Blog

Before year-end adjusting entries, Dunn Company’s account balances at December 31, 2017, for accounts receivable and the related allowance for uncollectible accounts were $1,500,000 and $90,000, respectively. An aging of accounts receivable indicated that $125,000 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is

Equipment that cost $660,000 and has accumulated depreciation of $300,000 is exchanged for equipment with a fair value of $480,000 and $120,000 cash is received. The exchange lacked commercial substance.               The new equipment should be recorded at

Which of the following costs incurred internally to create an intangible asset is generally expensed?

The category “trade receivables” includes

Which of the following is the recommended approach to handling interest incurred in financing the construction of property, plant and equipment?

Transactions for the month of June were:                                     Purchases                                       Sales June    1 (balance) 3,200 @ $3.20 June  25 2,400 @ $5.50         3 8,800 @   3.10 25 6,400 @   5.50         7 4,800 @   3.30 25 4,000 @   5.50        15 7,200 @   3.40 25 1,600 @   6.00        22 2,000 @   3.50 25 5,600 @   6.00                                                          25 800 @   6.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is

The accounts receivable turnover measures the

In preparing its bank reconciliation for the month of April 2017, Henke, Inc. has the following information available. Balance per bank statement, 4/30/17 $102,420 NSF check returned with 4/30/17 bank statement 1,350 Deposits in transit, 4/30/17 15,000 Outstanding checks, 4/30/17 15,600 Bank service charges for April 60 What should be the correct balance of cash at April 30, 2017?

Where should goods in transit that were recently purchased from China f.o.b. destination be included on the balance sheet of a company based in Miami?

The journal entries for a bank reconciliation