Questions from Intermediate Accounting

Q: The following are a series of unrelated situations. 1. Halen

The following are a series of unrelated situations. 1. Halen Company’s unadjusted trial balance at December 31, 2017, included the following accounts. Halen Company estimates its ba...

Q: From inception of operations to December 31, 2017, Fortner Corporation

From inception of operations to December 31, 2017, Fortner Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of cust...

Q: Presented below is information related to the Accounts Receivable accounts of Gulistan

Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2017. 1. An aging schedule of the accounts receivable as of December 31, 2017, is a...

Q: The balance sheet of Starsky Company at December 31, 2016,

The balance sheet of Starsky Company at December 31, 2016, includes the following. Transactions in 2017 include the following. 1. Accounts receivable of $138,000 were collected including accounts o...

Q: On October 1, 2017, Arden Farm Equipment Company sold a

On October 1, 2017, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm, Inc. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a re...

Q: On December 31, 2017, Oakbrook Inc. rendered services to

On December 31, 2017, Oakbrook Inc. rendered services to Beghun Corporation at an agreed price of $102,049, accepting $40,000 down and agreeing to accept the balance in four equal installments of $20,...

Q: Braddock Inc. had the following long-term receivable account balances

Braddock Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division…………$1,500,000 Note receivable from officer…………………………. 400,000 Trans...

Q: In light of the full disclosure principle, investors and creditors need

In light of the full disclosure principle, investors and creditors need to know the balances for assets, liabilities, and equity as well as the accounting policies adopted by management to measure the...

Q: The following independent situations relate to inventory accounting. 1. Kim

The following independent situations relate to inventory accounting. 1. Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with no cash discounts allowab...

Q: Presented below is information related to Kaisson Corporation for the last 3

Presented below is information related to Kaisson Corporation for the last 3 years. Instructions Compute the ending inventories under the dollar-value LIFO method for 2016, 2017, and 2018. The base...