Questions from Financial Accounting

Q: Assume the same facts as in Exercise 10-27, except

Assume the same facts as in Exercise 10-27, except that the book value of the press traded in is $108,500. (a) What is the amount of cash given? (b) What is the gain or loss on the exchange? Data fro...

Q: Floatin Away Company has three employees—a consultant, a computer

Floatin Away Company has three employees—a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: *For hourly emp...

Q: Deere & Company manufactures and distributes farm and construction machinery that it

Deere & Company manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere’s credit division...

Q: The following data were gathered to use in reconciling the bank account

The following data were gathered to use in reconciling the bank account of Crystal Company: Balance per bank ……………………………………..… $28,240 Balance per company records ………………..……… 10,280 Bank service charg...

Q: The payroll register for Schmidt Company for the week ended April 29

The payroll register for Schmidt Company for the week ended April 29 indicated the following: Salaries ……………………………….. $1,380,000 Social security tax withheld …………. 82,800 Medicare tax withheld …………………...

Q: A business provides its employees with varying amounts of vacation per year

A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $138,000. a. Journalize t...

Q: In a recent year’s financial statements, Procter & Gamble showed an

In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $4,391 million and a periodic pension cost of $208 million. Explain the meaning of the $4,391 million...

Q: Laughlin Enterprises issues a $130,000, 45-day

Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Industries for merchandise inventory. a. Journalize Laughlin Enterprises’ entries to record: 1. The issuance of the note. 2. The pay...

Q: Logan Manufacturing Co. warrants its products for one year. The

Logan Manufacturing Co. warrants its products for one year. The estimated product warranty is 2.5% of sales. Assume that sales were $398,000 for January. In February, a customer received warranty repa...

Q: General Motors Corporation (GM) disclosed estimated product warranty payable for

General Motors Corporation (GM) disclosed estimated product warranty payable for comparative years as follows: Presume that GM’s sales were $147,049 million in Year 2 and that the t...