481 Answered Questions for the topic Financial Accounting

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
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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
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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
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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
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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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
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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
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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
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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
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