Questions from Financial Accounting

Q: Perform the following accounting tasks for the receivables of Able and Bowman

Perform the following accounting tasks for the receivables of Able and Bowman, a law firm, at December 31, 2018. Requirements: 1. Set up T-accounts for Cash, Accounts Receivable, and Service Revenue....

Q: During its first year of operations, Spring Garden, Inc.,

During its first year of operations, Spring Garden, Inc., had sales of $439,000, all on account. Industry experience suggests that Spring Garden’s uncollectibles will amount to 4% of credit sales. At...

Q: At the end of the current year (before adjusting entries),

At the end of the current year (before adjusting entries), Autumn Corporation had a balance of $76,000 in Accounts Receivable and a credit balance of $11,000 in Allowance for Uncollectible Accounts. S...

Q: 1. Compute the amount of interest during 2018, 2019,

1. Compute the amount of interest during 2018, 2019, and 2020 for the following note receivable: On May 31, 2018, Wyoming State Bank loaned $240,000 to Lindsey Weston on a two-year, 8% note. 2. Which...

Q: Brandeberry, Inc., has current assets of $240 million;

Brandeberry, Inc., has current assets of $240 million; property, plant, and equipment of $390 million; and other assets totaling $130 million. Current liabilities are $100 million, and long-term liabi...

Q: Hudson Signs, Inc., needs funds, and Alley Hudson,

Hudson Signs, Inc., needs funds, and Alley Hudson, the president, has asked you to consider investing in the business. Answer the following questions about the different ways that Hudson might organiz...

Q: Fallon Osmond is chairperson of the board of Simple Treats, Inc

Fallon Osmond is chairperson of the board of Simple Treats, Inc. Suppose Osmond has just founded Simple Treats, and assume that she considers her home and other personal assets as part of Simple Treat...

Q: Pillser, Inc.’s, comparative balance sheet at January 31

Pillser, Inc.’s, comparative balance sheet at January 31, 2019, and 2018, reports the following (in millions): Requirements : The following are three situations related to Pillser&a...

Q: Flurry, Inc., is expanding into China. The company must

Flurry, Inc., is expanding into China. The company must decide where to locate and how to finance the expansion. Identify the financial statement where these decision makers can find the following inf...

Q: At December 31, 2018, Patterson Products has cash of $

At December 31, 2018, Patterson Products has cash of $20,000, receivables of $17,600, and inventory of $78,000. The company’s equipment totals $186,000. Patterson owes accounts payable of $22,000 and...