Questions from Financial Accounting

Q: The following data relate to inventory for the year ended December 31

The following data relate to inventory for the year ended December 31, 2011. A physical inventory on December 31, 2011, indicates that 600 units are on hand and that they came from the July 1 purchase...

Q: The accounts of Consolidated Can contain the following amounts at December 31

The accounts of Consolidated Can contain the following amounts at December 31, 2012: Cost of products sold …………………………………..$410,000 Dividends…………………………………………………………3,000 Extraordinary gain (net of tax)…...

Q: Appliance Company has supplied you with the following data regarding working capital

Appliance Company has supplied you with the following data regarding working capital and sales for the years 2011, 2010, and 2009. Required: a. Compute the sales to working capital ratio for each year...

Q: Depoole Company manufactures industrial products and employs a calendar year for

Depoole Company manufactures industrial products and employs a calendar year for financial reporting purposes. Items (a) through (e) present several of Depoole’s transactions during 2011. The total of...

Q: Information from Greg Company’s balance sheet follows: / Required

Information from Greg Company’s balance sheet follows: Required : Answer the following multiple-choice questions: a. What is the acid-test ratio for Greg Company? 1. 1.60 2. 1.76...

Q: The following data apply to items (a) and (b

The following data apply to items (a) and (b). Mr. Sparks, the owner of School Supplies, Inc., wants to maintain control over accounts receivable. He understands that accounts receivable turnover will...

Q: In this problem, compute the acid-test ratio as follows

In this problem, compute the acid-test ratio as follows: Required Determine the cost of sales of a firm with the following financial data. Current ratio ……&aci...

Q: Hawk Company wants to determine the liquidity of its receivables. It

Hawk Company wants to determine the liquidity of its receivables. It has supplied you with the following data regarding selected accounts for December 31, 2011, and 2010: Required:a. Compute the nu...

Q: Mr. Williams, the owner of Williams Produce, wants to

Mr. Williams, the owner of Williams Produce, wants to maintain control over accounts receivable. He understands that days’ sales in receivables and accounts receivable turnover will give a good indica...

Q: L. Solomon Company would like to compare its days’ sales in

L. Solomon Company would like to compare its days’ sales in receivables with that of a competitor, L. Konrath Company. Both companies have had similar sales results in the past, but...