Questions from Financial Accounting

Q: You have just forwarded to your boss the monthly bank reconciliation you

You have just forwarded to your boss the monthly bank reconciliation you prepared for the company. One of the reconciling items is a customer’s NSF check in the amount of $10,000. As part of your resp...

Q: Oxendine Company’s inventory records for the month of November reveal the following

Oxendine Company’s inventory records for the month of November reveal the following: Inventory, November 1 ……………………………………………….. 200 units @ $18.00 November 4, purchase ………………………………………………… 250 units @...

Q: Following is an inventory acquisition schedule for Weaver Corp. for 2017

Following is an inventory acquisition schedule for Weaver Corp. for 2017: During the year, Weaver sold 12,500 units at $12 each. All expenses except cost of goods sold and taxes amounted to $20,000....

Q: The 2015 Form 10-K of Gannett Co., Inc.

The 2015 Form 10-K of Gannett Co., Inc. (publisher of USA Today and many other newspapers) includes the following in the note that summarizes its accounting policies: Inventories Inventories, consisti...

Q: Two Wheeler, a bike shop, opened for business on April

Two Wheeler, a bike shop, opened for business on April 1. It uses a periodic inventory system. The following transactions occurred during the first month of business: Required: 1. Identify and analy...

Q: The consolidated balance sheets of Gap Inc. included merchandise inventory in

The consolidated balance sheets of Gap Inc. included merchandise inventory in the amount of $1,873,000,000 as of January 30, 2016 (the end of fiscal year 2015) and $1,889,000,000 as of January 31, 201...

Q: A list of accounts for Maple Inc. at December 31,

A list of accounts for Maple Inc. at December 31, 2017, follows: Required: 1. Determine cost of goods sold for 2017. 2. Determine net income for 2017. 3. Prepare a balance sheet dated December 31, 2...

Q: At Morris Mart Inc., all sales are on account. Mary

At Morris Mart Inc., all sales are on account. Mary Morris-Manning is responsible for mailing invoices to customers, recording the amount billed, opening mail, and recording the payment. Mary is very...

Q: Lenox Corp. sold merchandise for $5,000 to M

Lenox Corp. sold merchandise for $5,000 to M. Baxter on May 15, 2017, with payment due in 30 days. Subsequent to this, Baxter experienced cash-flow problems and was unable to pay its debt. On August 1...

Q: The following current assets are listed in a company’s general ledger.

The following current assets are listed in a company’s general ledger. The accountant wants to place the items in order of liquidity on the balance sheet. Accounts Receivable Certificates of Deposit...