Questions from Financial Accounting

Q: A company reports the following: Cost of merchandise sold ……………….

A company reports the following: Cost of merchandise sold ………………. $558,000 Average merchandise inventory ………… 45,000 Determine (a) the inventory turnover and (b) the number of days’ sales in inventory...

Q: Journalize the necessary entries for each of the following: a

Journalize the necessary entries for each of the following: a. Issued a check to establish a petty cash fund of $1,410. b. The amount of cash in the petty cash fund is $440. Issued a check to replenis...

Q: Journalize the necessary entries for each of the following: a

Journalize the necessary entries for each of the following: a. Issued a check to establish a petty cash fund of $1,270. b. The amount of cash in the petty cash fund is $160. Issued a check to replenis...

Q: Financial data for Abrams Company follow: For Year Ended December

Financial data for Abrams Company follow: For Year Ended December 31 Cash on December 31 ……………… $ 54,270 Cash flow from operations ………. (97,200) a. Compute the ratio of cash to monthly cash expenses....

Q: Journalize the following transactions, using the allowance method of accounting for

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Apr. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of $2,700 as unc...

Q: Journalize the following transactions in the accounts of Arizona Interiors Company,

Journalize the following transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold...

Q: Capstone Solutions Company, a computer consulting firm, has decided to

Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. Journalize the entry to record the write-off, a...

Q: At the end of the current year, the accounts receivable account

At the end of the current year, the accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000. Determine the amount of the adjusting entry to provide for d...

Q: A diesel-powered tractor with a cost of $136,

A diesel-powered tractor with a cost of $136,700 and estimated residual value of $14,500 is expected to have a useful operating life of 18,800 hours. During November, the tractor was operated 160 hour...

Q: The following items may appear on a bank statement: 1

The following items may appear on a bank statement: 1. Bank correction of an error from recording a $7,400 deposit as $4,700 2. EFT payment 3. Note collected for company 4. Service charge Using the fo...