Questions from General Accounting

Q: Ramsey Company issues an $800,000, 45-day

Ramsey Company issues an $800,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 7%. a. Journalize Ramsey’s entries to record: 1. the issuance of the note....

Q: At the end of May, Bergan Company had completed Jobs 200

At the end of May, Bergan Company had completed Jobs 200 and 305. Job 200 is for 2,390 units, and Job 305 is for 2,053 units. Using the data from Practice Exercises 19 ­ 1A, 19 ­ 2A, and 19 ­ 4A, dete...

Q: Sole Mates Inc. is planning a one-month campaign for

Sole Mates Inc. is planning a one-month campaign for July to promote sales of one of its two shoe products. A total of $100,000 has been budgeted for advertising, contests, redeemable coupons, and oth...

Q: Daybook Inc. collects 30% of its sales on account in

Daybook Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $105,000 for September and $116,000 for Octob...

Q: Magnolia Candle Inc. pays 10% of its purchases on account

Magnolia Candle Inc. pays 10% of its purchases on account in the month of the purchase and 90% in the month following the purchase. If purchases are budgeted to be $11,900 for March and $12,700 for Ap...

Q: Priceline.com allows customers to bid on hotel rooms by “

Priceline.com allows customers to bid on hotel rooms by “naming their price.” This “name your price” process allows customers to obtain a better rate on a hotel room than they might be able to obtain...

Q: For apparel manufacturer Abercrombie & Fitch, Inc., classify each of

For apparel manufacturer Abercrombie & Fitch, Inc., classify each of the following costs as either a product cost or a period cost:

Q: The following events took place for Digital Vibe Manufacturing Company during January

The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $168,500 of materials. b...

Q: Okaboji Manufacturing Company reported the following materials data for the month ending

Okaboji Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased…………………………………. $490,900 Materials inventory, November 1……………………64,900 Material...

Q: Cost data for Disksan Manufacturing Company for the month ended January 31

Cost data for Disksan Manufacturing Company for the month ended January 31 are as follows a. Prepare a cost of goods manufactured statement for January. b. Determine the cost of goods sold for January...