Questions from Financial Accounting

Q: Financial statement data for years ending December 31, 2019 and 2018

Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: a. Determine the asset turnover for 2019 and 2018. b. Does the change in the asset turnover from 2018...

Q: Journalize the entries for the following transactions: a. Sold

Journalize the entries for the following transactions: a. Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. b. Sold merchandise on account, $755,000. The cost of the m...

Q: Financial statement data for years ending December 31 for DePuy Company follow

Financial statement data for years ending December 31 for DePuy Company follow: a. Determine the fixed asset turnover ratio for Year 1 and Year 2. b. Does the change in the fixed asset turnover rati...

Q: Financial statement data for years ending December 31 for Davenport Company follow

Financial statement data for years ending December 31 for Davenport Company follow: a. Determine the fixed asset turnover ratio for Year 1 and Year 2. b. Does the change in the fixed asset turnover...

Q: After the amount due on a sale of $28,000

After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The co...

Q: The following items may appear on a bank statement: 1

The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Using the fo...

Q: The following data were gathered to use in reconciling the bank account

The following data were gathered to use in reconciling the bank account of Conway Company: Balance per bank ………………………………………………….. $23,900 Balance per company records ……………………………………. 8,700 Bank service...

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: Prepare journal entries for each of the following: a.

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $900. b. The amount of cash in the petty cash fund is $115. Issued a check to replenish the fund,...

Q: Journalize the following transactions, using the allowance method of accounting for

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350 as unc...