Questions from College Accounting

Q: The RJM Company uses the perpetual inventory system with a subsidiary ledger

The RJM Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information in the inventory balance for product U47. Be sure to keep the balance on han...

Q: Ernie Hanlon and Carol Barnes form a partnership on May 1,

Ernie Hanlon and Carol Barnes form a partnership on May 1, 201X. Hanlon contributes cash of $42,500. Barnes contributes $32,000 cash and land costing $18,600 with a current fair value of $30,000. A $3...

Q: From the following, prepare a schedule of accounts receivable for Lucky

From the following, prepare a schedule of accounts receivable for Lucky Co. for May 31, 201X.

Q: From the following, calculate the net cash flows from operating activities

From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………….………………………. $9,800 Cost of Goods Sold ……………………………..…………………………. 4,100 Salar...

Q: From the following, calculate the net cash flows from operating activities

From the following, calculate the net cash flows from operating activities (use the direct method): Sales ………………………………………………………………………. $9,100 Cost of Goods Sold ……………………………………………………. 3,600 Salaries E...

Q: From the following, calculate total manufacturing costs: Direct

From the following, calculate total manufacturing costs: Direct labor …………………………………………………. $ 82,000 Raw materials inventory, May 31 …………………….. 9,600 Raw materials purchases ……………………………… 74,000 Raw ma...

Q: Indicate the normal balance and category of each of the following accounts

Indicate the normal balance and category of each of the following accounts: a. Salaries Payable b. Merchandise Inventory (beginning of period) c. Freight-In d. Payroll Tax Expense e. Purchases Returns...

Q: In general journal form, prepare journal entries to establish a petty

In general journal form, prepare journal entries to establish a petty cash fund on March 1 and replenish it on March 31.

Q: The ABC Company uses the perpetual inventory system with a subsidiary ledger

The ABC Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on h...

Q: Ethan Munroe and Crista Cross form a partnership on March 1,

Ethan Munroe and Crista Cross form a partnership on March 1, 201X. Munroe contributes $42,000. Cross contributes $28,500 cash and land costing $18,300 with a current fair value of $33,000. A $29,000 n...