Questions from College Accounting

Q: On December 31, Anup Enterprises completed a physical count of its

On December 31, Anup Enterprises completed a physical count of its inventory. Although the merchandise inventory account shows a balance of $350,000, the physical count comes to $325,000. Prepare the...

Q: The trial balance for the Venice Beach Kite Shop, a business

The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young is shown on page 550. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing $35,000 i...

Q: Based on the information that follows, prepare the revenue section of

Based on the information that follows, prepare the revenue section of a multiple-step income statement. Sales ……………………………………………………………………… $150,000 Sales Returns and Allowances ………………………………………. 6,000 S...

Q: Vicki’s Fabric Store shows the trial balance on page 603 as of

Vicki’s Fabric Store shows the trial balance on page 603 as of December 31, 20-1. At the end of the year, the following adjustments need to be made: (a and b) Merchandise inventory a...

Q: The partial work sheet shown below is taken from the books of

The partial work sheet shown below is taken from the books of Stark Street Computers, a business owned by Logan Cowart, for the year ended December 31, 20--. REQUIRED 1. Determine the adjusting entr...

Q: Based on the information that follows, prepare the cost of goods

Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement. Merchandise Inventory, January 1, 20-- ……………………………………………. $ 37,000 Purchases …………………...

Q: Use the following information to prepare a multiple-step income statement

Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31,...

Q: Based on the financial statements for Jackson Enterprises (income statement,

Based on the financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and balance sheet) shown on pages 598–599, prepare the fol...

Q: Name and describe four areas of specialization for a public accountant.

Name and describe four areas of specialization for a public accountant.

Q: From the work sheet on page 600, prepare the following:

From the work sheet on page 600, prepare the following: 1. Closing entries for Gimbel’s Gifts and Gadgets in a general journal. 2. A post-closing trial balance.