Questions from Intermediate Accounting

Q: Exploratory Company is an oil and gas exploration firm. During 2013

Exploratory Company is an oil and gas exploration firm. During 2013, Exploratory engaged in 86 different exploratory projects, only 20 of which were successful. The total cost of this exploration effo...

Q: Sterling Company’s bank statement for the month of March included the following

Sterling Company’s bank statement for the month of March included the following information: Ending balance, March 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: On July 15, Mann Company sold $900,000 in

On July 15, Mann Company sold $900,000 in accounts receivable for cash of $750,000. The factor withheld 10% of the cash proceeds to allow for possible customer returns or account adjustments. An Allow...

Q: Dandy Hardware Stores reported the following asset values in 2012 and 2013

Dandy Hardware Stores reported the following asset values in 2012 and 2013: In addition, Dandy Hardware had sales of $3,500,000 in 2013. Cost of goods sold for the year was $2,200,000. Compute Dandy...

Q: The company exchanged a piece of land for a new piece of

The company exchanged a piece of land for a new piece of equipment. The equipment has a list price of $100,000, and the land has a historical cost of $35,000. The land has a current market value of $9...

Q: Bad debt expense for the year was estimated to be $12

Bad debt expense for the year was estimated to be $12,000. Total accounts written off as uncollectible during the year were $8,100. Make the necessary summary journal entries to record this informatio...

Q: The company constructed its own building. The cost of materials was

The company constructed its own building. The cost of materials was $400,000. Labor cost incurred on the construction project was $600,000. Total overhead cost for the company for the year was $8,000,...

Q: Using the following information, compute cash collected from customers.

Using the following information, compute cash collected from customers. Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: Identify the major components included in the definition of liabilities established by

Identify the major components included in the definition of liabilities established by the FASB.

Q: Gross payroll is taxed by both federal and state governments. Identify

Gross payroll is taxed by both federal and state governments. Identify these taxes and indicate who bears the cost of the tax, the employer or the employee.