ACC 421 Course Great Wisdom / tutorialrank.com ACC 421 Course Great Wisdom / tutorialrank.com | Page 6

Guillen, Inc. began work on a $7,017,700 contract in 2012 to
construct an office building. Guillen uses the completed-contract
method. At December 31, 2012, the
Question 12
Lazaro, Inc. sells goods on the installment basis and uses the
installment-sales method. Due to a customer default, Lazaro
repossessed merchandise that was originally sold for
Question 13
Harding Corporation has the following accounts included in its
December 31, 2012, trial balance: Accounts Receivable $110,240;
Inventories $296,950; Allowance for Doubtful
Question 14
Patrick Corporation's adjusted trial balance contained the following
asset accounts at December 31, 2012: Prepaid Rent $16,220;
Goodwill $59,100; Franchise Fees Receivable
Question 15
Hawthorn Corporation's adjusted trial balance contained the following
accounts at December 31, 2012: Retained Earnings $126,760;
Common Stock $700,260; Bonds
Question 16
Keyser Beverage Company reported the following items in the most
recent year.
Net income $45,190 Dividends paid 5,770 Increase in accounts
receivable 10,140