Questions from Accounting Principles

Q: Due to rapid turnover in the accounting department, a number of

Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Goins Company in 2020. 1. Goins developed a new manufacturing proce...

Q: LaPorta Company and Lott Corporation, two corporations of roughly the same

LaPorta Company and Lott Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the straight-li...

Q: Houghton Limited is trying to determine the value of its ending inventory

Houghton Limited is trying to determine the value of its ending inventory as of February 28, 2020, the company’s year-end. The following transactions occurred, and the accountant asked your help in de...

Q: Glee Distribution markets CDs of the performing artist Unique. At the

Glee Distribution markets CDs of the performing artist Unique. At the beginning of October, Glee had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $7. During October, Glee made the...

Q: Sekhon Company had a beginning inventory on January 1 of 160 units

Sekhon Company had a beginning inventory on January 1 of 160 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23 Sept. 4...

Q: Give an example of a transaction in the general journal that causes

Give an example of a transaction in the general journal that causes an entry to be posted twice (i.e., to two accounts), one in the general ledger, the other in the subsidiary ledger. Does this affect...

Q: The management of Gresa Inc. is reevaluating the appropriateness of using

The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of op...

Q: You are provided with the following information for Koetteritz Inc. for

You are provided with the following information for Koetteritz Inc. for the month ended June 30, 2020. Koetteritz uses the periodic method for inventory. Instructions a. Calculate (i) ending invento...

Q: You are provided with the following information for Gobler Inc. Gobler

You are provided with the following information for Gobler Inc. Gobler Inc. uses the periodic method of accounting for its inventory transactions. March 1 Beginning inventory 2,000 liters at a cost of...

Q: The following are selected transactions of Blanco Company. Blanco prepares financial

The following are selected transactions of Blanco Company. Blanco prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Nunez Company, $30,000, terms 2/10, n/30. (Blanc...