Questions from College Accounting

Q: Calculate the total wages earned (assume an overtime rate of time

Calculate the total wages earned (assume an overtime rate of time and a half over 40 hours).

Q: Mark Smith bought merchandise with a list price of $4,

Mark Smith bought merchandise with a list price of $4,300. Mark was entitled to a 31% trade discount as well as a 5% cash discount. What was Mark’s actual cost of buying this merchandise after the cas...

Q: Journalize the adjusting entry on December 31, 2015, for Bad

Journalize the adjusting entry on December 31, 2015, for Bad Debts Expense, which is estimated to be 9% of net credit sales. The income statement approach is used. The following information is given:...

Q: Assuming that in Exercise 13A-2 the balance sheet approach is

Assuming that in Exercise 13A-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,700 balance in the Allo...

Q: Calculate the interest for the following: /

Calculate the interest for the following:

Q: On May 15, 201X, Raleigh Co. gave Octarine Co

On May 15, 201X, Raleigh Co. gave Octarine Co. a 180-day, $8,000, 10% note. On July 14, Octarine Co. discounted the note at 12%. a. Journalize the entry for Octarine to record the proceeds. b. Record...

Q: Jamie Slater negotiated a bank loan for $24,000 for

Jamie Slater negotiated a bank loan for $24,000 for 120 days at a bank rate of 8%. Assuming the interest is deducted in advance, prepare the entry for Jamie to record the bank loan.

Q: The Lakeview Company uses the periodic inventory system. Calculate the cost

The Lakeview Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted-average methods. Lakeview sells on...

Q: From the following facts, calculate the correct cost of inventory for

From the following facts, calculate the correct cost of inventory for Ann Company. • Cost of inventory on shelf, $4,700, which includes $270 of goods received on consignment. • Goods in transit en r...

Q: Mirage Company’s July 1 inventory had a cost of $60,

Mirage Company’s July 1 inventory had a cost of $60,100 and a retail value of $74,100. During July, net purchases cost $256,600 with a retail value of $406,000. Net sales at retail for Mirage Company...