Questions from Financial Accounting

Q: If your school has a subscription to the FASB Codifi cation,

If your school has a subscription to the FASB Codifi cation, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following. (a) How are receivables defi ned in the Codifi cation...

Q: These transactions took place for Bramson Co. 2016 May

These transactions took place for Bramson Co. 2016 May 1 Received a $5,000, 12-month, 6% note in exchange for an outstanding account receivable from R. Stoney. Dec. 31 Accrued interest revenue on the...

Q: In its first month of operations, McLanie Company made three purchases

In its first month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are 2...

Q: Suppose Nike, Inc. reported the following plant assets and intangible

Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2017 (in millions): other plant assets $965.8, land $221.6, patents and trademarks (at cost) $51...

Q: How is a gain or a loss on the sale of a

How is a gain or a loss on the sale of a plant asset computed?

Q: Perth Inc.’s bank statement from Main Street Bank at August

Perth Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information. A summary of the Cash account in the ledger for August shows the following: ba...

Q: As the company accountant, explain the following ideas to the management

As the company accountant, explain the following ideas to the management of Ortiz Company. (a) The concept of reasonable assurance in internal control. (b) The importance of the human factor in intern...

Q: Your roommate is uncertain about the advantages of a promissory note.

Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.

Q: Sheldon Company just took its physical inventory on December 31. The

Sheldon Company just took its physical inventory on December 31. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,000. In reviewing t...

Q: How do the components of revenues and expenses differ between a merchandising

How do the components of revenues and expenses differ between a merchandising company and a service company?