Questions from College Accounting

Q: The Peterson Company uses the periodic inventory system. Calculate the cost

The Peterson Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. Peterson sells on...

Q: From the following facts, calculate the correct cost of inventory for

From the following facts, calculate the correct cost of inventory for Sue Company. • Cost of inventory on shelf, $4,500, which includes $280 of goods received on consignment. • Goods in transit en r...

Q: Quincy Company incurred the following expenditures to buy a new machine:

Quincy Company incurred the following expenditures to buy a new machine: • Invoice, $30,000 less 12% cash discount • Freight charges, $450. • Assembly charges, $1,900. • Special base to support machin...

Q: On May 1, 2014, Apricot Company bought a patent at

On May 1, 2014, Apricot Company bought a patent at a cost of $5,100. It is estimated that the patent will give Apricot a competitive advantage for 5 years. Record in general journal form amortization...

Q: Carter Company bought a light general-purpose truck for $9

Carter Company bought a light general-purpose truck for $9,100 on January 5, 2006. Calculate the yearly depreciation using the MACRS method.

Q: A. Lammers and B. Sanger have decided their partnership earnings

A. Lammers and B. Sanger have decided their partnership earnings will be shared as follows: (a) 9% interest allowance on capital balances at the beginning of the year, (b) remainder to be shared equal...

Q: Julie Eagan, Tami DaRocha, and Abby Elldrege are partners who

Julie Eagan, Tami DaRocha, and Abby Elldrege are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,200, $7,200, and $3,800, respectively. The partners are anxious...

Q: L. Wacker, V. Saenz, and E. Rothe

L. Wacker, V. Saenz, and E. Rothe are partners with capital balances of $88,000, $83,000, and $74,000, respectively. Rothe sells his interest in the company for $85,000 to P. Skou. Wacker and Saenz ha...

Q: Complete the following table for Sales, Sales Returns and Allowances,

Complete the following table for Sales, Sales Returns and Allowances, and Sales Discounts.

Q: Savannah, Brooke, and Melody have capital balances before liquidation of

Savannah, Brooke, and Melody have capital balances before liquidation of $13,000, $21,000, and $28,000, respectively. Cash balance is $48,000, and the partners share losses and gains in a 3:2:1 ratio....