Finance

Have Finance Questions? Ask a Financial Expert Online.

Ask an Expert,
Get an Answer ASAP!

Finance

On April 30, Holden Company had an Accounts Receivable

Customer Question
balance of $19,200. During the...
On April 30, Holden Company had an Accounts Receivable balance of $19,200. During the month of May, total credits to Accounts Receivable were $53,200 from customer payments. The May 31 Accounts Receivable balance was $14,200. What was the amount of credit sales during May?
$48,200.
$5,000.
$53,200.
$58,200.
$33,400.
Brig Company had $819,000 in net sales, $365,200 in gross profit, and $219,000 in operating expenses. Cost of goods sold equals:
$146,200.
$453,800.
$819,000.
$365,200.
$219,000.
Della's Donuts owner made investments of $54,500 and withdrawals of $20,900. The company has revenues of $83,900 and expenses of $63,100. Calculate its net income.
$33,600.
$83,900.
$63,100.
$20,800.
$54,400.
Benson Company had cash sales of $95,175, credit sales of $84,350, sales returns and allowances of $2,000, and sales discounts of $3,775. Benson's net sales for this period equal:
$179,525.
$95,175.
$177,525.
$173,750.
$175,750.
During the month of March, Cooley Computer Services made purchases on account totaling $45,300. Also during the month of March, Cooley was paid $9,800 by a customer for services to be provided in the future and paid $37,800 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $79,100, what is the balance in accounts payable at the end of March?
$86,600.
$7,500.
$96,400.
$76,800.
$5,800.
On June 30 of the current year, the assets and liabilities of Phoenix, Inc. are as follows: Cash $21,200; Accounts Receivable, $7,600; Supplies, $720; Equipment, $15,500; Accounts Payable, $10,000. What is the amount of owner's equity as of July 1 of the current year?
$16,220
$45,020
$21,200
$10,000
$35,020
The Unadjusted Trial Balance columns of a work sheet total $84,900. The Adjustments columns contain entries for the following:
1.
Office supplies used during the period, $1,650.
2.
Expiration of prepaid rent, $1,150.
3.
Accrued salaries expense, $950.
4.
Depreciation expense, $1,250.
5.
Accrued service fees receivable, $850.
The Adjusted Trial Balance columns total is:
$79,050.
$84,900.
$87,950.
$88,150.
$90,750.
Brig Company had $885,000 in sales, sales discounts of $13,700, sales returns and allowances of $19,700, cost of goods sold of $448,000, and $283,500 in operating expenses. Gross profit equals:
$851,600.
$120,100.
$403,600.
$417,300.
$423,300.
Brig Company had $840,000 in sales, sales discounts of $12,800, sales returns and allowances of $18,800, cost of goods sold of $412,000, and $279,000 in operating expenses. Net income equals:
$808,400.
$409,200.
$396,400.
$117,400.
$415,200.
If equity is $320,000 and liabilities are $202,000, then assets equal:
$320,000.
$118,000.
$202,000.
$842,000.
$522,000.
Zed Bennett opened an art gallery and as a dealer completed these transactions:
1.
Started the gallery, Artery, by investing $49,000 cash and equipment valued at $27,000.
2.
Purchased $250 of office supplies on credit.
3.
Paid $2,100 cash for the receptionist's salary.
4.
Sold a painting for an artist and collected a $6,300 cash commission on the sale.
5.
Completed an art appraisal and billed the client $1,100.
What was the balance of the cash account after these transactions were posted?
$54,050.
$53,200.
$19,450.
$81,050.
$18,350.
On October 1, Courtland Company sold merchandise in the amount of $7,200 to Carter Company, with credit terms of 3/10, n/30. The cost of the items sold is $4,700. Courtland uses the periodic inventory system. On October 4, Carter returns some of the merchandise. The selling price of the merchandise is $1,200 and the cost of the merchandise returned is $700. The entry or entries that Courtland must make on October 4 is:
Cash
1,200
Accounts receivable
1,200
Merchandise inventory
700
Cost of goods sold
700
Sales returns and allowances
1,200
Accounts receivable
1,200
Accounts receivable
1,200
Sales returns and allowances
1,200
Accounts receivable
1,200
Sales returns and allowances
1,200
Cost of goods sold
700
Merchandise inventory
700
Sales returns and allowances
700
Accounts receivable
700
Submitted: 5 years ago.Category: Finance
Show More
Show Less
Ask Your Own Finance Question
Answered in 12 minutes by:
2/12/2012
Financial Professional: Manal Elkhoshkhany, Tutor replied 5 years ago
Manal Elkhoshkhany
Category: Finance
Satisfied Customers: 9,914
Experience: More than 5000 online tutoring sessions.
Verified

