Questions from Accounting Principles

Q: Gentry Wholesalers accepts from Benton Stores a $6,200,

Gentry Wholesalers accepts from Benton Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Benton’s overdue account. (a) What is the maturity date of the note? (b) What is the interest pay...

Q: Topp Hat Shop received a shipment of hats for which it paid

Topp Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000 but Topp was given a $30 cash discount and required to pay freight charges of $50. W...

Q: In 2020, Wainwright Company has net credit sales of $1

In 2020, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,00...

Q: Lofton Company purchased a delivery truck. The total cash payment was

Lofton Company purchased a delivery truck. The total cash payment was $27,900, including the following items. Negotiated purchase price ………………………………….. $24,000 Installation of special shelving ………………...

Q: Napoli Manufacturing has old equipment that cost $52,000.

Napoli Manufacturing has old equipment that cost $52,000. The equipment has accumulated depreciation of $28,000. Napoli has decided to sell the equipment.

Q: For 2020, Sale Company reported beginning total assets of $300

For 2020, Sale Company reported beginning total assets of $300,000 and ending total assets of $340,000. Its net income for this period was $50,000, and its net sales were $400,000. Compute the company...

Q: Gresa Company just took its physical inventory. The count of inventory

Gresa Company just took its physical inventory. The count of inventory items on hand at the company’s business locations resulted in a total inventory cost of $300,000. In reviewing the details of the...

Q: The accounting records of Americo Electronics show the following data.

The accounting records of Americo Electronics show the following data. Beginning inventory 3,000 units at $5 Purchases 8,000 units at $7 Sales 9,400 units at $10 Determine cost of goods sold...

Q: Ballas Co. uses a periodic inventory system. Its records show

Ballas Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold. Instructions Compute the ending inventory at May 31 and cost of goods s...

Q: Moath Company reports the following for the month of June.

Moath Company reports the following for the month of June. Instructions a. Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO. b. Which costing method gi...