Questions from Accounting Principles

Q: Shepard Company sold 4,000 units of its product at $

Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory and...

Q: Grassley Company completes these transactions during November of the current year (

Grassley Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30). Nov. 1 purchased $5,058 of office equipment on credit from Burn Suppl...

Q: Acorn Industries completes these transactions during July of the current year (

Acorn Industries completes these transactions during July of the current year (the terms of all its credit sales are 2/10, n/30). July 1 purchased $6,500 of merchandise on credit from Teton Company, t...

Q: The July transactions of Acorn Industries are described in Problem 7-

The July transactions of Acorn Industries are described in Problem 7-2B. Required 1. Prepare a general journal, purchases journal, and cash payments journal. Number all journal pages as page 3. Enter...

Q: Jen Novinska and Jeff Quinlan form a partnership. Novinska contributes the

Jen Novinska and Jeff Quinlan form a partnership. Novinska contributes the following items (at market value). Prepare the partnership’s journal entry to record Novinskaâ€&...

Q: Bell and Green are forming a partnership. Bell invests $104

Bell and Green are forming a partnership. Bell invests $104,000 and Green invests $156,000. The partners agree that Bell will work one-fourth of the total time devoted to the partnership and Green wil...

Q: Albin, Peters, and Ramsey invested $164,000,

Albin, Peters, and Ramsey invested $164,000, $98,400, and $65,600, respectively, in a partnership. During its first calendar year, the firm earned $270,000. Required Prepare the entry to close the fi...

Q: Cook, Jing, and Schwartz formed the CJS Partnership by making

Cook, Jing, and Schwartz formed the CJS Partnership by making investments of $144,000, $216,000, and $120,000, respectively. They predict annual partnership net income of $240,000 and are considering...

Q: Refer to Apple’s financial statements in Appendix A. 1.

Refer to Apple’s financial statements in Appendix A. 1. What amount of accounts payable did Apple report on (a) September 28, 2019? (b) On September 29, 2018? 2. Compute days’ payable outstanding for...

Q: Gibbs, Hook, and Chan are partners and share income and

Gibbs, Hook, and Chan are partners and share income and loss in a 5:1:4 ratio (in percent’s: Gibbs, 50%; Hook, 10%; and Chan, 40%). The partnership’s capital balances are as follows: Gibbs, $606,000;...