Questions from College Accounting

Q: Mander Company uses the retail method to estimate the cost of ending

Mander Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mander’s ending inventory at cost for the end of Janu...

Q: Over the past 4 years, the gross profit rate for Bachand

Over the past 4 years, the gross profit rate for Bachand Company was 25%. Last week a fire destroyed all of Bachand’s inventory. Luckily, all the records for Bachand were in a fireproof safe and indic...

Q: Record the following transactions (all paid in cash except on March

Record the following transactions (all paid in cash except on March 24) in the general journal of Orange Company:

Q: On January 1, 2014, a machine was installed at Francis

On January 1, 2014, a machine was installed at Francis Factory at a cost of $52,000. Its estimated residual value at the end of its estimated life of4 years is $24,000. The machine is expected to prod...

Q: Journalize the following transactions for the Rox Company and show all calculations

Journalize the following transactions for the Rox Company and show all calculations:

Q: a. The partnership of Tammy and Mark began with the partners

a. The partnership of Tammy and Mark began with the partners investing $3,900 and $2,700, respectively. At the end of the first year, the partnership earned net income of $7,900. Under each of the fol...

Q: Journalize the entries to record the stock subscription plan for Green Co

Journalize the entries to record the stock subscription plan for Green Co. On January 1, Green received subscriptions for 1,200 shares of $27 par-value common stock at $41 per share. The buyer will pa...

Q: Bob Lake and Whitney Becker are partners with capital balances of $

Bob Lake and Whitney Becker are partners with capital balances of $1,400 and $700, respectively. They share all profits and losses equally. From the following independent situations, journalize the ad...

Q: Lee, Rapada, and Villone are partners. On July 30

Lee, Rapada, and Villone are partners. On July 30, 201X, the balance sheet (30 min) was as follows: The partners agree to share all losses and gains in a 2:2:1 ratio. Villone is withdrawing from the...

Q: The partnership of Justman, Raisor, and Sunseri is being liquidated

The partnership of Justman, Raisor, and Sunseri is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation, their balance sheet looks as follows: Journalize the entrie...