Questions from General Accounting

Q: At March 31, 2010, the end of the first year

At March 31, 2010, the end of the first year of operations at Jaryd, Inc., the firm’s accountant neglected to accrue payroll taxes of $4,800 that were applicable to payrolls for the year then ended....

Q: Karysa Co. operates in a city in which real estate tax

Karysa Co. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus tax bills for 2010 are issued in May 2011 and are payable in July 2011. Requir...

Q: Prepare a bank reconciliation as of August 31 from the following information

Prepare a bank reconciliation as of August 31 from the following information: a. The August 31 balance shown on the bank statement is $9,810. b. There is a deposit in transit of $1,260 at August 31....

Q: Annual credit sales of Nadak Co. total $340 million.

Annual credit sales of Nadak Co. total $340 million. The firm gives a 2% cash discount for payment within 10 days of the invoice date; 90% of Nadak’s accounts receivable are paid within the discount p...

Q: DeBauge Realtors, Inc., is a realty firm owned by Jeff

DeBauge Realtors, Inc., is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation’s stock. The following summarized data (in thousands) are taken from the Dece...

Q: Gerrard Construction Co. is an excavation contractor. The following summarized

Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2010, financial statements: For the Year Ended December 31, 2010: Ne...

Q: Agrico, Inc., accepted a 10-month, 13.

Agrico, Inc., accepted a 10-month, 13.8% (annual rate), $4,500 note from one of its customers on June 15; interest is payable with the principal at maturity. Required: a. Use the horizontal model or...

Q: Moiton Co.’s assets include notes receivable from customers. During

Moiton Co.’s assets include notes receivable from customers. During fiscal 2010, the amount of notes receivable averaged $46,250, and the interest rate of the notes averaged 6.4%. Required: a. Calcul...

Q: Proponents of the LIFO inventory cost-flow assumption argue that this

Proponents of the LIFO inventory cost-flow assumption argue that this costing method is superior to the alternatives because it results in better matching of revenue and expense. Required: a. Explain...

Q: Write the journal entry (ies) for each of the transactions

Write the journal entry (ies) for each of the transactions of Exercise 4.1. Exercise 4.1: The transactions relating to the formation of Blue Co. Stores, Inc., and its first month of operations follo...