Questions from Financial Accounting

Q: Sedan Corporation, a Japanese automobile manufacturer, follows U.S

Sedan Corporation, a Japanese automobile manufacturer, follows U.S. GAAP and reports its results in millions of yen (Â¥). On March 31, 2013 and 2012, Sedan reported the following information...

Q: The Minevik Group is a Swedish-based, high-technology

The Minevik Group is a Swedish-based, high-technology engineering firm. It follows IFRS and reports its results in millions of Swedish kronor (SEK). For the years ended December 31, 2013 and 2012, Min...

Q: Good Luck Brands reported a carrying value of its total inventory as

Good Luck Brands reported a carrying value of its total inventory as of December 31, 2013, of $2,047.6 million; the corresponding figure for December 31, 2012, was $1,937.8. Good Luck Brands applies U...

Q: Burton Corporation commenced retailing operations on January 1, 2011. Purchases

Burton Corporation commenced retailing operations on January 1, 2011. Purchases of merchandise inventory during 2011 and 2012 appear next: Burton Corporation sold 1,000 units during 2011 and 1,500 u...

Q: Marks and Spencer Group, Plc., a U.K.

Marks and Spencer Group, Plc., a U.K. retailer, applies IFRS and reports its results in millions of pounds sterling (£). The notes to its financial statements provide the following information: ■ Reve...

Q: Hanover Oil Products (HOP) operates a gasoline outlet. It

Hanover Oil Products (HOP) operates a gasoline outlet. It commenced operations on January 1. It prices its gasoline at 10% above its average purchase price for gasoline. Purchases of gasoline during J...

Q: Burch Corporation began a merchandising business on January 1, 2010.

Burch Corporation began a merchandising business on January 1, 2010. It acquired merchandise costing $100,000 in 2010, $125,000 in 2011, and $135,000 in 2012. Information about Burch Corporationâ...

Q: Wilson Company sells chemical compounds made from expensium. The company has

Wilson Company sells chemical compounds made from expensium. The company has used a LIFO inventory flow assumption for many years. The inventory of expensium on December 31, 2012, comprised 4,000 poun...

Q: Refer to the information in Problem 40 concerning Sedan Corporation’s inventory for

Refer to the information in Problem 40 concerning Sedan Corporation’s inventory for the years ended March 31, 2013 and 2012. The notes to Sedan’s financial statemen...

Q: Assume that Central Appliance sells appliances, all for cash. It

Assume that Central Appliance sells appliances, all for cash. It debits all acquisitions of appliances during a year to the Merchandise Inventory account. The company provides warranties on all its pr...