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- March, 2008
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The bank statement for Teal Company contained the following items: a
bank service charge of $10; a credit memo for interest earned, $15; and
a $50 NSF check from a customer. The company had outstanding checks of
$100 and a deposit in transit of $300.
6. Assuming that the unadjusted bank balance was $600, determine the una...djusted book balance.
a. $800.
b. $555.
c. $845.
d. $900.
On January 1, 2007 Grant Company had a $4,000 balance in the Accounts
Receivable account and a zero balance in the Allowance for Doubtful
Accounts account. During 2007, Grant provided $25,000 of service on
account. The company collected $24,000 cash from account receivable.
Bad debts are estimated to be 2% of sales on account.
Based on this information, the amount of cash flow from operating
activities that would appear on the 2007 statement of cash flows is:
a. $24,850.
b. $25,000.
c. $22,900.
d. $24,000.
The amount of bad debts expense to recognize on the 2007 income statement is:
a. $80.
b. $250.
c. $480.
d. $500.Read More
bank service charge of $10; a credit memo for interest earned, $15; and
a $50 NSF check from a customer. The company had outstanding checks of
$100 and a deposit in transit of $300.
6. Assuming that the unadjusted bank balance was $600, determine the una...djusted book balance.
a. $800.
b. $555.
c. $845.
d. $900.
On January 1, 2007 Grant Company had a $4,000 balance in the Accounts
Receivable account and a zero balance in the Allowance for Doubtful
Accounts account. During 2007, Grant provided $25,000 of service on
account. The company collected $24,000 cash from account receivable.
Bad debts are estimated to be 2% of sales on account.
Based on this information, the amount of cash flow from operating
activities that would appear on the 2007 statement of cash flows is:
a. $24,850.
b. $25,000.
c. $22,900.
d. $24,000.
The amount of bad debts expense to recognize on the 2007 income statement is:
a. $80.
b. $250.
c. $480.
d. $500.Read More
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The bank statement for Teal Company contained the following items: a bank service charge of $10; a credit memo for interest earned, $15; and a $50 NSF check from a customer. The company had
Source: www.accountingblock.com
Under FAS 158, when a company recognizes the funded status on its Balance Sheet, how does the Balance Sheet Balance? For example: A company's has an OVERfunded pension plan of $500, which it records
VERY quick Journal entry question, CoGS entry, periodic system - AccountingBLOCK - Tax and Accountin
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Hi there Very quick question regarding the general journal adjusting entry at the end of the period for cost of good sold. Not meant to do closing entries for the accounts, just looking for the
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I would like to know how you would post this journal entry for the below situation:
March 11 Ordered custom merchandise for a local designer totaling $50,000. Received $12,000 as a deposit.
The company uses a perpetual inventory system.
I was kinda stuck because I'm not sure if the merchandise should be counted as part of... the inventory because you're buying it for someone. Therefore would this labeled as Cosigned Goods?
As well the company has a Customer Deposit account under liability, so would mean that 12,000 would be the company liability if they can't purchase the item for them?Read More
March 11 Ordered custom merchandise for a local designer totaling $50,000. Received $12,000 as a deposit.
The company uses a perpetual inventory system.
I was kinda stuck because I'm not sure if the merchandise should be counted as part of... the inventory because you're buying it for someone. Therefore would this labeled as Cosigned Goods?
As well the company has a Customer Deposit account under liability, so would mean that 12,000 would be the company liability if they can't purchase the item for them?Read More
Journal entry for customer deposit under perpetual system - AccountingBLOCK - Tax and Accounting For
Source: www.accountingblock.com
Hi, I would like to know how you would post this journal entry for the below situation: March 11 Ordered custom merchandise for a local designer totaling $50,000. Received $12,000 as a deposit. The
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I started a small business this year. I invested $35,000 of my personal income and have only recouped $2,000 of it thus far. I read somewhere that if I form a LLC, I can deduct my gross personal income (which was $102,000 FY2009) from the amount that I spent forming the business.
In other words, if I formed a LLC, would my AGI be $69,000?
What would you guys recommend to get as much back as I can?
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I started a small business this year. I invested $35,000 of my personal income and have only recouped $2,000 of it thus far. I read somewhere that if I form a LLC, I can deduct my gross personal
Source: www.accountingblock.com
Hello, I need help figuring out how to solve this homework problem. On January 1, 2006, Quarry Co., purchased a machine (its only depreciable asset) for $300,000. The machine has a 5 year life, and no
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I am starting a new business and we are going to use the cash basis of accounting. I'm a little stuck on what kind of current liabilities are used in this system. Do I have wages payable? Taxes
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Hi, could any one help for the inventory turnover information, I just wonder how to calculate monthly inventory turnover, or it supposed to calculate yearly only? In order to review monthly efficiency
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When it comes to web sales, one way to use QB is to enter these sales manually. I realize QB has a web service but I would like to offer the option of staying with their current web provider until
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How far is the USA behind Germany? USA auto industry's Death Illiterate USA autoverkers with parents receiving $75,000 p/year in retirement benefits compared to Germany's automobile manufacturing. 20/2
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