Questions from Intermediate Accounting

Q: The financial statements of BCE Inc. reported net sales of $

The financial statements of BCE Inc. reported net sales of $21,719 million for its year ended December 31, 2016, and $21,514 million for its year ended December 31, 2015. Accounts receivable (net) wer...

Q: Use the information in BE7.20. Assume that Genesis decides

Use the information in BE7.20. Assume that Genesis decides (a) to increase the size of the petty cash fund to $600 immediately after the reimbursement, and (b) to reduce the size of the petty cash to...

Q: Staj Co., a clothing manufacturer, is preparing its statement of

Staj Co., a clothing manufacturer, is preparing its statement of financial position at December 31, 2020. For each of the following amounts as at December 31, 2020, state whether the amount is (a) cur...

Q: To promote the sale of some specialty goods, Ropers Ltd.

To promote the sale of some specialty goods, Ropers Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no...

Q: Use the information for Ropers Ltd. in BE7.5,

Use the information for Ropers Ltd. in BE7.5, but assume instead that Ropers follows ASPE and records expected outstanding returns to Allowance for Sales Returns and Allowances. Prepare the required a...

Q: Battle Tank Limited had net sales in 2020 of $2.

Battle Tank Limited had net sales in 2020 of $2.3 million. At December 31, 2020, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $350,000 debit; Allowa...

Q: Use the information for Battle Tank Limited in BE7.7 and

Use the information for Battle Tank Limited in BE7.7 and assume instead that the unadjusted balance in Allowance for Doubtful Accounts is a debit balance of $3,000. Based on this, prepare the December...

Q: Emil Family Importers sold goods to Acme Decorators for $20,

Emil Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2020, accepting Acme's $20,000, six-month, 6% note. (a) Prepare Emil's November 1 entry, December 31 annual adjusting ent...

Q: On October l, 2020, Alpha Inc. assigns $3

On October l, 2020, Alpha Inc. assigns $3 million of its accounts receivable to Alberta Provincial Bank as collateral for a $2.6-million loan evidenced by a note. The bank's charges are as follows: a...

Q: Use the information for Landstalker Enterprises in BE7.15 and assume

Use the information for Landstalker Enterprises in BE7.15 and assume instead that the receivables are sold with recourse. Prepare the journal entry for Landstalker to record the sale, assuming that th...