Hello

Please advise your deadline as well as the name of the book you are using: Title, author's name, and edition

Thank you

Ask Your Own Finance Question
Customer reply replied 5 years ago
Principles of Financial Accounting 12th edition by John J Shaw
by 6pm
Financial Professional: Manal Elkhoshkhany, Tutor replied 5 years ago

I am sorry I will not be able to meet the deadline. I have opted out so that the question is open to other experts

All the best

Ask Your Own Finance Question
Customer reply replied 5 years ago
whens the earliest you could complete it?
Financial Professional: Lindie-mod,
 replied 5 years ago
Lindie-mod
Category: Finance
Satisfied Customers: 5
Verified
Hi, I’m a moderator for this topic and I wonder whether you’re still waiting for an answer. If you are, please let me know and I will do my best to find an Expert to assist you right away. If not, feel free to let me know and I will cancel this question for you. Thank you!
Ask Your Own Finance Question
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2,608
2,608 Satisfied Customers
Experience: Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Rakhi Vasavada is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,608 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,218 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

9,914 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
The new tax law has changed the depreciation length or
The new tax law has changed the depreciation length or residential rental buildings will we have change the depreciation schedule for existing properties?… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
1. Jakes Inc. recently reported net income of $4,750 and depreci
1. Jake's Inc. recently reported net income of $4,750 and depreciation of $885. How much was its net cash flow, assuming it had no amortization expense and sold none of its fixed assets. 2. Jakes's In… read more
RD
RD
Self Employed
Master\u0027s Degree
1,164 satisfied customers
Have a sub s corp rental properties fully depreciated wish
Have a sub s corp rental properties fully depreciated wish to do a joint venture not a sale or transfer of property.. How can this be done without triggering capital gains? … read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
I have some questions about Residential Rental Depreciation.
I have some questions about Residential Rental Depreciation. I rented out a house in 1986 for a few years using the Acrs method of depreciation. Took the rental out of service after a few years. Now, … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Lane, I'm depreciating a vehicle for "its first time" and
Hey Lane,I'm depreciating a vehicle for "its first time" and taking the Special Depreciation Bonus. My questions is during the same tax year of the S.D.B. can I also deduct the "Current Depreciation"?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
Can I take depreciation on my investment property without
Can I take depreciation on my investment property without selling it … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
4 years into 5 year depreciation, contractor who was using
4 years into 5 year depreciation, contractor who was using computer equipment my C corp owned went out of business and lost the equipment to his landlord. I'm guessing I can write off the balance, but… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Double declining balance depreciation. Shouldn't the asset
Double declining balance depreciation. Shouldn't the asset be fully depreciated after the useful live if there is no salvage value? If this calculator is wrong, please provide a schedule that is corre… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
686 satisfied customers
Depreciation of legal and architect and engineer fees for a
Depreciation of legal and architect and engineer fees for a commercial real estate property. Is it a capital improvement of 39 years and can it be bonus/accelerated ? … read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I am going to sell a rental property. I have depreciated it
I am going to sell a rental property. I have depreciated it $14,000. I am retired...what will my tax problems be? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
686 satisfied customers
I need to depreciate a a/c machine for a car shop, what is
I need to depreciate a a/c machine for a car shop , what is the life of the machine? I also need to depreciate a lift for a car shop . What is the estimated life of the equipment? Thanks… read more
Anne
Anne
Master Tax Preparer
2,345 satisfied customers
Can one take a "bonus depreciation" (50% depreciation in the
Hello, can one take a "bonus depreciation" (50% depreciation in the first year of service) on capital improvements done to a residential rental property? This is for the 2013 tax return.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
How do I correctly make an entry for depreciation of
How do I correctly make an entry for depreciation of computer and office equipment (using software system Xero)? If the equipment was purchased in 2015, does the depreciation get recorded on Dec 31, 2… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
686 satisfied customers
I have a question regarding stepped up depreciation and
I have a question regarding stepped up depreciation and being a real estate professional. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
When you are taking depreciation section 179 for new
When you are taking depreciation section 179 for new furniture, can you use 7 years for the life?… read more
Lev
Lev
Retired
Bachelor\u0027s Degree Equivalent
25,341 satisfied customers
Can I have depreciation section 179 for new furniture that
Can I have depreciation section 179 for new furniture that cost me $700 on the form the 1120s?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,277 satisfied customers
Calculate car depreciation for my s corp My accountant says
Calculate car depreciation for my s corp My accountant says there is car depreciate limit defined by IRS. Acct uses 200 DB Hy calculation but restricted by annual irs limit for car. I need to how amou… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
2015 adjusting entries/depreciation for your or your CPA.
2015 adjusting entries/depreciation for your or your CPA. Our LLC account just sent me this email and I have no ideal what she is talking about. … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,277 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x