Questions from Financial Accounting

Q: The major balance sheet classifications are listed below. Current assets

The major balance sheet classifications are listed below. Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Stoc...

Q: On January 10, 2017, Masterson Co. sold merchandise on

On January 10, 2017, Masterson Co. sold merchandise on account to Tompkins for $8,000, terms n/30. On February 9, Tompkins gave Masterson Co. a 7% promissory note in settlement of this account. Prepar...

Q: Suppose in its 2017 annual report that McDonald’s Corporation reports beginning total

Suppose in its 2017 annual report that McDonald’s Corporation reports beginning total assets of $28.46 billion, ending total assets of $30.22 billion, net sales of $22.74 billion, and net income of $4...

Q: At July 31, Planter Company has this bank information: cash

At July 31, Planter Company has this bank information: cash balance per bank $7,291, outstanding checks $762, deposits in transit $1,350, and a bank service charge $40. Determine the adjusted cash bal...

Q: Suppose the 2017 financial statements of 3M Company report net sales of

Suppose the 2017 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year....

Q: Calico Corners decides to sell $400,000 of its accounts

Calico Corners decides to sell $400,000 of its accounts receivable to Fast Cash Factors Inc. Fast Cash Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the journal en...

Q: These are selected 2017 transactions for Wyle Corporation: Jan.

These are selected 2017 transactions for Wyle Corporation: Jan. 1 Purchased a copyright for $120,000. The copyright has a useful life of 6 years and a remaining legal life of 30 years. Mar. 1 Purchase...

Q: In the month of November, Fiesta Company Inc. wrote checks

In the month of November, Fiesta Company Inc. wrote checks in the amount of $9,750. In December, checks in the amount of $11,762 were written. In November, $8,800 of these checks were presented to the...

Q: Eileen Corp. had the following balances in receivable accounts at October

Eileen Corp. had the following balances in receivable accounts at October 31, 2017 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes Re...

Q: Hunt Company reported net income of $157,000. It

Hunt Company reported net income of $157,000. It reported depreciation expense of $12,000 and accumulated depreciation of $47,000. Amortization expense was $8,000. Hunt purchased new equipment during...