Questions from Financial Accounting

Q: MusicMagic.net specializes in sound equipment. Because each inventory item

MusicMagic.net specializes in sound equipment. Because each inventory item is expensive, MusicMagic uses a perpetual inventory system. Company records indicate the following data for a line of speaker...

Q: Tulsa, Inc., reported the following data: /

Tulsa, Inc., reported the following data: Tulsa’s gross profit percentage is a. 54.0. b. 50.7. c. 53.0. d. 46.0.

Q: Journalize the adjusting entry needed on December 31, the end of

Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Woods Corp. Include an explanation for each entry....

Q: Consider the unadjusted trial balance of Princess, Inc., at August

Consider the unadjusted trial balance of Princess, Inc., at August 31, 2012, and the related month-end adjustment data. Adjustment data at August 31, 2012, include the following: a. Accrued advertis...

Q: Crossway Apartments, Inc.’s unadjusted and adjusted trial balances at

Crossway Apartments, Inc.’s unadjusted and adjusted trial balances at April 30, 2012, follow: Requirements 1. Make the adjusting entries that account for the differences between th...

Q: The adjusted trial balance of Nicholl Corporation at May 31, 2012

The adjusted trial balance of Nicholl Corporation at May 31, 2012, follows: Requirements 1. Prepare Nicholl’s 2012 income statement, statement of retained earnings, and balance she...

Q: The accounts of Cool River Service, Inc., at March 31

The accounts of Cool River Service, Inc., at March 31, 2012, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet...

Q: Refer back to Problem 3-80B. In Problem

Refer back to Problem 3-80B. In Problem 3-80B The accounts of Cool River Service, Inc., at March 31, 2012, are listed in alphabetical order. Requirements 1. Prepare the company’s...

Q: This problem demonstrates the effects of transactions on the current ratio and

This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Hiaport Company. Hiaport’s condensed and adapted balance sheet at December 31, 2011, follows. _________...

Q: Valley Forge Corporation reported the following current accounts at December 31,

Valley Forge Corporation reported the following current accounts at December 31, 2011 (amounts in thousands): Cash................................................ $1,500 Receivables......................