Questions from General Accounting

Q: Alvarado Company provides this information for the month ended October 31,

Alvarado Company provides this information for the month ended October 31, 2014: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $19,000. Prepar...

Q: In 2014, Grossfeld Company has net credit sales of $1

In 2014, Grossfeld Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $108,000 and an ending accounts receivable (net) balance of $120,000...

Q: Sands Company sold goods with a total selling price of $800

Sands Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its ending inventory determined that...

Q: Assume that Tracy Company uses a periodic inventory system and has these

Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-In $16,00...

Q: Assume the same information as in BE5-8 and also that

Assume the same information as in BE5-8 and also that Tracy Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000. Determine the amounts to be reported for...

Q: Sadowski Video Center accumulates the following cost and market data at December

Sadowski Video Center accumulates the following cost and market data at December 31. Compute the lower-of-cost-or-market valuation for Sadowski inventory.

Q: Ruth Company has been in business several years. At the end

Ruth Company has been in business several years. At the end of the current year, the unadjusted trial balance shows: Accounts Receivable ………………………………. $ 310,000 Dr. Sales Revenue ………………………………………. 2,2...

Q: On December 31, 2013, when its Allowance for Doubtful Accounts

On December 31, 2013, when its Allowance for Doubtful Accounts had a debit balance of $1,400, Hunt Co. estimates that 9% of its accounts receivable balance of $90,000 will become uncollectible and rec...

Q: These transactions took place for Glavine Co. 2013 May

These transactions took place for Glavine Co. 2013 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from S. Rooney. Dec. 31 Accrued interest revenue on...

Q: At July 31, Farmer Company has this bank information: cash

At July 31, Farmer Company has this bank information: cash balance per bank $7,291; outstanding checks $762; deposits in transit $1,350; and a bank service charge $40. Determine the adjusted cash bala...