Questions from Financial Accounting

Q: Identify the accounting concept, assumption, or principle that best applies

Identify the accounting concept, assumption, or principle that best applies to each of the following situations: a. Inflation has been about 2.5% for some time. Village Realtors is considering measur...

Q: MacKensie Services Corporation began 2018 with total assets of $230 million

MacKensie Services Corporation began 2018 with total assets of $230 million and ended 2018 with total assets of $365 million. During 2018, MacKensie earned revenues of $394 million and had expenses of...

Q: At December 31, 2018, Waco Travel Agency has an Accounts

At December 31, 2018, Waco Travel Agency has an Accounts Receivable balance of $93,000. Allowance for Uncollectible Accounts has a credit balance of $870 before the year-end adjustment. Service revenu...

Q: On June 30, Premier Party Planners had a $35,

On June 30, Premier Party Planners had a $35,000 balance in Accounts Receivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. During July, Premier made credit sales of $193,000....

Q: At December 31, 2018, before any year-end adjustments

At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Alpha Company, Inc., is $390,000. The Allowance for Uncollectible Accounts has a $15,500 credit balance. Alpha...

Q: Walnut Foods, Inc., experienced the following revenue and accounts receivable

Walnut Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Walnut estimates that 4% of (gross) revenues will become uncollectible. Assume all revenues are on cre...

Q: Record the following note receivable transactions in the journal of Mediterranean Services

Record the following note receivable transactions in the journal of Mediterranean Services. How much interest revenue did Mediterranean earn this year? Use a 365-day year for interest computations, an...

Q: Moore Corporation reported the following items at December 31, 2018,

Moore Corporation reported the following items at December 31, 2018, and 2017: Requirements: 1. Compute the company’s (a) quick (acid-test) ratio and (b) days’ sal...

Q: Geneva Co., Inc., an electronics and appliance chain, reported

Geneva Co., Inc., an electronics and appliance chain, reported these figures in millions of dollars: Requirements: 1. Compute Geneva’s days’ sales in receivables o...

Q: Niagara Jewelry sells to retailers who then resell the products. Niagara

Niagara Jewelry sells to retailers who then resell the products. Niagara does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale wit...