Questions from Intermediate Accounting

Q: Information related to Banzai Books Ltd. is as follows: balance

Information related to Banzai Books Ltd. is as follows: balance per books at October 31, $41,847.85; November receipts, $173,528.91; November disbursements, $166,193.54; balance per bank statement at...

Q: Information follows for Quartz Industries Ltd.: / /

Information follows for Quartz Industries Ltd.: aBank service charges bBank debit memo for $1,050.00 for a customer's cheque returned and marked NSF was included with the June bank statement. Cash rec...

Q: Dev Equipment Corp. usually closes its books on December 31,

Dev Equipment Corp. usually closes its books on December 31, but at the end of 2014 it held its cash book open so that a more favorable statement of financial position could be prepared for credit pur...

Q: A series of unrelated situations follow: 1. Atlantic Inc

A series of unrelated situations follow: 1. Atlantic Inc.'s unadjusted trial balance at December 31, 2014, included the following accounts: 2. An analysis and aging of Central Corp.’...

Q: Civic Company made sales of $40,000 with terms 1

Civic Company made sales of $40,000 with terms 1/10, n/30. Within the discount period, it received a cash payment on $35,000 of the sales from customers; after the discount period, it received $5,000...

Q: Fortini Corporation had record sales in 2014. It began 2014 with

Fortini Corporation had record sales in 2014. It began 2014 with an Accounts Receivable balance of $475,000 and an Allowance for Doubtful Accounts of $33,000. Fortini recognized credit sales during th...

Q: The following information relates to Shea Inc.'s Accounts Receivable for

The following information relates to Shea Inc.'s Accounts Receivable for the 2014 fiscal year: 1. An aging schedule of the accounts receivable as at December 31, 2014, is as follows: 2. The Accounts R...

Q: Hanley Limited manufactures camera equipment. The company plans to list its

Hanley Limited manufactures camera equipment. The company plans to list its shares on the Venture Exchange. To do so, it must meet all of the following initial listing requirements (among others): 1....

Q: TEL US Corporation is one of Canada’s; largest telecommunications companies and

TEL US Corporation is one of Canada’s; largest telecommunications companies and provides both products and services. Its shares are traded on the Toronto and New York stock exchanges. The credit facil...

Q: Fritz's Furniture (FF) is a mid-sized owner-

Fritz's Furniture (FF) is a mid-sized owner-operated business that was started 25 years ago by Fred Fritz. The retail furniture business is cyclical, with business dropping off in times of economic do...