Questions from Financial Accounting

Q: The Coca-Cola Company’s accounts receivable turnover was 9.05

The Coca-Cola Company’s accounts receivable turnover was 9.05 in 2014, and its average amount of net receivables during the period was $3,424 million. What is the amount of its net credit sales for th...

Q: Peete Company was organized on January 1. During the first year

Peete Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Instructions Analyze the transactions...

Q: Describe the treatment of each of the following items under IFRS versus

Describe the treatment of each of the following items under IFRS versus GAAP. (a) Interest paid. (b) Interest received. (c) Dividends paid. (d) Dividends received.

Q: On May 10, Jaurez Corporation issues 1,000 shares of

On May 10, Jaurez Corporation issues 1,000 shares of $10 par value ordinary shares for cash at $18 per share. Journalize the issuance of the shares.

Q: An inexperienced accountant for Silva Corporation showed the following in the income

An inexperienced accountant for Silva Corporation showed the following in the income statement: income before income taxes $450,000 and unrealized gain on available-for-sale securities (before taxes)...

Q: Summary financial information for Gandaulf Company is as follows. /

Summary financial information for Gandaulf Company is as follows. Compute the amount and percentage changes in 2017 using horizontal analysis, assuming 2016 is the base year.

Q: Meenen Corporation has the following accounts at December 31, 2017 (

Meenen Corporation has the following accounts at December 31, 2017 (in euros): Share Capital—Ordinary, €10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €10,000; Retained Earnings €45,000;...

Q: Hive Company borrows $90,000 on July 1 from the

Hive Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at Decem...

Q: The following T-account is a summary of the Cash account

The following T-account is a summary of the Cash account of Alixon Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cash flows?

Q: Greenspan Supply does not segregate sales and sales taxes at the time

Greenspan Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make...