Questions from Financial Accounting

Q: BioWare’s year-end unadjusted trial balance shows accounts receivable of $

BioWare’s year-end unadjusted trial balance shows accounts receivable of $17,000 and sales of $150,000. Uncollectibles are estimated to be 2% of sales. Prepare the December 31 year-end adjusting entry...

Q: Use the information in Problem 1-3B to prepare the statement

Use the information in Problem 1-3B to prepare the statement of retained earnings for Audi Company for the current year ended December 31.

Q: Refer to the information in Exercise 7-17 and prepare the

Refer to the information in Exercise 7-17 and prepare the journal entries for the following year for Danica Company. Jan. 27 Received Lee’s payment for principal and interest on the note dated Decemb...

Q: Prepare journal entries to record transactions for Vitalo Company. Nov

Prepare journal entries to record transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable. Dec. 31...

Q: Following are selected data from Samsung, Apple, and Google.

Following are selected data from Samsung, Apple, and Google. Required 1. Compute Samsung’s return on total assets for the two most recent years. 2. For the current year, is Samsung&a...

Q: Prepare journal entries to record the following transactions of Ridge Company.

Prepare journal entries to record the following transactions of Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account rece...

Q: On November 30, Petrov Co. has $128,700

On November 30, Petrov Co. has $128,700 of accounts receivable and uses the perpetual inventory sys- tem. (1) Prepare journal entries to record the following transactions. (2) Which transaction would...

Q: The following information is from the annual financial statements of Raheem Company

The following information is from the annual financial statements of Raheem Company. (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover of 1...

Q: Mayfair Co. completed the following transactions and uses a perpetual inventory

Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of me...

Q: Robotix Co. purchases a patent for $20,000 on

Robotix Co. purchases a patent for $20,000 on January 1. The patent is good for 18 years, after which anyone can use the patent technology. However, Robotix plans to sell products using that patent te...