Questions from Intermediate Accounting

Q: JFK Corp. factors $300,000 of accounts receivable with LBJ

JFK Corp. factors $300,000 of accounts receivable with LBJ Finance Corporation on a without recourse basis on July 1, 2017. The receivables records are transferred to LBJ Finance, which will receive t...

Q: Oasis Company has used the dollar-value LIFO method for inventory

Oasis Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Oasis’ records. Instructions Calculate...

Q: Presented below are selected accounts for Alvarez Company as reported in the

Presented below are selected accounts for Alvarez Company as reported in the worksheet at the end of May 2017. Instructions Complete the worksheet by extending amounts reported in the adjusted tria...

Q: Colin Davis Machine Company maintains a general ledger account for each class

Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions be...

Q: Karen Weller, D.D.S., opened a dental

Karen Weller, D.D.S., opened a dental practice on January 1, 2017. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan in...

Q: What would you pay for a $100,000 debenture bond

What would you pay for a $100,000 debenture bond that matures in 15 years and pays $5,000 a year in interest if you wanted to earn a yield of: a. 4%? b. 5%? c. 6%?

Q: The following is the balance sheet of Sameed Brothers Corporation (000s

The following is the balance sheet of Sameed Brothers Corporation (000s omitted). Instructions Evaluate the balance sheet presented. State briefly the proper treatment of any item criticized.

Q: At the end of 2017, Aramis Company has accounts receivable of

At the end of 2017, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2018, Aramis Company determined that its receivable from Ramire...

Q: The trial balance before adjustment of Taylor Swift Inc. shows the

The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful acc...

Q: Becker Ltd. is planning to adopt IFRS and prepare its first

Becker Ltd. is planning to adopt IFRS and prepare its first IFRS financial statements at December 31, 2018. What is the date of Becker’s opening balance sheet, assuming one year of comparative informa...