Questions from Financial Accounting

Q: CWD, Inc., reported these figures for its fiscal year (

CWD, Inc., reported these figures for its fiscal year (amounts in millions): Net sales............................... $ 2,500 Cost of goods sold.................... 1,160 Ending inventory................

Q: Determine whether each of the following actions in buying, selling,

Determine whether each of the following actions in buying, selling, and accounting for inventories is ethical or unethical. Give your reason for each answer. 1. In applying the lower-of-cost-or-market...

Q: Accounting records for Dundas Corporation yield the following data for the year

Accounting records for Dundas Corporation yield the following data for the year ended June 30, 2012: Inventory, June 30, 2011..............................................................................

Q: Ontario, Inc.’s inventory records for a particular development program

Ontario, Inc.’s inventory records for a particular development program show the following at January 31: At January 31, eight of these programs are on hand. Journalize the followin...

Q: Use the data for Ontario, Inc., in Exercise 6-

Use the data for Ontario, Inc., in Exercise 6-16A to answer the following: In Exercise 6-16 Ontario, Inc.’s inventory records for a particular development program show the following...

Q: Suppose In Style Fashions, a specialty retailer, had these records

Suppose In Style Fashions, a specialty retailer, had these records for ladies’ evening gowns during 2012. Beginning inventory (44 @ $975)....................... $ 42,900 Purchase in February (19 @ $1,...

Q: Refer to the RadioShack Corporation consolidated financial statements in Appendix B at

Refer to the RadioShack Corporation consolidated financial statements in Appendix B at the end of this book. Show amounts in millions and round to the nearest $1 million. 1. Three important pieces of...

Q: Use the data for Ontario, Inc., in Exercise 6-

Use the data for Ontario, Inc., in Exercise 6-16A to illustrate Ontario, Inc.’s income tax advantage from using LIFO over FIFO. Sales revenue is $9,000, operating expenses are $1,400...

Q: MusicWorld.net specializes in sound equipment. Because each inventory item

MusicWorld.net specializes in sound equipment. Because each inventory item is expensive, MusicWorld uses a perpetual inventory system. Company records indicate the following data for a line of speaker...

Q: Suppose a Corse store in Kansas City, Missouri, ended May

Suppose a Corse store in Kansas City, Missouri, ended May 2012 with 700,000 units of merchandise that cost an average of $6 each. Suppose the store then sold 650,000 units for $8,450,000 during June....