Questions from Intermediate Accounting

Q: Refer to Practice 5-9. Prepare the Operating Cash Flow

Refer to Practice 5-9. Prepare the Operating Cash Flow section of the statement of cash flows using the indirect method. In Practice 5-9 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: Bridges Wholesale Company incurred the following costs in 2013 for a warehouse

Bridges Wholesale Company incurred the following costs in 2013 for a warehouse acquired on July 1, 2013, the beginning of its fiscal year: Cost of land . . . . . . . . . . . . . . . . . . . . . . . ....

Q: The following selected information is provided for Lynez Company. All sales

The following selected information is provided for Lynez Company. All sales are credit sales and all receivables are trade receivables. Accounts receivable, January 1 net balance . . . . . . . . . ....

Q: Powersoft Company is engaged in developing computer software for the small business

Powersoft Company is engaged in developing computer software for the small business and home computer market. Most of the computer programmers are involved in developmental work designed to produce so...

Q: The following transactions affecting the accounts receivable of Wonderland Corporation took place

The following transactions affecting the accounts receivable of Wonderland Corporation took place during the year ended January 31, 2013: Sales (cash and credit) . . . . . . . . . . . . . . . . . . ....

Q: At December 31, 2012, certain accounts included in the Noncurrent

At December 31, 2012, certain accounts included in the Noncurrent Operating Assets section of Salvino Company’s balance sheet had the following balances: Land . . . . . . . . . . ....

Q: Stockton Company sold goods on account with a sales price of $

Stockton Company sold goods on account with a sales price of $70,000 on August 17. The terms of the sale were 2/10, n/30. Instructions: 1. Record the sale using the gross method of accounting for cas...

Q: At December 31, 2012, Davis Company’s noncurrent operating asset accounts

At December 31, 2012, Davis Company’s noncurrent operating asset accounts had the following balances: Category Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: During 2013, Lacee Enterprises had gross sales of $247,

During 2013, Lacee Enterprises had gross sales of $247,000. At the end of 2013, Lacee had accounts receivable of $83,000 and a credit balance of $5,600 in Allowance for Bad Debts. Lacee has used the p...

Q: Oceanwide Enterprises, Inc., is involved in building and operating cruise

Oceanwide Enterprises, Inc., is involved in building and operating cruise ships. Each ship is identified as a separate discrete job in the accounting records. At the end of 2012, Oceanwide correctly r...