Questions from Financial Accounting


Q: On June 30, Maloney Party Planners had a $43,

On June 30, Maloney Party Planners had a $43,000 balance in Accounts Receivable and a $2,493 credit balance in Allowance for Uncollectible Accounts. During July, Maloney made credit sales of $200,000....

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

At December 31, 2016, before any year-end adjustments, the Accounts Receivable balance of Foley Distribution Service is $320,000. The Allowance for Doubtful Accounts has a $22,200 credit balance. Fole...

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

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

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Q: Record the following note receivable transactions in the journal of Caribou Golf

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

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

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

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

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

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Q: Accounting records for Ontario Corporation yield the following data for the year

Accounting records for Ontario Corporation yield the following data for the year ended June 30, 2016 (assume sales returns are non-existent): Requirements 1. Journalize Ontario’s...

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Q: Cranwell Company’s inventory records for a particular development program show the following

Cranwell Company’s inventory records for a particular development program show the following at May 31: At May 31, 10 of these units are on hand. Journalize the following for Cranw...

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Q: Use the data for Cranwell Company in E6-18A to answer

Use the data for Cranwell Company in E6-18A to answer the following. Requirements 1. Compute cost of goods sold and ending inventory, using each of the following methods: a. Specifi...

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Q: Use the data for Cranwell Company in E6-18A to illustrate

Use the data for Cranwell Company in E6-18A to illustrate Cranwell’s income tax advantage from using LIFO over FIFO. Sales revenue is $7,700, operating expenses are $1,400, and the i...

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