Questions from Financial Accounting

Q: The assets, liabilities, and equities of Damon Design Studio have

The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained earnings was $39,000 at the beginning of the year. At year end, common stock...

Q: Describe the calculation of cost of goods sold when using the periodic

Describe the calculation of cost of goods sold when using the periodic inventory system.

Q: Highlight the differences in the closing process when using the periodic inventory

Highlight the differences in the closing process when using the periodic inventory system rather than the perpetual inventory system.

Q: What are the two types of inventory accounting systems? Briefly describe

What are the two types of inventory accounting systems? Briefly describe each.

Q: Describe FOB shipping point and FOB destination. When does the buyer

Describe FOB shipping point and FOB destination. When does the buyer take ownership of the goods, and who typically pays the freight?

Q: What are the four steps involved in the closing process for a

What are the four steps involved in the closing process for a merchandising company?

Q: For each statement below, identify whether the statement applies to the

For each statement below, identify whether the statement applies to the periodic inventory system, the perpetual inventory system, or both. a. Normally used for relatively inexpensive goods. b. Keeps...

Q: On December 31, Jack Photography Supplies estimated that approximately 2%

On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjustin...

Q: Jeana’s Furniture’s unadjusted Merchandise Inventory account at year-end is $

Jeana’s Furniture’s unadjusted Merchandise Inventory account at year-end is $69,000. The physical count of inventory came up with a total of $67,600. Journalize the adjusting entry needed to account f...

Q: Macarthy Landscape Supply’s selected accounts as of December 31, 2018,

Macarthy Landscape Supply’s selected accounts as of December 31, 2018, follow. Compute the gross profit percentage for 2018.