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Concept explainers
Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account. An account title may be used more than once or not at all.
Cash
Prepaid Asset
Investments
Taxes Payable
Land
Accounts Payable
Notes Receivable
Buildings
Notes Payable
Common Stock
____________________ 1. A written obligation to repay a fixed amount, with interest, at some time in the future
____________________ 2. Twenty acres of land held for speculation
____________________ 3. An amount owed by a customer
____________________ 4. Corporate income taxes owed to the federal government
____________________ 5. Ownership in a company that allows the owner to receive dividends before common shareholders receive any distributions
____________________ 6. Five acres of land used as the site for a factory
____________________ 7. Amounts owed on an open account to a vendor, due in 90 days
____________________ 8. A checking account at a bank
____________________ 9. A warehouse used to store equipment
____________________ 10. Claims by the owners on the undistributed net income of a business
____________________ 11. Rent paid on an office building in advance of use of the facility
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Chapter 3 Solutions
Financial Accounting: The Impact on Decision Makers
- The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…arrow_forwardI want the correct answer with accountingarrow_forwardSolve with explanation and accounting questionarrow_forward
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