Questions from Financial Accounting

Q: Water Works Pool Supply, Inc., purchased inventory for $2

Water Works Pool Supply, Inc., purchased inventory for $2,700 and paid $70 freight to have the inventory delivered. Water Works Pool Supply, Inc., returned $125 of the goods to the seller and later to...

Q: Regal Spas, Inc., purchased $17,400 worth of

Regal Spas, Inc., purchased $17,400 worth of inventory from the Pool Palace on account, terms of 1/10, n/30. Some of the goods are damaged in shipment, so Regal Spas, Inc., returns $1,600 of the merch...

Q: If a company had two units that cost $1 each in

If a company had two units that cost $1 each in its beginning inventory and purchased two more units for $2 each, what would be the cost of goods sold associated with a sale of three units under each...

Q: Assume BAL, Inc., began March with 95 units of inventory

Assume BAL, Inc., began March with 95 units of inventory that cost a total of $1,710. During March, BAL, Inc., purchased and sold goods as follows:
BAL, Inc., uses perpetual inventory. Under the F...

Q: Wave Rider is famous for custom skateboards. At the end of

Wave Rider is famous for custom skateboards. At the end of a recent year, Wave Rider’stotal assets added up to $884,000 and stockholders’ equity was $187,000. How muchdid Wave Rider owe creditors? a....

Q: Determine the missing amounts in the following accounting equations.

Determine the missing amounts in the following accounting equations.

Q: Distinguish between an event and a transaction. Are all transactions events

Distinguish between an event and a transaction. Are all transactions events? Are all events transactions? Why or why not? What are the implications of your answers with respect to journal entries?

Q: Cathy’s Catering, Inc., purchased $200 of supplies on account

Cathy’s Catering, Inc., purchased $200 of supplies on account. The journal entry to recordthis transaction is denoted by which of the following?

Q: For each of the following accounts, indicate the account type by

For each of the following accounts, indicate the account type by labeling it as an asset (A), liability (L), stockholders’ equity (SE), revenue (R), or expense (E). Also give the digiteach account num...

Q: What is a deferral? Under which basis of accounting, cash

What is a deferral? Under which basis of accounting, cash or accrual, would deferrals come into play? Under what circumstances would a company record a deferral?