Quiz – Admiral Electronics
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given the sale of fax machines along with the terms, they ask you to prepare a journal entry for the sale and record the receipt of the payment.
Given the sale of fax machines along with the terms, they ask you to prepare a journal entry for the sale and record the receipt of the payment.
Given information about a contract for the supply of vegetables, they ask you to prepare journal entries recorded for the sales contract.
Alamos would record a gain/(loss) on the exchange of assets in the amount of (Lacks commercial substance)
What should the purchase be recorded (net method)?
Given the accounts receivable, sales, collections, and COGS, they ask you to determine the turnover ratio.
Compute the cash balance at the end of the first year for the company.
Find at what the inventory would be valued.
Compute the company’s current ratio, acid-test ratio, debt-to-equity ratio, times interest earned ratio, and long-term debt-to-equity ratio.
Compute the company’s total liabilities at the end of the year, the cost of goods sold for the year, and the income before income tax.
Given information on two different situations for leases they ask you to determine the amount of the annual lease payment.