Questions from Financial Accounting

Q: The comparative financial statements of O’Doherty’s Irish Grille for 2016, 2015

The comparative financial statements of O’Doherty’s Irish Grille for 2016, 2015, and 2014 include the following selected data:
Requirements 1. Compute these ratios for 2016 and 2015: a. Quick rat...

Q: On January 3, 2016, Grey Enterprises, Inc., paid

On January 3, 2016, Grey Enterprises, Inc., paid $280,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $500 transportation charges...

Q: On its books, Nile Valley Company’s Cash account shows an ending

On its books, Nile Valley Company’s Cash account shows an ending balance of $950. The bank statement for the current period shows a $22 service charge and an NSF check for $140. A $220 deposit is in t...

Q: Star Equipment, Inc., sells hand-held engine analyzers to

Star Equipment, Inc., sells hand-held engine analyzers to automotive service shops. Star Equipment, Inc., started April with an inventory of 75 units that cost a total of $10,500. During the month, St...

Q: The May cash records of Van Brunt Coffee, Inc., follow

The May cash records of Van Brunt Coffee, Inc., follow:
Van Brunt Coffee, Inc.’s Cash account shows the balance of $6,191 on May 31. On May 31, Van Brunt Coffee, Inc., received the following bank...

Q: Cooper Industries had a piece of equipment that cost $29,

Cooper Industries had a piece of equipment that cost $29,000 and had accumulated depreciation of $23,000. Requirement 1. Record the disposition of the equipment assuming the following independent si...

Q: Refer to the data for Star Line Equipment, Inc., in

Refer to the data for Star Line Equipment, Inc., in P5-48B. However, assume Star Equipment, Inc., uses the average cost method. Data from P5-48B: Star Equipment, Inc., sells hand-held engine analyzer...

Q: The March bank statement of Sparky’s Sub Shop just arrived from Inland

The March bank statement of Sparky’s Sub Shop just arrived from Inland Bank.
To prepare the bank reconciliation, you gather the following additional data: a. The following checks are outstanding o...

Q: Tico’s Restaurants acquired Dave’s Diner. The financial records of Dave’s Diner

Tico’s Restaurants acquired Dave’s Diner. The financial records of Dave’s Diner included:
Requirements 1. Make the journal entry to record Tico’s Restaurants’ purchase of Dave’s Diner for $380,00...

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

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