Questions from Financial Accounting

Q: Wolfe Hospitality Consulting had the following transactions occur involving current assets and

Wolfe Hospitality Consulting had the following transactions occur involving current assets and current liabilities during February 2008: Additional information: 1. As of February 1, 2008, current as...

Q: Vertical analysis (common size) percentages for Osborne Hot Dogs’ sales

Vertical analysis (common size) percentages for Osborne Hot Dogs’ sales, cost of goods sold, and expenses are as follows: Did Osborne’s net income as a percent of...

Q: Selected condensed data taken from a recent balance sheet of Kutenai Luau

Selected condensed data taken from a recent balance sheet of Kutenai Luau, Inc., are as follows: What are the (a) working capital, (b) current ratio, and (c) acid-test ratio?

Q: The ledger of Taqueria San Juan includes the following accounts. Explain

The ledger of Taqueria San Juan includes the following accounts. Explain why each account may require adjustment. (a) Prepaid Insurance (b) Depreciation Expense (c) Unearned Revenue (d) Interest Pa...

Q: The following data are taken from the financial statements of Mercado Decorations

The following data are taken from the financial statements of Mercado Decorations: (a) Compute for each year (1) the receivables turnover and (2) the average collection period. At the end of 2007,...

Q: The following data are from the income statements of Ellen Noodles Company

The following data are from the income statements of Ellen Noodles Company: (a) Compute for each year (1) the inventory turnover and (2) the average days to sell the inventory. (b)What conclusions...

Q: Information related to Giberto Pizza and Games is presented below.

Information related to Giberto Pizza and Games is presented below. 1. On April 5, purchased merchandise from Allman Company for $20,000 terms 2/10, net/30, FOB shipping point. 2. On April 6, paid frei...

Q: On September 1, Eden County Club had an inventory of 30

On September 1, Eden County Club had an inventory of 30 golf shirts at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Instr...

Q: Presented below is the basic accounting equation. Determine the missing amounts

Presented below is the basic accounting equation. Determine the missing amounts.

Q: On June 10, Lippizan Crab Shack purchased $6,000

On June 10, Lippizan Crab Shack purchased $6,000 of merchandise from Bristol Company FOB shipping point, terms 2/10, n/30. Lippizan pays the freight costs of $400 on June 11. Damaged goods totaling $3...