Questions from Financial Accounting

Q: Flexon Technologies began the year with inventory of $580. During

Flexon Technologies began the year with inventory of $580. During the year, Flexon purchased inventory costing $1,190 and sold goods for $2,900, with all transactions on account. Flexon ended the year...

Q: Jonah’s Copy Center uses laser printers. Assume Jonah started the year

Jonah’s Copy Center uses laser printers. Assume Jonah started the year with 100 containers of ink (average cost of $9.50 each, FIFO cost of $8.40 each, LIFO cost of $8.10 each). During the year, Jonah...

Q: Refer to the data in Exercise E6-35B. Compute all

Refer to the data in Exercise E6-35B. Compute all ratio values to answer the following questions: â–¶ Which company has the highest, and which company has the lowest, gross profit perc...

Q: Macrovision.com uses the LIFO method to account for inventory.

Macrovision.com uses the LIFO method to account for inventory. Macrovision is having an unusually good year, with net income well above expectations. The company’s inventory costs are rising rapidly....

Q: Johnston Company reported these ratios at December 31, 2012 (dollar

Johnston Company reported these ratios at December 31, 2012 (dollar amounts in millions): Current ratio = $50 / $40 = 1.25 Debt ratio = $40 / $70 = 0.57 Johnston Company completed these transactions...

Q: During 2012, Orion Corporation made sales of $4,400

During 2012, Orion Corporation made sales of $4,400 (assume all on account) and collected cash of $4,600 from customers. Operating expenses totaled $1,300, all paid in cash. At year end, 2012, Orion c...

Q: During 2012, Valley Sales, Inc., earned revenues of $

During 2012, Valley Sales, Inc., earned revenues of $500,000 on account. Valley collected $510,000 from customers during the year. Expenses totaled $450,000, and the related cash payments were $410,00...

Q: During 2012, Gibson Network, Inc., which designs network servers

During 2012, Gibson Network, Inc., which designs network servers, earned revenues of $780 million. Expenses totaled $530 million. Gibson collected all but $25 million of the revenues and paid $560 mil...

Q: Tilton & Taft, a partnership, had these inventory data:

Tilton & Taft, a partnership, had these inventory data: Tilton & Taft need to know the company’s gross profit percentage and rate of inventory turnover for 2012 under 1. FI...

Q: Supply the missing amounts for each of the following companies:

Supply the missing amounts for each of the following companies: Requirement Prepare the income statement for Gerald Company for the year ended December 31, 2012. Use the cost-of-goods-sold model to...