Showing 851 to 860 of 3503 Questions
  • Rich Importing Company engaged in the following transactions involving promissory notes:May 3 Sold engines to Kabel Company for $30,000 in exchange for a 90-day, 11 percent promissory note.16 Sold engines to Vu Company for $16,000 in exchange for a 60-day, 12 percent note.31 Sold engines to Vu Company for $15,000 in exchange for a 90-day,

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    375
  • The following information is available for Prime Company as of April 30, 2011:a. Cash on the books as of April 30 amounted to $113,175.28. Cash on the bank statement for the same date was $140,717.08.b. A deposit of $14,349.84, representing cash receipts of April 30, did not appear on the bank statement.c. Outstanding checks totaled $7,30

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  • On December 31 of last year, the balance sheet of Korab Company had Accounts Receivable of $149,000 and a credit balance in Allowance for Uncollectible Accounts of $10,150. During the current year, Korab Company’s records included the following selected activities:(a) Sales on account, $597,500; (b) Sales returns and allowances, $36,500

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    277
  • Garcia 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 $90,430, and the balance of Allowance for uncollectible Accounts was a credit of $8,100. During the year, the company had sales on account of $475,000, sal

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    224
  • Abraham Importing Company engaged in the following transactions involving promissory notes:May 3 Sold engines to Anton Company for $60,000 in exchange for a 90-day, 12 percent promissory note.16 Sold engines to Yu Company for $32,000 in exchange for a 60-day, 13 percent note.31 Sold engines to Yu Company for $30,000 in exchange for a 90-d

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    206
  • Mitsubishi Corp., a broadly diversified Japanese corporation, instituted a credit plan called Three Diamonds for customers who buy its major electronic products, such as large-screen televisions and videotape recorders, from specified retail dealers. Under the plan, approved customers who make purchases in July of one year do not have to

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    175
  • CompuCredit is a credit card issuer in Atlanta. It prides itself on making credit cards available to almost anybody in a matter of seconds over the Internet. The cost to the consumer is an interest rate of 28 percent, about double that of companies that provide cards only to customers with good credit. Despite its high interest rate, Comp

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    158
  • Bernhardt Appliances, Inc., located in central Ohio, is a small manufacturer of washing machines and dryers. Bernhardt sells most of its appliances to large, established discount retail companies that market the appliances under their own names. Bernhardt sells the appliances on trade credit terms of n/60. If a customer wants a longer ter

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    137
  • Caldwell Interiors, a successful retail furniture company, is located in an affluent suburb where a major insurance company has just announced a restructuring that will lay off 4,000 employees. Caldwell Interiors sell quality furniture, usually on credit. Accounts Receivable is one of its major assets. Although the company’s annual unco

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    408
  • Refer to CVS Corporation’s annual report in the Supplement to Chapter 5 to answer the following questions:1. What amount of cash and cash equivalents did CVS Corporation have in 2008? Do you suppose most of that amount is cash in the bank or cash equivalents?2. What customers represent the main source of CVS’s accounts receivable, and

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    138