Questions from College Accounting

Q: What is the difference between the cost of goods available for sale

What is the difference between the cost of goods available for sale and the cost of goods sold?

Q: On a balance sheet, what is the difference between Current Liabilities

On a balance sheet, what is the difference between Current Liabilities and Long-Term Liabilities? Give an example of an account in each classification.

Q: On an income statement, what is the difference between income from

On an income statement, what is the difference between income from operations and net income? Which is more useful in comparing the results of operations over a number of years?

Q: In the closing procedure, what happens to (a)

In the closing procedure, what happens to (a) Purchases Discounts, (b) Sales Returns and Allowances, (c) Freight In, and (d) Gain on Disposal of Property and Equipment?

Q: Calculate the missing items in the following: /

Calculate the missing items in the following:

Q: Using the following information, prepare the Cost of Goods Sold section

Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts …………………………………………….. $ 8,500 Merchandise Inventory, December 31 ……………………. 189,000 Pu...

Q: Jennifer Ross, an employee of Hampton Company, worked 44 hours

Jennifer Ross, an employee of Hampton Company, worked 44 hours during the week of February 9 through 15. Her rate of pay is $30 per hour, and she receives time-and-a-half for work in excess of 40 hour...

Q: For the third quarter of the year, Johnson Company, 415

For the third quarter of the year, Johnson Company, 415 Circle Avenue, Chicago, Illinois 60652, received Form 941 from the Internal Revenue Service. The identification number of Johnson Company is 91-...

Q: Rick Davis, an employee of ABC Motors, worked 42 hours

Rick Davis, an employee of ABC Motors, worked 42 hours during the week of September 12 through 18. His rate of pay is $30 per hour, and he receives time-a-half for work in excess of 40 hours per week....

Q: On October 31, the Vermillion Igloos Hockey Club received $800

On October 31, the Vermillion Igloos Hockey Club received $800,000 in cash in advance for season tickets for eight home games. The transaction was recorded as a debit to Cash and a credit to Unearned...