Questions from Financial Accounting

Q: On February 18, Silverman Enterprises sold $24,000 of

On February 18, Silverman Enterprises sold $24,000 of merchandise to Brewster Co. with terms 2/10, n/30. The cost of the merchandise sold was $12,200. On February 23, Silverman Enterprises issued Brew...

Q: On April 23, Stilwell Inc. sold $15,000

On April 23, Stilwell Inc. sold $15,000 of merchandise to Bosch Inc. with terms 2/10, n/30. The cost of the merchandise sold was $9,000. On May 2, Bosch Inc. paid Stilwell for the April 23 purchase le...

Q: Oppenheimer Company purchased merchandise on account from a supplier for $84

Oppenheimer Company purchased merchandise on account from a supplier for $84,000, terms 1/10, n/30. Oppenheimer Company returned $16,000 of the merchandise and received full credit. a. What is the amo...

Q: Simons Company had sales of $24,000,000 and

Simons Company had sales of $24,000,000 and related cost of goods sold of $13,300,000 for its first year of operations ending December 31, 20Y6. Simons Company provides customers a refund for any retu...

Q: Swartz Company had sales of $7,800,000 and

Swartz Company had sales of $7,800,000 and related cost of goods sold of $4,500,000 for its first year of operations ending December 31, 20Y3. Swartz Company provides customers a refund for any return...

Q: Sinclair Company had sales of $12,000,000 and

Sinclair Company had sales of $12,000,000 and related cost of merchandise sold of $7,200,000 for its first year of operations ending December 31, 20Y1. Sinclair Company provides customers a refund for...

Q: For each of the following errors, considered individually, indicate whether

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequa...

Q: The following data were extracted from the accounting records of Harkins Company

The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y7: Merchandise inventory, May 1, 20Y6 ………………………….. $ 380,000 Merchandise inventory, Apr...

Q: Based on the following data, determine the cost of merchandise sold

Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 ………….. $ 28,000 Merchandise inventory, November 30 ………….. 46,000 Purchases ………………………...

Q: Based on the following data, determine the cost of merchandise sold

Based on the following data, determine the cost of merchandise sold for July: Merchandise inventory, July 1 ………………… $ 190,850 Merchandise inventory, July 31 …………………. 195,350 Purchases …………………………………………...