475 Answered Questions for the topic Financial Accounting

Financial Accounting

10/15/18

journalize the transaction my work first problem second
ournalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost... more
Follows • 1
Expert Answers •1
Financial Accounting Finance Cost Accounting Systems

09/24/18

Need verification on my answer please.
Inventory is valued at:   a.) price b.) cash c.) cost d.) profit e.) margin   Note: My answer is cost because in general it should be valued at acquisition cost.
Follows • 1
Expert Answers •1

09/24/18

Need verification on my answer please.
Which statement accumulates all that you own and all that you owe?   a.) cash flow b.) balance sheet c.) profit and loss d.) sales projection e.) income   Note: I'm leaning more towards... more
Follows • 1
Expert Answers •1

09/24/18

Please help complete the statement.
Cash Flow Statement:   A.) Projects all revenues and expenses B.) Shows the company's Net Worth C.) Illustrates all transactions involving cash D.) Both b and c E.) All of the above
Follows • 1
Expert Answers •1
Financial Accounting

07/26/18

What would the journal entry on the following look like?
9/1/20X1 : JPM sold inventory that had a cost $400,000 at its normal 100% markup. All sales are on account. JPM expects to collect 95% of its credit sales.    
Follows • 1
Expert Answers •1
Financial Accounting Finance Management

05/10/18

How much money do I need to deposit now to withdraw $ 9,000 in 11 yrs. for 8 yrs, At 6% interest rate, Plus additional 18,000 the last year?
Deposit today____?, so that at the beginning of 11 yrs from now I can withdraw $9,000 a year for the next 8 yrs. (periods 11-18), plus an additional 18,000 in last year (period 18)? Assume interest... more
Follows • 2
Expert Answers •1

02/14/18

Please Check my work: Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years
Use the formula for computing future value using compound interest to determine the value of an account at the end of 7 years if a principal amount of $2,500 is deposited in an account at an annual... more
Follows • 2
Expert Answers •1
Financial Accounting

09/20/17

Financial Accounting
Suppose a sports team, with a 10,000 seat arena, sells out the entire season for $200.00 per ticket before the season starts. The team play 50 games:   1. Before the first game starts, how much... more
Follows • 1
Expert Answers •1
Financial Accounting

09/19/17

Suppose a sports team, with a 10,000 seat arena, sells out the entire season for $200.00 per ticket before the season starts. The team play 50 games:
Accounting story problem
Follows • 1
Expert Answers •1
Financial Accounting Accounting Debits And Credits

05/20/17

Open a T accounts for business B to record the ablove balance.
2016 May 8   Purchased a computer costing $5000 for business use, paying a deposit of $2000. The balance is to paid to Digital Ltd in 60 days.           May 24  Repaid $1000 principal and $150... more
Follows • 2
Expert Answers •1
Financial Accounting Accounting Debits And Credits

05/19/17

Open T accounts for this to record the above balance.
2016 May 8   Purchased a computer costing $5000 for business use, paying a depoisit of $2000. The balance is to paid to Digital Ltd in 60 days     
Follows • 1
Expert Answers •1

03/29/17

On November 1, Bahama Cruise Lines borrows $3.9 million (((financial Accounting )jounal entry... record the insurance of the note and adjust entry
On November 1, Bahama Cruise Lines borrows $3.9 million and issues a six-month, 9% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for... more
Follows • 2
Expert Answers •1
Financial Accounting Accountancy

01/24/17

Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently operating at 100% of capacity, and variable manufactur
Exercise 20-5Partially correct answer. Your answer is partially correct. Try again. Pottery Ranch Inc. has been manufacturing its own finials for its curtain rods. The company is currently... more
Follows • 1
Expert Answers •1
Financial Accounting Accounting Transaction Entrys

12/16/16

Journalize these two transactions:
Sep. 15 Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Assume a 360-day year.   Dec. 14 Journalized the payment of the September 15 note at maturity.   more
Follows • 2
Expert Answers •1
Financial Accounting

07/04/16

Financial Accounting: Adjusted Account Balances
Assume the Murtha Company reported the following adjusted account balances at year-end.                                                        2016                           2015           ... more
Follows • 3
Expert Answers •2
Financial Accounting

07/04/16

Financial Accounting: Bad Debt Expense Estimate Question?
XYZ Corp. uses the percentage of credit sales method in determining its bad debt expense. The following information comes from the accounting records of XYZ Corp.: Cash sales $220,000Credit sales... more
Follows • 2
Expert Answers •1
Financial Accounting

07/04/16

Financial Accounting Question: Bad Debt Expense?
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
Follows • 2
Expert Answers •1
Financial Accounting

07/04/16

Financial Accounting: Account Receivable
Wechsler Company uses the aging of accounts receivable method. The company performed an aging of accounts receivable on December 31 and gathered the following information: Accounts receivable... more
Follows • 2
Expert Answers •1
Financial Accounting

07/04/16

Financial Accounting: Amount of Interest Revenue
On July 1, 2016, Empire Inc. lends $12,000 to a customer and receives a 9% note due in two years. Interest is due in full on July 1, 2018, the due date of the note. What is the amount of Interest... more
Follows • 3
Expert Answers •1
Financial Accounting

07/03/16

Financial Accounting: Gain or Loss?
A trucking company sold its fleet of trucks for $55,600. The trucks originally cost $1,436,000 and had Accumulated Depreciation of $1,275,000 recorded through the date of disposal. What gain or... more
Follows • 2
Expert Answers •1
Financial Accounting

07/03/16

Financial Accounting: Assets Recorded
An asset is purchased on January 1 for $42,200. It is expected to have a useful life of four years after which it will have an expected residual value of $5,500. The company uses the straight-line... more
Follows • 2
Expert Answers •1
Financial Accounting

07/03/16

Financial Accounting: Fixed Asset Turnover Ratio
Your company has net sales revenue of $38 million during the year. At the beginning of the year, fixed assets are $10 million. At the end of the year, fixed assets are $12 million. What is the... more
Follows • 1
Expert Answers •1
Financial Accounting

07/03/16

Financial Accounting: Depreciation Rate and Expense
The Doodad Company purchases a machine for $820,000. The machine has an estimated residual value of $140,000. The company expects the machine to produce two million units. The machine is used to... more
Follows • 2
Expert Answers •1
Financial Accounting

07/03/16

Financial Accounting: Depreciation
A company buys equipment for $54,000, expects to use it for Five years, and then sell it for $6,600. Using the straight-line method, the company should report annual depreciation for the equipment... more
Follows • 2
Expert Answers •1
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.
Follows • 3
Expert Answers •2

Still looking for help? Get the right answer, fast.

Ask a question for free

Get a free answer to a quick problem.
Most questions answered within 4 hours.

OR

Find an Online Tutor Now

Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.