Questions from General Accounting

Q: Durbin Corporation reported net sales of $250,000, cost

Durbin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of...

Q: : Durhan Company closes its books on its October 31 year-

Durhan Company closes its books on its October 31 year-end. The company does not make entries to accrue for interest except at its year-end. On September 30, the Notes Receivable account balance is $2...

Q: At December 31, 2013, Tong Corporation reported these plant assets

At December 31, 2013, Tong Corporation reported these plant assets. During 2014, the following selected cash transactions occurred. Apr. 1 Purchased land for $2,600,000. May 1 Sold equipment tha...

Q: Here are selected transactions for Evan’s Corporation for 2014. Jan

Here are selected transactions for Evan’s Corporation for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $47,000 and had a useful life of 10 yea...

Q: The intangible assets section of the balance sheet for Venable Company at

The intangible assets section of the balance sheet for Venable Company at December 31, 2014, is presented here. Patents ($70,000 cost less $7,000 amortization) ……………………………………. $63,000 Copyrights ($48...

Q: Quiver Corporation and Swaze Corporation, two corporations of roughly the same

Quiver Corporation and Swaze Corporation, two corporations of roughly the same size, are both involved in the manufacture of umbrellas. Each company depreciates its plant assets using the straight-lin...

Q: In recent years Howard Company has purchased three machines. Because of

In recent years Howard Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation meth...

Q: Miriam Corporation purchased machinery on January 1, 2014, at a

Miriam Corporation purchased machinery on January 1, 2014, at a cost of $380,000. The estimated useful life of the machinery is 5 years, with an estimated salvage value at the end of that period of $2...

Q: Your friend Jill Wurtz has been hired to help take the physical

Your friend Jill Wurtz has been hired to help take the physical inventory in Proehl’s Hardware Store. Explain to Jill what this job will entail.

Q: (a) Millar Company ships merchandise to Branyan Corporation on December

(a) Millar Company ships merchandise to Branyan Corporation on December 30. The merchandise reaches the buyer on January 5. Indicate the terms of sale that will result in the goods being included in...