During 2010, Noller Co. sold equipment that had cost $98,000 for $58,800. This resulted in a gain of $4,300. The balance in Accumulated Depreciation-Equipment was $325,000 on January 1, 2010, and $310,000 on December 31. No other equipment was disposed…
Explain a criminal situation for which convicted person would be given a sentence. Propose a sentence, providing justification that would balance the need for punishment while being considerate of potential claims that the punishment might be in violation of the…
At December 31, 2013, Crawford Company had a balance of $15,000 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $14,100. One of those accounts ($1,800) was later collected. At December 31, 2014, an aging schedule indicated…
What duty does a media outlet encompass for balanced and accurate news and information presentation? Should viewers and listeners be accountable for finding out the truth of what they hear? What, if any, responsibility must viewers and listeners encompass for…
Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of…
You are the assistant accountant of a small manufacturing company. Your manager, who is not an accountant, is about to attend a meeting and is unsure about the meaning of certain terms that appear on the agenda. Required Produce notes…
The Baldwin Company currently has the following balances on their balance sheet: Total Assets $244,667Total Liabilities $143,533Retained Earnings $46,205 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and…
Drew Carey Company has the following balances in selected accounts on December 31, 2010. Accounts Receivable $ -0- Accumulated Depreciation-Equipment -0- Equipment 7,000Interest Payable -0- Notes Payable 10,000Prepaid Insurance 2,100Salaries Payable -0- Supplies 2,450Unearned Consulting Revenue 40,000 All the accounts…
Jones Inc. had the following transactions during 2012: 1. Purchased 10,000 shares of XYZ Inc. for $4 each. The investment was accounted for as trading securities. 2. Purchased 5,000 shares of ABC Inc. for $7.50 each. The investment was accounted…
The statement of cash flows for Baldwin Company shows what happens in the Cash account during the year. It can be seen as a summary of the sources and uses of cash (sources of cash are added, uses of cash…
