Questions from Survey Accounting

Q: The following reconciling items are applicable to the bank reconciliation for Forde

The following reconciling items are applicable to the bank reconciliation for Forde Co. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. (b) Bank debit memorand...

Q: Using the data in BE5-8, indicate (a

Using the data in BE5-8, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment. Data from BE5-8: The following re...

Q: Spahn Company has these cash balances: cash in bank $12

Spahn Company has these cash balances: cash in bank $12,742, payroll bank account $6,000, and plant expansion fund cash $25,000. Explain how each balance should be reported on the balance sheet.

Q: Presented here are the components in Salas Company’s income statement. Determine

Presented here are the components in Salas Company’s income statement. Determine the missing amounts.

Q: Rita Company buys merchandise on account from Linus Company for $590

Rita Company buys merchandise on account from Linus Company for $590. Rita sells the goods to Ellis for $900 cash. Use a tabular summary to record the transactions for Rita Company using a perpetual i...

Q: Use a tabular summary to record the following transactions for Borst Company

Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system. (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on accoun...

Q: In its fi rst month of operations, McLanie Company made three

In its fi rst month of operations, McLanie Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $8, and (3) 500 units at $9. Assuming there are...

Q: Data for McLanie Company are presented in BE6-4. Compute

Data for McLanie Company are presented in BE6-4. Compute the cost of the ending inventory under the average-cost method. (Round the cost per unit to three decimal places.) Reference Data BE6-4: In it...

Q: How are each of the following financial statements interrelated? (

How are each of the following financial statements interrelated? (a) Retained earnings statement and income statement. (b) Retained earnings statement and balance sheet. (c) Balance sheet and state...

Q: The management of Milque Corp. is considering the effects of various

The management of Milque Corp. is considering the effects of various inventory costing methods on its financial statements and its income tax expense. Assuming that the price the company pays for inve...