Questions from Financial Accounting


Q: Army-Navy Surplus began March with 75 tents that cost $

Army-Navy Surplus began March with 75 tents that cost $16 each. During the month, Army-Navy Surplus made the following purchases at cost: Mar 3 ………………… 95 tents @ $18 = $1,710 17 ………..…………… 165 tents...

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Q: The records of Lindbergh Aviation include the following accounts for inventory of

The records of Lindbergh Aviation include the following accounts for inventory of aviation fuel at July 31 of the current year: Requirements 1. Prepare a partial income statement through gross profi...

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Q: Great White Trade Mart has recently had lackluster sales. The rate

Great White Trade Mart has recently had lackluster sales. The rate of inventory turnover has dropped, and the merchandise is gathering dust. At the same time, competition has forced Great White’s supp...

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Q: Muffin Mania, Inc., and La Crème Coffee Corporation are both

Muffin Mania, Inc., and La Crème Coffee Corporation are both specialty food chains. The two companies reported these figures, in millions: Requirements 1. Compute the gross profit percen...

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Q: Salary Payable at the beginning of the month totals $20,

Salary Payable at the beginning of the month totals $20,000. During the month salaries of $122,000 were accrued as expense. If ending Salary Payable is $6,000, what amount of cash did the company pay...

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Q: Cova Corporation earned revenues of $40 million during 2013 and ended

Cova Corporation earned revenues of $40 million during 2013 and ended the year with net income of $6 million. During 2013, Cova collected $25 million from customers and paid cash for all of its expens...

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Q: By the Bay Marine Supply reported the following comparative income statements for

By the Bay Marine Supply reported the following comparative income statements for the years ended June 30, 2012, and 2011: By the Bay’s president and shareholders are thrilled by t...

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Q: Masters Consulting had the following selected transactions in July: Jul

Masters Consulting had the following selected transactions in July: Jul 1 Prepaid insurance for July through November, $2,000. 4 Purchased office furniture for cash, $1,000. 5 Performed services and r...

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

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

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Q: This exercise tests your understanding of the four inventory methods. List

This exercise tests your understanding of the four inventory methods. List the name of the inventory method that best fits the description. Assume that the cost of inventory is rising. 1. ________ Gen...

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