. A company issued 100 shares of $100 par value common stock for $70,000 cash, the account

Musgrave Company borrows $200,000 from Parquet Bank on January 1. Musgrave signs a $200,000, 8%, 6-month note. The entry to record to record the pay off the note and interest at maturity assuming that interest has been accrued to June 30 would include a

Cash flows from collections on credit sales are reported in the statement of cash flows as part of

An asset was purchased for $5,000. Management determined that the asset has a useful life of 4 years, after which it can be sold to a salvage company for $450. What is the book value of the asset when it is fully depreciated?

On January 1, 2015 Koko Company issued 10-year, 5% bonds with a face value of $1,000,000 and a sale price of 980,000. Using the straight-line method of amortization of the bond’s discount, how much interest expense will be recognized in year 1?

On June 30, Trevor Company purchased equipment for $60,000. Freight charges were $3,500 and there was a cost of $1,200 for installing the equipment. The equipment will have a $14,000 salvage value at the end of its 5-year useful life. Trevor uses the straight-line method of depreciation. At December 31 of year 2, what is the book value of the equipment?

If inventory is being valued at cost and the purchase price is falling, which inventory method of will yield the largest net income?

At the end of the current year, using the aging of accounts receivable method, management estimated that $25,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $1,375. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense?

CTB Company’s bank statement shows an ending balance of $54,000, outstanding checks total $15,000, a deposit of $6,000 was in transit, and a check for $900 was erroneously charged by the bank against the account, the adjusted cash balance per bank is

EmVP Inc. reported net sales of $500,000, cost of goods sold of $250,000, and accounts receivable of $40,000 and $80,000 at the beginning and end of the year, respectively. What is the accounts receivable turnover?