Showing 851 to 860 of 2932 Questions
  • Fish Spotters, Inc., purchased a single-engine aircraft from National Aviation on January 1, 2011. Fish Spotters paid $55,000 cash and signed a three-year, 8% note for the remaining $45,000. Terms of the note require Fish Spotters to pay accrued interest annually on December 31 with the remaining $45,000 balance due with the last interest

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  • Fisher Enterprises loaned $15,000 to Hall Co. on June 1, 2013, for one year at 6 percent interest. Required a. Record these general journal entries for Fisher Enterprises:(1) The loan to Hall Co. (2) The adjusting entry at December 31, 2013. (3) The adjusting entry and collection of the note on June 1, 2014. b. Show the effects of the thr

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  • Florence’s Florals, a retail business, started a $350 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30:INSTRUCTIONS1. Record the transaction to establish the petty cash fund on June 1 in a general journal.

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  • Flossmoor Company uses the accounts receivable aging method to estimate uncollectible accounts. At the beginning of the year, the balance of the Accounts Receivable account was a debit of $88,430, and the balance of Allowance for Uncollectible Accounts was a credit of $7,200. During the year, the company had sales on account of $473,000,

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  • Flush Mate Co. wholesales bathroom fixtures. During the current fiscal year, Flush Mate Co. received the following notes:Instructions1. Determine for each note (a) The due date (b) The amount of interest due at maturity, identifying each note by number.2. Journalize the entry to record the dishonor of Note (3) on its due date.3. Journali

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  • Following are a series of statements regarding topics discussed in this chapter. Required: Indicate whether each statement is true (T) or false (F). (a) Cash equivalents are funds that companies have invested in short-term securities that mature six months or less from the date of purchase. (b) Short-term investments and inventory are qui

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  • Following are recent transactions and other events involving Tremendous Tresses, a company that markets hair care products. June 1 Customer purchased $400 of merchandise on credit with terms of n/60. June 5 Wrote off an uncollectible account receivable of $350. June 15 Customer purchased $1,200 of merchandise on credit with terms of 2/10,

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  • Following are the 2010 year-end balances before adjustments:Accounts receivable (AR) ……………….. $ 80,000Allowance for uncollectible accounts …… $ (2,000)Net sales ………………………………… $250,000Using the percentage of sales method, the company estimates 3% of sales will become uncollectible. What is the bad

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  • Following are the balance sheets for the years ended June 30, 2018 and 2017 for Seahorse Inc.:Required:a. Calculate the current ratio and the quick ratio on June 30, 2017 and 2018.b. Assess the change in the liquidity position of Seahorse Inc.c. Can you think of any circumstances where a significant increase in the quick ratio could be a

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  • Following are the December 31, 2008, balances of Accounts Receivable and Allowance for Uncollectible Accounts for Easton Hammer Corporation (EHC). Accounts Receivable........................................... $6,400,000 Allowance for Uncollectible Accounts (credit balance)....................................................

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