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    Accounting Questions: Financial accounting and reporting

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    Q1: ABC Car Wash, Inc. washed 100 cars this past month. They charge $7 per car for a wash. The company's only expenses during this month were $83 utilities/water, $300 wages and $31 for soap. The wages were paid during the month, but the utility bill and soap bills were not. What is ABC's income or loss for this month?

    Q2: ABC and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500, Accounts Receivable, $12,000; Cash, $3,500; Equipment, $44,000, Land, $21,000, Mortgage Payable, $45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned
    Revenue, $6,000; Wages payable, $4,500. What are the ABC and Associates' current liabilities?

    Q3: ABC Enterprises had the following inventory data:
    Date Quantity Unit cost
    June 1 Beginning inventory 5 $52
    June 4 Purchase 10 $55
    June 7 Sale 12
    June 11 Purchase 9 $58
    June 14 Sale 8
    Assuming average cost, what is the cost of goods sold for the June 14 sale?

    Q4: ABC Built Construction has given you the following information from its
    aging of Accounts Receivable. Using this information, determine the amount of the
    journal entry to record the estimated uncollectible accounts.
    Current $22,000 1% uncollectible
    31-60 days 5,500 6% uncollectible
    61-90 days 2,400 10% uncollectible
    91 and up 900 18% uncollectible
    The current balance in Allowance for Doubtful Accounts is a $146 debit.

    Q5: The following is selected data for Tomco Industries:2012 2011
    Sales $1,158,000 $1,076,000
    Net Income 114,000 106,000
    Total Current Assets 162,000 147,000
    Property, Plant and Equipment 643,000 638,000

    38,000000 Plant and Equipment the ratio of net income divided by average fixed assets
    The return on assets (rounded to the nearest tenth of a percent) for 2012 was:

    Q6: Based on the following information, in which year did the company have
    the best return on equity?
    Year 1 Year 2 Year 3
    Sales $3,000,000 $2,000,000 $1,000,000
    Net Income $500,000 $500,000 $500,000
    Average Common
    Stockholders' Equity $2,500,000 $2,380,952 $2,272,727

    Q7: The ABC Corporation Stockholders' Equity section includes the
    following information:
    Preferred Stock $12,000
    Paid-in Capital in Excess of Par—
    Preferred 2,700
    Common Stock 15,000
    Paid-in Capital in Excess of Par—
    Common 4,100
    Retained Earnings 8,200
    What was the total selling price of the common stock?

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    Solution Summary

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