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financial accounting tools for business
Questions and Answers of
Financial Accounting Tools For Business
Which of the following would be considered an "Other comprehensive income" item?a. Gain on disposal of discontinued operations.b. Unrealized loss on available-for-sale securities.c. Loss related to
Adams Corporation reported net sales of \(\$ 300,000\), \(\$ 330,000\), and \(\$ 360,000\) in the years 2023,2024 , and 2025 , respectively. If 2023 is the base year, what percentage do 2025 net
Which of these is not a liquidity ratio?a. Current ratio.b. Asset turnover.c. Inventory turnover.d. Accounts receivable turnover
Plano Corporation reported net income \(\$ 24,000\), net sales \(\$ 400,000\), and average assets \(\$ 600,000\) for 2025 . What is the 2025 profit margin?a. \(6 \%\).b. \(12 \%\).c. \(40 \%\).d.
Compute the days in inventory for 2025.a. 64.4 days.b. 60.8 days.c. 6 days.d. 24 days.Use the following financial statement information as of the end of each year to answer Question. Inventory
Compute the current ratio for 2025.a. \(1.26: 1\).b. \(3.0: 1\).c. \(0.80: 1\)d. \(3.75: 1\).Use the following financial statement information as of the end of each year to answer Question. Inventory
Compute the profit margin for 2025.a. \(17.1 \%\).b. \(18.1 \%\).c. \(37.9 \%\).d. \(5.9 \%\).Use the following financial statement information as of the end of each year to answer Question.
Compute the return on common stockholders' equity for 2025.a. \(54.2 \%\).b. \(52.5 \%\).c. \(61.2 \%\).d. \(59.4 \%\).Use the following financial statement information as of the end of each year to
Compute the times interest earned for 2025.a. 11.2 times.b. 65.3 times.c. 14.0 times.d. 13.0 times.Use the following financial statement information as of the end of each year to answer Question.
On September 30, Reynaldo Corporation discontinued its operations in Africa. During the year, the operating income was \(\$ 100,000\) before taxes. On September 1, Reynaldo disposed of its African
Using the following data from the comparative balance sheets of Alfredo Company, perform a horizontal analysis. Accounts payable Common stock Total liabilities and equity December 31, 2025 $ 300,000
Gonzalez Company has beginning inventory of \(\$ 400,000\), cost of goods sold of \(\$ 2,200,000\), and days in inventory of 73 . What is Gonzalez' inventory turnover and ending inventory?
Record the following transactions on the books of Gonzalez Co. (Omit cost of goods sold entries.)a. On August 1, Gonzalez Co. sold merchandise on account to Miguel Inc. for \(\$ 15,500\), terms \(1 /
Sanchez Co. uses the percentage-of-receivables basis in 2025 to record bad debt expense. It estimates that \(3 \%\) of accounts receivable will become uncollectible. Sales revenues are \(\$ 900,000\)
On January 20, 2025, Carlos Co. sold merchandise on account to Carson Co. for \(\$ 20,000\), n/30. On February 19, Carson Co. gave Carlos Co. an \(8 \%\) promissory note in settlement of this
The ledger of J.C. Cobb Company at the end of the current year shows Accounts Receivable \(\$ 150,000\), Sales Revenue \(\$ 850,000\), and Sales Returns and Allowances \(\$ 30,000\).Instructionsa. If
Troope Supply Co. has the following transactions related to notes receivable during the last 3 months of 2025.Journalize entries for notes receivable transactions.Oct. 1 Loaned \(\$ 16,000\) cash
Presented here are selected transactions related to B. Dylan Corp.Mar. 1 Sold \(\$ 20,000\) of merchandise to Potter Company, terms \(2 / 10, n / 30\).11 Received payment in full from Potter Company
Assume the same information as BE8.3 and that on March 4, 2025, Safer Co. receives payment of \(\$ 4,300\) in full from Madonna Inc. Prepare the journal entries to record this transaction.Data from
In 2025, Bismark Company has net credit sales of \(\$ 1,600,000\) for the year. It had a beginning accounts receivable (net) balance of \(\$ 108,000\) and an ending accounts receivable (net) balance
These transactions took place for Bramson Co.InstructionsRecord the transactions in the general journal. The company does not make entries to accrue interest except at December 31. 2024 May 1
Vandiver Company had the following select transactions.Apr. 1,2025 Accepted Goodwin Company's 12-month, \(6 \%\) note in settlement of a \(\$ 30,000\) account receivable.July 1, 2025 Loaned \(\$
Eileen Corp. had the following balances in receivable accounts at October 31, 2025 (in thousands): Allowance for Doubtful Accounts \(\$ 52\), Accounts Receivable \$2,910, Other Receivables \(\$
The following ratios are available for Ming Inc.Instructionsa. Is Ming's short-term liquidity improving or deteriorating in 2025 ? Be specific in your answer, referring to relevant ratios.b. Do
At December 31, 2024, Suisse Imports reported this information on its balance sheet. During 2025, the company had the following transactions related to receivables.Instructionsa. Prepare the
Presented below is an aging schedule for Bryan Company at December 31, 2024.At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of \(\$ 8,000\).Instructionsa.
