Questions from Financial Accounting

Q: A refrigerator used by a wholesale warehouse has a cost of $

A refrigerator used by a wholesale warehouse has a cost of $66,700, an estimated residual value of $5,100, and an estimated useful life of 14 years. What is the amount of the annual depreciation compu...

Q: A computer system acquired on January 1 at a cost of $

A computer system acquired on January 1 at a cost of $35,000 has an estimated useful life of five years. Assuming that it will have no residual value, determine the depreciation for each of the first...

Q: A storage tank acquired at the beginning of the fiscal year at

A storage tank acquired at the beginning of the fiscal year at a cost of $61,000 has an estimated residual value of $9,000 and an estimated useful life of 20 years. Determine the following: (a) The am...

Q: Assume that the social security tax rate is 6% and the

Assume that the social security tax rate is 6% and the Medicare tax rate is 1.5%. In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At r...

Q: The actual cash received from cash sales was $25,538

The actual cash received from cash sales was $25,538, and the amount indicated by the cash register total was $25,670. Journalize the entry to record the cash receipts and cash sales.

Q: The actual cash received from cash sales was $66,670

The actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Journalize the entry to record the cash receipts and cash sales.

Q: Jackie Fox owns and operates Platinum Transport Co. During the past

Jackie Fox owns and operates Platinum Transport Co. During the past year, Jackie incurred the following costs related to an 18-wheel truck: 1. Changed engine oil. 2. Installed a television in the slee...

Q: A building with a cost of $1,200,000

A building with a cost of $1,200,000 has an estimated residual value of $250,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount of th...

Q: Identify each of the following reconciling items as: (a

Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank statement, (c) An...

Q: Which of the reconciling items listed in Exercise 8-16 require

Which of the reconciling items listed in Exercise 8-16 require an entry in the company’s accounts? Data from Exercise 8-16: 1. Bank service charges, $90. 2. Check of a customer returned by bank to co...