Questions from Financial Accounting


Q: Dao Vang, CPA, was retained by Universal Cable to prepare

Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Universal’s records and found the followin...

See Answer

Q: Powell’s Book Warehouse distributes hardcover books to retail stores and extends credit

Powell’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Powell’s inventory consisted of books purchased...

See Answer

Q: Identify the five components of a good internal control system.

Identify the five components of a good internal control system.

See Answer

Q: Latona Hardware Store completed the following merchandising transactions in the month of

Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $5,000 and Common Stock of $5,000. May 1 Purc...

See Answer

Q: The Deluxe Store is located in midtown Madison. During the past

The Deluxe Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fi scal...

See Answer

Q: Adam Nichols, a former disc golf star, operates Adam’s Discorama

Adam Nichols, a former disc golf star, operates Adam’s Discorama. At the beginning of the current season on April 1, the ledger of Adam’s Discorama showed Cash $1,800, Inventory $2,500, and Common Sto...

See Answer

Q: The trial balance of Valdez Fashion Center contained the following accounts at

The trial balance of Valdez Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year. Adjustment data: 1. Supplies on hand totaled $2,00...

See Answer

Q: Austin Limited is trying to determine the value of its ending inventory

Austin Limited is trying to determine the value of its ending inventory as of February 28, 2019, the company’s year-end. The following transactions occurred, and the accountant asked your help in dete...

See Answer

Q: Express Distribution markets CDs of the performing artist Fishe. At the

Express Distribution markets CDs of the performing artist Fishe. At the beginning of October, Express had in beginning inventory 2,000 of Fishe’s CDs with a unit cost of $7. During October, Express ma...

See Answer

Q: Ziad Company had a beginning inventory on January 1 of 150 units

Ziad Company had a beginning inventory on January 1 of 150 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made. Mar. 15 400 units at $23………..Sept. 4...

See Answer