Writing Here is information related to Morgane Company for 2025.Instructionsa. What amount of bad debt expense will Morgane Company report if it uses the direct write-off method of accounting for bad
Writing At December 31, 2025, the trial balance of Malone Company contained the following amounts before adjustment.Instructionsa. Prepare the adjusting entry at December 31,2025 , to record bad debt
On January 1, 2025, Harvee Company had Accounts Receivable of \(\$ 54,200\) and Allowance for Doubtful Accounts of \(\$ 3,700\). Harvee Company prepares financial statements annually. During the
Suppose the amounts presented here are basic financial information (in millions) from the 2025 annual reports of Nike and adidas.InstructionsCalculate the accounts receivable turnover and average
Hudson Corporation's balance sheet at December 31, 2024, is presented below.During January 2025, the following transactions occurred. Hudson uses the perpetual inventory method.Jan. 1 Hudson accepted
Refer to the financial statements of Apple Inc. in Appendix A.Instructionsa. Calculate the accounts receivable turnover and average collection period for 2020. (Assume all sales were credit sales.)b.
Suppose the information below is from the 2025 financial statements and accompanying notes of The Scotts Company, a major manufacturer of lawn-care products.InstructionsAnswer each of the following
Corrieten Company purchased equipment and incurred these costs:What amount should be recorded as the cost of the equipment?a. \(\$ 24,000\).b. \(\$ 25,200\).c. \(\$ 25,400\).d. \(\$ 25,800\). Cash
The benefits to leasing include each of the following except:a. higher resale value.b. reduced risk of obsolescence.c. little or no down payment.d. shared tax advantages.
Cuso Company purchased equipment on January 1,2024 , at a total invoice cost of \(\$ 400,000\). The equipment has an estimated salvage value of \(\$ 10,000\) and an estimated useful life of 5 years.
A company would minimize its depreciation expense in the first year of owning an asset if it used:a. a high estimated life, a high salvage value, and declining balance depreciation.b. a low estimated
Able Towing Company purchased a tow truck for \(\$ 60,000\) on January 1,2025 . It was originally depreciated on a straight-line basis over 10 years with an assumed salvage value of \(\$ 12,000\). On
Bennie Razor Company has decided to sell one of its old manufacturing machines on June 30, 2025. The machine was purchased for \(\$ 80,000\) on January 1,2021 , and was depreciated on a straight-line
Pierce Company incurred \(\$ 150,000\) of research and development costs in its laboratory to develop a new product. It spent \(\$ 20,000\) in legal fees for a patent granted on January 2,2025 . On
If a company reports goodwill as an intangible asset on its books, what is the one thing you know with certainty?a. The company is a valuable company worth investing in.b. The company has a
Which of the following measures provides an indication of how efficient a company is in employing its assets?a. Current ratio.c. Debt to assets ratio.b. Profit margin.d. Asset turnover.
Kant Enterprises purchased a truck for \(\$ 11,000\) on January 1, 2024. The truck will have an estimated salvage value of \(\$ 1,000\) at the end of 5 years. If you use the units-of-activity method,
Jefferson Company purchased a piece of equipment on January 1,2025 . The equipment cost \(\$ 60,000\) and has an estimated life of 8 years and a salvage value of \(\$ 8,000\). What was the
Fulmer Company acquires a delivery truck at a cost of \(\$ 50,000\). The truck is expected to have a salvage value of \(\$ 5,000\) at the end of its 5 -year useful life.a. Compute annual depreciation
Giolito Company sells equipment on August 31,2025 , for \(\$ 20,000\) cash. The equipment originally cost \(\$ 60,000\) and as of January 1,2025 , had accumulated depreciation of \(\$ 38,000\).
Lucas Company acquires a limited-life franchise for \(\$ 200,000\) on January 2,2025 . Its estimated useful life is 10 years.(a) Prepare the journal entry to record amortization expense for the first
Will Smith, the new controller of Alexandria Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2025. Here are his findings:All
Lake Company, organized in 2025, has the following transactions related to intangible assets.Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash.
