Questions from Financial Accounting

Q: Tune Time, Inc. sells and installs audio equipment. During

Tune Time, Inc. sells and installs audio equipment. During a recent fire that occurred at its warehouse, Tune Time, Inc.’s entire inventory was destroyed. Tune Time, Inc.’s accounting records reflect t...

Q: Jitterz Coffee Supply, Inc., sells on account. When a

Jitterz Coffee Supply, Inc., sells on account. When a customer account becomes four months old, Jitterz Coffee Supply, Inc., converts the account to a note receivable. During 2016, Jitterz Coffee Supp...

Q: Assume that Branson Corporation’s comparative balance sheet reported these amounts:

Assume that Branson Corporation’s comparative balance sheet reported these amounts:
Requirement 1. Assume that on January 1, 2016, Branson sold 1/8 of its plant and equipment for $60,500 in cash....

Q: Julia’s Jungle, Inc., has the following information as of August

Julia’s Jungle, Inc., has the following information as of August 31, 2016:
Requirements 1. Compute the rate of inventory turnover for Julia’s Jungle, Inc., for the year ended August 31, 2016. Rou...

Q: Consider the following data:
Requirements

Consider the following data:
Requirements 1. Calculate the quick assets and the quick ratio for each company. 2. Calculate the current ratio for each company. 3. Which of the companies should be...

Q: Mesa Transport is a large trucking company. Mesa Transport uses the

Mesa Transport is a large trucking company. Mesa Transport uses the unit’s of-production (UOP) method to depreciate its trucks. In 2013, Mesa Transport acquired a Mack truck costing $330,000 with a us...

Q: Inland Equipment Sales, Inc., sells hand-held engine analyzers

Inland Equipment Sales, Inc., sells hand-held engine analyzers to automotive service shops. Inland Equipment Sales, Inc., started November with an inventory of 55 units that cost a total of $8,470. Du...

Q: Tri-State Equipment reported the following items on July 31,

Tri-State Equipment reported the following items on July 31, 2016 (last year’s amounts also given as needed):
Requirements 1. Compute Tri-State Equipment’s (a) quick ratio, (b) current ratio, and...

Q: Part 1. Millennium Printing manufactures high-speed printers. On

Part 1. Millennium Printing manufactures high-speed printers. On January 1 of year 1, Millennium Printing recently paid $400,000 for a patent on a new laser printer. Although it gives legal protection...

Q: Refer to the data for Inland Equipment Sales, Inc., in

Refer to the data for Inland Equipment Sales, Inc., in P5-40A. However, assume Inland Equipment Sales, Inc., uses the average cost method. Data from P5-40A: Inland Equipment Sales, Inc., sells hand-h...