Questions from General Accounting

Q: Castle Corporation prepares monthly cash budgets. Here are relevant data from

Castle Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2014. All sales and purchases are on account. Budgeted collections and disbursement data are given...

Q: Heisey Company is a very profitable small business. It has not

Heisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the...

Q: Reynolds.com uses the allowance method of accounting for bad debts

Reynolds.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end. Instructions: (a) Calculate the total estimated b...

Q: Presented below is an aging schedule for Bosworth Company.

Presented below is an aging schedule for Bosworth Company. At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. Instructions: (a) Journalize and po...

Q: Here is information related to Freeman Company for 2014.

Here is information related to Freeman Company for 2014. Total credit sales ……………………………………………..$1,500,000 Accounts receivable at December 31 ……………………..840,000 Bad debts written off ………………………………………………...

Q: Suppose this information (in millions) is available for the Automotive

Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method. B...

Q: At December 31, 2014, the trial balance of Sloane Company

At December 31, 2014, the trial balance of Sloane Company contained the following amounts before adjustment. Instructions: (a) Prepare the adjusting entry at December 31, 2014, to record bad debt ex...

Q: On January 1, 2014, Oswalt Company had Accounts Receivable of

On January 1, 2014, Oswalt Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Oswalt Company prepares financial statements annually. During the year, the followi...

Q: The president of Giraldi Enterprises asks if you could indicate the impact

The president of Giraldi Enterprises asks if you could indicate the impact certain transactions have on the following ratios Instructions: Complete the table, indicating whether each transaction wil...

Q: Kolton Company closes its books on its July 31 year-end

Kolton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800. N...