DuPage Company purchases a factory machine at a cost of \(\$ 18,000\) on January 1 , 2025. DuPage expects the machine to have a salvage value of \(\$ 2,000\) at the end of its 4 -year useful
On January 1, 2022, Skyline Limousine Co. purchased a limousine at an acquisition cost of \(\$ 28,000\). Skyline depreciated the vehicle by the straight-line method using a 4-year service life and a
a. On January 1, 2025, Salt Creek Country Club purchased a new riding mower for \(\$ 15,000\). The mower is expected to have a 10 -year life with a \(\$ 1,000\) salvage value. What journal entry
For 2025, Sale Company reported beginning total assets of \(\$ 300,000\) and ending total assets of \(\$ 340,000\). Its net income for this period was \(\$ 50,000\), and its net sales were \(\$
On January 1, 2025, Haley Company had a balance of \(\$ 360,000\) of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite
At December 31, 2025, Arnold Corporation reported the following plant assets.During 2026, the following selected cash transactions occurred.Instructionsa. Journalize the transactions. Arnold uses
Pine Company had the following assets on January 1, 2025.During 2025, each of the assets was removed from service. The machinery was retired on January 1 . The forklift was sold on June 30 for \(\$
At January 1, 2025, Youngstown Company reported the following property, plant, and equipment accounts:The company uses straight-line depreciation for buildings and equipment, its year-end is December
The intangible assets section of Amato Corporation's balance sheet at December 31, 2025 , is presented here.The patent was acquired in January 2025 and has a useful life of 10 years. The copyright
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Inland Corporation.1. Inland developed a new
Blythe Corporation and Jacke Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the
In recent years, Jayme Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation
Megan Corporation purchased machinery on January 1, 2025, at a cost of \(\$ 250,000\). The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period
Milo Corporation's unadjusted trial balance at December 1, 2025, is presented below.The following transactions occurred during December.Adjustment data:1. Milo estimates that uncollectible accounts
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's
As customers shifted to shopping online, Best Buy's 1,100 giant stores, which enabled the company to obtain its position as the largest retailer of electronics, began to reduce its profitability and
The Forbes article by Karsten Strauss, entitled “Subway's Lack of Transparency Is Out of Step with Franchise Industry," presents an informative view of owning a Subway franchise.InstructionsRead
Clean Aire Anti-Pollution Company is suffering declining sales of its principal product, nonbiodegradable plastic cartons. The president, Wade Truman, instructs his controller, Kate Rollins, to
Ottman Company borrows \(\$ 88,500\) on September 1,2025 , from Farley State Bank by signing an \(\$ 88,500,12 \%\), 1-year note. What is the accrued interest at December 31, 2025?a. \(\$ 2,655\).b.
JD Company borrowed \(\$ 70,000\) on December 1 on a 6-month, \(12 \%\) note. At December 31:a. neither the note payable nor the interest payable is a current liability.b. the note payable is a
Alexis Company has total proceeds from sales of \(\$ 4,515\). If the proceeds include sales taxes of \(5 \%\), what is the amount to be credited to Sales Revenue?a. \(\$ 4,000\).c. \(\$ 4,289.25\).b.
When recording payroll:a. gross earnings are recorded as salaries and wages payable.b. net pay is recorded as salaries and wages expense.c. payroll deductions are recorded as liabilities.d. More than
No Fault Insurance Company collected a premium of \(\$ 18,000\) for a 1-year insurance policy on April 1. What amount should No Fault report as a current liability for Unearned Insurance Premiums at
What term is used for bonds that have specific assets pledged as collateral?a. Callable bonds.c. Secured bonds.b. Convertible bonds.d. Discount bonds.
The market interest rate:a. is the contractual interest rate used to determine the amount of cash interest paid by the borrower.b. is listed in the bond indenture.c. is the rate investors demand for
Laurel Inc. issues 10-year bonds with a maturity value of \(\$ 200,000\). If the bonds are issued at a premium, this indicates that:a. the contractual interest rate exceeds the market interest
On January 1,2025 , Kelly Corp. issues \(\$ 200,000\), 5 -year, \(7 \%\) bonds at face value. The entry to record the issuance of the bonds would include a:a. debit to Cash for \(\$ 14,000\).b. debit
Prescher Corporation issued bonds that pay interest every January 1 . The entry to accrue bond interest at December 31 includes a:a. debit to Interest Payable.b. credit to Cash.c. credit to Interest
Goethe Corporation redeems its \(\$ 100,000\) face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is \(\$ 103,745\). The
In a recent year, Derek Corporation had net income of \(\$ 150,000\), interest expense of \(\$ 30,000\), and income tax expense of \(\$ 20,000\). What was Derek Corporation's times interest earned
Which of the following is a measure of liquidity?a. Debt to assets ratio.b. Working capital.c. Current ratio.d. Both working capital and current ratio.
