Questions from Financial Accounting

Q: Presented below are transactions related to Rebecca Company. 1.

Presented below are transactions related to Rebecca Company. 1. On December 3, Rebecca Company sold $480 of merchandise to Simonis Putt Putt Golf, terms 2/10, n/30, FOB shipping point. The cost of the...

Q: The adjusted trial balance of Schinzer Gourmet Deli shows the following data

The adjusted trial balance of Schinzer Gourmet Deli shows the following data pertaining to sales at the end of its fiscal year October 31, 2006: Sales $800,000; Freight-out $16,000; Sales Returns and...

Q: Presented is information related to Taylor Memories, Inc., for the

Presented is information related to Taylor Memories, Inc., for the month of January 2006. Instructions: (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing ent...

Q: An inexperienced accountant for Gulliver Company made the following errors in recording

An inexperienced accountant for Gulliver Company made the following errors in recording merchandising transactions. 1. A $175 refund to a customer for faulty merchandise was debited to Sales $175 and...

Q: Presented below is financial information for two different companies.

Presented below is financial information for two different companies. Instructions: Determine the missing amounts.

Q: An inexperienced bookkeeper prepared the following trial balance that does not balance

An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal.

Q: J. Ackbar, a former professional tennis star, operates Ackbar’s

J. Ackbar, a former professional tennis star, operates Ackbar’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Ackbar’...

Q: Zambia Pastry uses a periodic inventory system. Its records show the

Zambia Pastry uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold. Instructions: Compute the ending inventory at May 31 using the FIFO...

Q: In its first month of operations Rusch BBQ made three purchases of

In its first month of operations Rusch BBQ made three purchases of sausages in the following sequence: (1) 300 pounds at $6, (2) 400 pounds at $7, and (3) 200 pounds at $8. Assuming there are 450 p...

Q: Given the accounting equation, answer each of the following questions.

Given the accounting equation, answer each of the following questions. 1. The liabilities of Frank’s Smoothies are $120,000, and the stockholders’ equity is $325,000. What is the amount of Frank’s tot...