Questions from Accounting Principles

Q: The following are the major balance sheet classifications: Current assets

The following are the major balance sheet classifications: Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE...

Q: Cupery Co. has net sales of $105,000,

Cupery Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?

Q: Stefan Page Company reports net sales of $800,000,

Stefan Page Company reports net sales of $800,000, gross profit of $370,000, and net income of $240,000. What are its operating expenses?

Q: The ledger of Pitt Company contains the following balances: Owner’s Capital

The ledger of Pitt Company contains the following balances: Owner’s Capital $30,000, Owner’s Drawings $2,000, Service Revenue $58,000, Salaries and Wages Expense $39,000, and Supplies Expense $7,000....

Q: Using the data in BE4.4, enter the balances in

Using the data in BE4.4, enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.

Q: The income statement for Salt Creek Golf Club for the month ending

The income statement for Salt Creek Golf Club for the month ending July 31 shows Service Revenue $17,800, Salaries and Wages Expense $9,600, Maintenance and Repairs Expense $2,500, and Net Income $5,7...

Q: Using the data in BE4.3, identify the accounts that

Using the data in BE4.3, identify the accounts that would be included in a post-closing trial balance.

Q: Why is it possible to prepare financial statements directly from an adjusted

Why is it possible to prepare financial statements directly from an adjusted trial balance?

Q: Indicate the columns of the worksheet in a perpetual system in which

Indicate the columns of the worksheet in a perpetual system in which (a) inventory and (b) cost of goods sold will be shown.

Q: Assume that Morgan Company uses a periodic inventory system and has these

Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000, Purchase Returns and Allowances $13,000, Purchase Discounts $9,000, and Freight-In $18,0...