Questions from Intermediate Accounting

Q: Use the information presented in BE7-11 for Arness Woodcrafters but

Use the information presented in BE7-11 for Arness Woodcrafters but assume that the recourse liability has a fair value of $4,000, instead of $8,000. Prepare the journal entry and discuss the effects...

Q: The financial statements of General Mills, Inc. report net sales

The financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute...

Q: Wilton, Inc. had net sales in 2012 of $1

Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful...

Q: The trial balance before adjustment of Estefan Inc. shows the following

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

Q: The chief accountant for Dollywood Corporation provides you with the following list

The chief accountant for Dollywood Corporation provides you with the following list of accounts receivable written off in the current year. Dollywood Corporation follows the policy of debiting Bad D...

Q: Puckett, Inc. includes the following account among its trade receivables

Puckett, Inc. includes the following account among its trade receivables. Instructions Age the balance and specify any items that apparently require particular attention at year-end.

Q: Presented below is information related to Sanford Corp. July 1

Presented below is information related to Sanford Corp. July 1 Sanford Corp. sold to Legler Co. merchandise having a sales price of $10,000 with terms 2/10, net/60. Sanford records its sales and recei...

Q: On April 1, 2012, Prince Company assigns $500,

On April 1, 2012, Prince Company assigns $500,000 of its accounts receivable to the Third National Bank as collateral for a $300,000 loan due July 1, 2012. The assignment agreement calls for Prince Co...

Q: Bryant Inc. factors receivables with a carrying amount of $200

Bryant Inc. factors receivables with a carrying amount of $200,000 to Warren Company for $190,000 on a with recourse basis. Instructions The recourse provision has a fair value of $2,000. This transa...

Q: Will Smith will receive $80,000 on December 31,

Will Smith will receive $80,000 on December 31, 2017 (5 years from now), from a trust fund established by his father. Assuming the appropriate interest rate for discounting is 12% (compounded semiannu...