Questions from College Accounting


Q: Journalize the following transactions for Dixey Company: /

Journalize the following transactions for Dixey Company:

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Q: The Auburn Company uses the perpetual inventory system. Record the transactions

The Auburn Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30.

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Q: Given the following, prepare the book value per share for preferred

Given the following, prepare the book value per share for preferred and common stock: • Preferred Stock $96,000; 1,400 shares issued. • Common Stock $172,000; 1,600 shares issued. • Retained Earnings,...

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Q: From the data given calculate the following. (Round to the

From the data given calculate the following. (Round to the nearest hundredth or hundredth of a percent as needed.) a. Current ratio b. Acid test ratio c. Asset turnover ratio d. Gross profit rate Net...

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Q: Sharon Electronics, an electronics supply company, uses the perpetual inventory

Sharon Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The qu...

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Q: Ashley Company uses a perpetual inventory system. From the following information

Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) assuming that the FIFO method is in use and (b) assuming that the LIFO method is...

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

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

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Q: Over the past four years the gross profit rate for Otterson Company

Over the past four years the gross profit rate for Otterson Company was 34%. Last week a fire destroyed all of Otterson’s inventory. Luckily, all the records for Otterson were in a fireproof safe and...

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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 Green Company:

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

On January 1, 2014, a machine was installed at Garrity Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $16,000. The machine is expected to pro...

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