Questions from Financial Accounting

Q: Janson, Corp., maintains a petty cash fund of $225

Janson, Corp., maintains a petty cash fund of $225. On July 31, the fund holds $14 cash and petty cash tickets for office supplies, $172, and delivery expense, $32. Requirements 1. Make the journal...

Q: The September cash records of Povich Industrial, Inc., follow:

The September cash records of Povich Industrial, Inc., follow:
Povich Industrial’s Cash account shows the balance of $5,941 on September 30. On September 30, Povich Industrial, Inc., received the...

Q: Raferty Corp., aggressively acquires other companies. Assume that Raferty Corp

Raferty Corp., aggressively acquires other companies. Assume that Raferty Corp., purchased Lucas Inc., for $1,200,000 cash. The market value of Lucas Inc.’s assets is $2,300,000, and it has liabilitie...

Q: MAC Industries, Inc., completed the following inventory transactions during the

MAC Industries, Inc., completed the following inventory transactions during the month of July:
Requirements 1. Without resorting to calculations, determine which inventory method will result in M...

Q: The December bank statement of Charly’s Burger Haven, Inc., just

The December bank statement of Charly’s Burger Haven, Inc., just arrived from United Bank.
To prepare the bank reconciliation, you gather the following additional data: a. The following checks are...

Q: Mirabeau Mining paid $582,000 for the right to extract

Mirabeau Mining paid $582,000 for the right to extract mineral assets from a 400,000-ton mineral deposit. In addition to the purchase price, Mirabeau Mining also paid a $1,600 filing fee; a $4,400 lic...

Q: Mid Valley Sporting Goods, Inc., uses the LIFO inventory method

Mid Valley Sporting Goods, Inc., uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Mid Valley Sporting Goods, Inc., has the following account balanc...

Q: On October 31, Ames Athletic Equipment, Inc., had a

On October 31, Ames Athletic Equipment, Inc., had a $2,400 debit balance in Accounts Receivable. During November, Ames Athletic Equipment, Inc., had the following transactions: • Sales of $49,000, all...

Q: At the end of 2016, Zepher Corp., had total assets

At the end of 2016, Zepher Corp., had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600 and accumulated dep...

Q: Due to a nationwide recession, Liquidation Universe, Inc.’s

Due to a nationwide recession, Liquidation Universe, Inc.’s merchandise inventory is gathering dust. It is now November 30, 2016, and the $162,750 that Liquidation Universe, Inc., paid for its ending...