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249 Answered Questions for the topic Financial Accounting

Financial Accounting

06/30/16

Financial Accounting: Amount of Interest Revenue?

On January 1, a company lends a corporate customer $90,000 at 8% interest. The amount of interest revenue that should be recorded for the quarter ending March 31 equals: $2,400.$7,200.$1,800.$600.
Financial Accounting

06/30/16

Financial Accounting: Interest Due

On the maturity date of a $6,000, 6-month, 11% note, the borrower sends a check that includes the principal and all of the interest due on the note. What is the amount of the borrower’s... more
Financial Accounting

06/30/16

Financial Accounting: Receivables Turnover Ratio?

The Treadwell Tire Company had net accounts receivable of $67,500 at the beginning of the year and $72,600 at the end of the year. If the company's net sales revenue during the year was $880,875,... more
Financial Accounting

06/30/16

Financial Accounting: Inventory Adjustment

Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM is applied to each separate product line,... more
Financial Accounting

06/30/16

Financial Accounting: Number of days to sell?

Sales Revenue $665,000Ending inventory 73,000Cost of Goods Sold 530,000Beginning inventory 63,000 What is the number of days to sell? (Round intermediate calculations to 2 decimal places.)37.3... more
Financial Accounting

06/29/16

Financial Accounting: Cost of goods available for sale, cost of goods sold, and ending inventory

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $6 on January 1, (2) 450 units at $9 on January... more
Financial Accounting

06/29/16

Accounting Perpetual Inventory System Question! Please Help!

Consider the following information for Maynor Company, which uses a perpetual inventory system:   Transaction                            Units    Unit Cost                 Total Cost January 1... more
Financial Accounting Accounting Financial Analysis

06/28/16

Accounting: Bad Expense Account

Using the aging method of accounts receivable method, $5,900 of the company’s Accounts Receivable are estimated to be uncollectible. At the end of the year, the balance of Accounts Receivable is... more
Financial Accounting

06/28/16

Accounting Question:Cost of Goods Sold

The Farley Corporation starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Farley... more
Financial Accounting

06/28/16

Accounting Question: Inventory

Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of eight units at $4 per unit. The company... more
Financial Accounting Accounting

06/27/16

Accounting: Cost of Goods Sold Question

The Farley Corporation starts the year with a beginning inventory of 4,400 units at $7 per unit. The company purchases 6,400 units at $6 each in February and 3,400 units at $8 each in March. Farley... more
Financial Accounting Accounting

06/27/16

Accounting: Inventory Question

Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of eight units at $4 per unit. The company... more
Financial Accounting Accounting

06/27/16

Accounting: Calculate the cost of goods available for sale, cost of goods sold, and ending inventory

In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $6 on January 1, (2) 450 units at $9 on January... more
Financial Accounting Accounting Accounting Principles

06/26/16

Accounting Question!!!

Etcetera Clothing sold merchandise inventory on account at a price of $22,000 with payment terms of 2/10, n/30. The merchandise cost Etcetera Clothing $18,000. If the customer paid for the... more
Financial Accounting Accounting Quickbooks

04/27/16

If you were a controller for a business with 100 employees and your company manufactures plastic water bottle, would you use QuickBooks?

 Why or Why not? Site specific examples to support your answer.
Financial Accounting

03/03/16

QUESTION 3

QUESTION 3 The transactions of GB Bhd for the month of December are as follows:Date (December 2015) Transactions1 Paid insurance premium of RM10,000 for coverage against losses due to fire for a... more
Financial Accounting Accounting Accounting Principles

02/20/16

I'm so confused and don't know where to start

Dunbar Distribution markets CDs of numerous performing artists. At the beginning of March, Dunbar had in beginning inventory 3,575 CDs with a unit cost of $10. During March, Dunbar made the... more
Financial Accounting Accounting College

02/16/16

Keep getting the answer wrong not sure if I'm categorizing properly

I'm not sure how to properly categorize this accounting problem.   Journalize the transactions using a perpetual inventory system. Waters Hardware Store completed the following merchandising... more
Financial Accounting Accounting

02/14/16

I'm not sure how to properly categorize this accounting problem

Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water’s ledger showed Cash of $10,858 and Common Stock of $10,858.May 1... more
Financial Accounting Accounting

02/13/16

Accounting

Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water’s ledger showed Cash of $10,858 and Common Stock of $10,858.May 1... more
Financial Accounting

11/24/15

FINANCIAL ACCOUNTING. SINGLE ENTRY SYSTEM . CONVERSION METHOD

Find out opening stock sales 1,60,000 rate  of gross profit 25% on sales purchases 1,40,000 closing stock 30,000
Financial Accounting

11/08/15

Accounting question, journal entry error regarding prepaid insurance

I am struggling to find what exactly is wrong about these journal entries? All the other examples I've looked up look the exact same. Please advise! Thanks.      Assume that you are the chief... more
Financial Accounting Accounting

06/28/15

Beginning inventory at cost $9,000, ending inventory at cost $7,000, net sales $50,000, cost of goods sold $46,000. The inventory turnover at cost is

Accounting  questions that I need answered to , can you help me. Beginning inventory at cost $9,000, ending inventory at cost $7,000, net sales $50,000, cost of goods sold $46,000. The inventory... more
Financial Accounting

03/28/15

Accounting Help

Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2012. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated... more
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