the journal of Celtic Services

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

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

Marshall, Inc., reported the following items at December 31, 2016, and 2015: Requirements 1. Compute Marshall’s a. quick (acid-test) ratio and b. days’ sales o...

Q: Stark Co., Inc., an electronics and appliance chain, reported

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

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

Northern Corporation, the investment banking company, often has extra cash to invest. Suppose Northern buys 1,000 shares of Twister, Inc., stock at $46 per share. Assume Northern expects to hold the T...

Q: Wolford Interiors reported the following transactions in November: /

Wolford Interiors reported the following transactions in November: Requirements 1. Record the foregoing transactions in the journal of Wolford Interiors. (You do not need to make the cost of sales,...

Q: Perform the following accounting for the receivables of Laksmana and Li,

Perform the following accounting for the receivables of Laksmana and Li, a CPA firm, at December 31, 2016. Requirements 1. Set up T-accounts and start with the beginning balances for these T-account...

Q: At December 31, 2016, Canning Travel Agency has an Accounts

At December 31, 2016, Canning Travel Agency has an Accounts Receivable balance of $89,000. Allowance for Doubtful Accounts has a credit balance of $840 before the year-end adjustment. Service revenue...