Questions from Intermediate Accounting

Q: Milner Family Importers sold goods to Tung Decorators for $30,

Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2017, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting entry...

Q: Dold Acrobats lent $16,529 to Donaldson, Inc.,

Dold Acrobats lent $16,529 to Donaldson, Inc., accepting Donaldson’s 2-year, $20,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Dold’s journal entries for the initial trans...

Q: On October 1, 2017, Chung, Inc. assigns $

On October 1, 2017, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables ass...

Q: Bienvenu Enterprises reported cost of goods sold for 2017 of $1

Bienvenu Enterprises reported cost of goods sold for 2017 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2017. Bienvenu later discovered that its ending inventories at December 31,...

Q: Midori Company had ending inventory at end-of-year prices

Midori Company had ending inventory at end-of-year prices of $100,000 at December 31, 2016; $119,900 at December 31, 2017; and $134,560 at December 31, 2018. The year-end price indexes were 100 at 12/...

Q: Bobek Inc. has recently reported steadily increasing income. The company

Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2014, $25,000 in 2015, and $30,000 in 2016. A number of market analysts have recommended that inv...

Q: The adjusted trial balance of Lopez Company shows the following data pertaining

The adjusted trial balance of Lopez Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $800,000, Delivery Expense $12,000, Sales Return...

Q: Presented below is information related to Gonzales Corporation for the month of

Presented below is information related to Gonzales Corporation for the month of January 2017. Instructions Prepare the necessary closing entries.

Q: Presented below is financial information for two different companies.

Presented below is financial information for two different companies. Instructions Compute the missing amounts.

Q: On April 1, 2017, Rasheed Company assigns $400,

On April 1, 2017, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2017. The assignment agreement calls for Rasheed...