Questions from Financial Accounting

Q: Prepare a journal entry on March 16 for fees earned on account

Prepare a journal entry on March 16 for fees earned on account, $9,450.

Q: Finders Investigative Services is an investigative services firm that is owned and

Finders Investigative Services is an investigative services firm that is owned and operated by Stacy Tanner. On June 30, 2016, the end of the fiscal year, the accountant for Finders Investigative Serv...

Q: The following information about the payroll for the week ended December 30

The following information about the payroll for the week ended December 30 was obtained from the records of Qualitech Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (e...

Q: During the current year, merchandise is sold for $4,

During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross pr...

Q: Griffin Enterprises issues a $660,000, 45-day

Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory. a. Journalize Griffin Enterprises’ entries to record: 1. the issuance of the note. 2. the payment o...

Q: The beginning inventory for Funky Party Supplies and data on purchases and

The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A. Problem 6-1A: The beginning inventory at Funky Party Supplies and...

Q: The following bond investment transactions were completed during 2016 by Starks Company

The following bond investment transactions were completed during 2016 by Starks Company: Jan. 31. Purchased 75, $1,000 government bonds at 100 plus 30 days’ accrued interest. The bonds pay 6% annual i...

Q: On July 1, 2016, Livingston Corporation, a wholesaler of

On July 1, 2016, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of $42,309,236....

Q: Rodgers Corporation produces and sells football equipment. On July 1,

Rodgers Corporation produces and sells football equipment. On July 1, 2016, Rodgers Corporation issued $65,000,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%, receiving cash of...

Q: Data on the physical inventory of Katus Products Co. as of

Data on the physical inventory of Katus Products Co. as of December 31, 2016, follows: Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice a...