Questions from Financial Reporting

Q: Avillion Corporation had a $45,000 debit balance in Accounts

Avillion Corporation had a $45,000 debit balance in Accounts receivable and a $3,500 credit balance in Allowance for credit losses on December 31, 20X1. The company prepared the following aging schedu...

Q: At December 31, 20X0, Oettinger Corporation, a premium kitchen

At December 31, 20X0, Oettinger Corporation, a premium kitchen cabinetmaker for the home remodeling industry, reported the following accounts receivable information on its year-end balance sheet: Duri...

Q: On December 1, 20X1, Eva Corporation, a mortgage bank

On December 1, 20X1, Eva Corporation, a mortgage bank, has the following amounts on its balance sheet (in millions): Also on December 1, 20X1, Eva transfers mortgage receivables with a book value of $...

Q: The following information pertains to the financial statements of Buffalo Supply Company

The following information pertains to the financial statements of Buffalo Supply Company, a provider of plumbing fixtures to contractors in central Pennsylvania. Required: Reconstruct all journal ent...

Q: On December 31, 20X1, Roker, Inc., reported notes

On December 31, 20X1, Roker, Inc., reported notes receivable of $63,930,000. This amount represents the present value of future cash flows (both principal and interest) discounted at a rate of 11.12%...

Q: On January 2, 20X1, Criswell Acres purchased from Mifflinburg Farm

On January 2, 20X1, Criswell Acres purchased from Mifflinburg Farm Supply a new tractor that had a cash selling price of $109,837. As payment, Criswell gave Mifflinburg Farm Supply $25,000 in cash and...

Q: On January 1, 20X1, Hillock Brewing Company sold 50,

On January 1, 20X1, Hillock Brewing Company sold 50,000 bottles of beer to various customers for $45,000 using credit terms of 3/10, n/30. These credit terms mean that customers receive a cash discoun...

Q: Keefer, Inc., began business on January 1, 20X1.

Keefer, Inc., began business on January 1, 20X1. Information on its inventory purchases and sales during 20X1 and 20X2 follow: Required: 1. Calculate ending inventory, cost of goods sold, and gross m...

Q: The following is an excerpt from the financial statements of Talbot Industries

The following is an excerpt from the financial statements of Talbot Industries (a fictional company): During 20X2, Chaney Technologies (a fictional company) changed its inventory cost flow assumption...

Q: AT&T reported pre-tax income of $24,

AT&T reported pre-tax income of $24,873 million, $15,139 million, and $12,976 millionfor the years ended December 31, 2018, 2017, and 2016, respectively. At December 31, 2018, it had 7,281.6 milli...