Questions from Financial Accounting

Q: Define restricted cash and indicate how it should be reported on the

Define restricted cash and indicate how it should be reported on the balance sheet

Q: Use the information in PB6-1 to complete the following requirements

Use the information in PB6-1 to complete the following requirements. Required: 1. For each of the events (a) through (c), indicate the amount and direction of the effect (+ for increase, â
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Q: Larry’s Building Supplies (LBS) is a local hardware store.

Larry’s Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash...

Q: Sky Communcations (SKY) usually sells a cell phone for $

Sky Communcations (SKY) usually sells a cell phone for $320 plus 12 months of cellular service for $480. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 mon...

Q: Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as

Emily’s Greenhouse Corporation is a local greenhouse organized 10 years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are...

Q: Sigfusson Supplies reported beginning inventory of 100 units, for a total

Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The company had the following transactions during the month: Required: 1. Prepare the journal entries that w...

Q: Mojo Industries tracks the number of units purchased and sold throughout each

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory s...

Q: Refer to M10-18. Prepare CCC’s required journal entries on

Refer to M10-18. Prepare CCC’s required journal entries on (a) January 1, 2018; (b) December 31, 2018; (c) December 31, 2019; (d) December 31, 2020; and (e) December 31, 2021. Data...

Q: Mondetta Clothing prepared its annual financial statements dated December 31. The

Mondetta Clothing prepared its annual financial statements dated December 31. The company used the FIFO inventory costing method, but it failed to evaluate the net realizable value of its ending inven...

Q: Amazon.com reported the following amounts in its financial statements (

Amazon.com reported the following amounts in its financial statements (in millions): Required: 1. Determine the inventory turnover ratio and average days to sell inventory for 2015 and 2014. Round t...