Questions from Financial Accounting

Q: Ingrid Inc. has strict credit policies and only extends credit to

Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examined its accounts and determined that at January 1, 2019, it had balances i...

Q: If beginning inventory is $20,000, purchases are $

If beginning inventory is $20,000, purchases are $185,000, and ending inventory is $30,000, what is cost of goods sold as determined by the cost of goods sold model? a. $135,000 b. $175,000 c. $195,00...

Q: Which of the following transactions would not result in an entry to

Which of the following transactions would not result in an entry to the inventory account in the buyer’s accounting records under a perpetual inventory system? a. Purchase of merchandise on credit b....

Q: Briggs Company purchased $15,000 of inventory on credit with

Briggs Company purchased $15,000 of inventory on credit with credit terms of 2/10, n/30. Briggs paid for the purchase within the discount period. How much did Briggs pay for the inventory? a. $14,700...

Q: Which of the following transactions would not result in an adjustment to

Which of the following transactions would not result in an adjustment to the inventory account under a perpetual inventory system? a. Sale of merchandise for cash b. Sale of merchandise on credit c. R...

Q: Zing Corp. prepares monthly bank reconciliations as part of its cash

Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing’s bank provided the following amount about Zing’s cash balance at the bank for during the month of April 2020: Bala...

Q: U-Save Automotive Group purchased 10 vehicles during the current month

U-Save Automotive Group purchased 10 vehicles during the current month. Two trucks were purchased for $20,000 each, two SUVs were purchased for $31,000 each, and six hybrid cars were purchased for $27...

Q: Refer to the information for Morgan Inc. below. If Morgan

Refer to the information for Morgan Inc. below. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500

Q: Refer to the information for Morgan Inc. below. If Morgan

Refer to the information for Morgan Inc. below. If Morgan uses a perpetual inventory system, what is the cost of goods sold under LIFO at April 30? a. $37,500 b. $38,400 c. $63,600 d. $64,500

Q: Refer to the information for Morgan Inc. below. If Morgan

Refer to the information for Morgan Inc. below. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under average cost at April 30? (Note: Use four decimal places for per...