On January 1, Xiang Corporation issues \(\$ 500,000,5\)-year, \(12 \%\) bonds at 96 with interest payable on January 1 . The entry on December 31 to record accrued bond interest and the amortization
For the bonds issued in Question 17, what is the carrying value of the bonds at the end of the third interest period?a. \(\$ 492,000\).b. \(\$ 488,000\).c. \(\$ 472,000\).d. \(\$ 464,000\).Data from
On January 1, Holly Ester Inc. issued \(\$ 1,000,000\), 10 -year, \(9 \%\) bonds for \(\$ 938,554\). The market rate of interest for these bonds is \(10 \%\). Interest is payable annually on December
On January 1, Nicholas Corporation issued \(\$ 1,000,000\), 14%, 5 -year bonds with interest payable on December 31 . The bonds sold for \(\$ 1,072,096\). The market rate of interest for these
Sampson Corp. purchased a piece of equipment by issuing a \(\$ 20,000,6 \%\) installment note payable. Quarterly payments on the note are \(\$ 1,165\). What will be the reduction in the principal
Howard Corporation issued a 20-year mortgage note payable on January 1, 2025. At December 31, 2025, the unpaid principal balance will be reported as:a. a current liability.b. a long-term liability.c.
Amy Pond Discounts does not segregate sales and sales taxes at the time of sale. The register total for March 17 is \(\$ 19,928\). All sales are subject to a \(6 \%\) sales tax. Compute sales taxes
Ben Borke's regular hourly wage rate is \(\$ 20\), and he receives an hourly rate of \(\$ 30\) for work in excess of 40 hours. During a January pay period, Ben works 46 hours. Ben's federal income
Kahnle Corporation issued 3,000, 7%, 5-year, \(\$ 1,000\) bonds dated January 1, 2025, at 100. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on
Presented below are liability items for Rymer Company at December 31, 2025. Prepare the long-term liabilities section of the balance sheet for Rymer Company. Bonds payable, due 2027 Accounts payable
Tyler-Danish Inc. issues a \(\$ 600,000,10 \%, 10\)-year mortgage note on December 31,2025 , to obtain financing for a new building. The terms provide for annual installment payments of \(\$
On June 1, JetSet Company borrows \(\$ 150,000\) from First Bank on a 6-month, \(\$ 150,000,8 \%\) note.Instructionsa. Prepare the entry on June 1b. Prepare the adjusting entry on June 30 .c. Prepare
Global Airlines Company issued \(\$ 900,000\) of \(8 \%, 10\)-year bonds on January 1,2025 , at face value. Interest is payable annually on January 1.Prepare entries for bonds issued at face
Trawler Company borrowed \(\$ 500,000\) on December 31,2025 , by issuing a \(\$ 500,000,7 \%\) mortgage note payable. The terms call for annual installment payments of \(\$ 80,000\) on December 31
Snyder Software Inc. successfully developed a new spreadsheet program. However, to produce and market the program, the company needed additional financing. On January 1, 2024, Snyder borrowed money
Presented below are the components in determining cost of goods sold for (a) Frazier Company, (b) Todd Company, and (c) Abreu Enterprises. Determine the missing amounts. Beginning Inventory Purchases
Prepare the journal entries to record the following transactions on Robertson Company's books using a perpetual inventory system.a. On March 2, Melky Company sold \(\$ 800,000\) of merchandise to
Prepare the journal entries to record the following transactions on Wendel Company's books using a perpetual inventory system.a. On March 2, Wendel Company sold \(\$ 700,000\) of merchandise to
Assume Yoan Company has the following reported amounts: Sales revenue \(\$ 400,000\), Sales discounts \(\$ 10,000\), Cost of goods sold \(\$ 234,000\), and Operating expenses \(\$ 60,000\). Compute
On June 10, Vareen Company purchased \(\$ 8,000\) of merchandise from Harrah Company, FOB shipping point, terms \(3 / 10, n / 30\). Vareen pays the freight costs of \(\$ 400\) on June 11 . Damaged
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