Questions from Financial Accounting

Q: The following three identical units of Item P401C are purchased during April

The following three identical units of Item P401C are purchased during April: Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30...

Q: Be-The-One is a motivational consulting business. At

Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 2012, Be-The-One has assets of $395,000 and liabilities of $97,000. Using the accounting equation, d...

Q: Scott Lockhart owns and operates AAA Delivery Services. On January 1

Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $40,000, and Retained Earnings had a balance of $815,500. During the year, no additional commo...

Q: Beginning inventory, purchases, and sales for WCS12 are as follows

Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after th...

Q: Using the income statement for Paradise Travel Service from Basic Exercise 1

Using the income statement for Paradise Travel Service from Basic Exercise 1-4, prepare a statement of stockholders’ equity for the year ended May 31, 2016. Everett McCauley invested an additional $40...

Q: Using the following data for Paradise Travel Service as well as the

Using the following data for Paradise Travel Service as well as the statement of stockholders’ equity from Basic Exercise 1-5, prepare a balance sheet as of May 31, 2016: Accounts payable ……………………………...

Q: A summary of cash flows for Paradise Travel Service for the year

A summary of cash flows for Paradise Travel Service for the year ended May 31, 2016, follows: Cash receipts: Cash received from customers ………………………………. $880,000 Cash received from issuing common stoc...

Q: Two income statements for Paragon Company follow: /

Two income statements for Paragon Company follow: Prepare a horizontal analysis of Paragon Company’s income statements.

Q: During the current year, merchandise is sold for $95,

During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit?

Q: The units of an item available for sale during the year were

The units of an item available for sale during the year were as follows: There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the...