Questions from Financial Accounting

Q: Prepare the journal entries to record the following transactions on Kwang Company’s

Prepare the journal entries to record the following transactions on Kwang Company’s books using a perpetual inventory system. (a) On March 2, Kwang Company sold $900,000 of merchandise on acc...

Q: From the information in BE5-4, prepare the journal entries

From the information in BE5-4, prepare the journal entries to record these transactions on Sensat Company’s books under a perpetual inventory system.  

Q: Hudson Company has the following account balances: Sales Revenue $195

Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of th...

Q: Arndt Company provides the following information for the month ended October 31

Arndt Company provides the following information for the month ended October 31, 2019; sales on credit $280,000, cash sales $100,000, sales discounts $5,000, and sales returns and allowances $11,000...

Q: Assume Kader Company has the following reported amounts: Sales revenue $

Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000. Compute the follo...

Q: Minnick Co. has net sales of $105,000,

Minnick Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?  

Q: Assume that Gallant Company uses a periodic inventory system and has these

Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases $450,000, Purchase Returns and Allowances $13,000, Purchase Discounts $8,000, and Freight-In $1...

Q: Assume the same information as in BE5-12 and also that

Assume the same information as in BE5-12 and also that Gallant Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported...

Q: Prepare the journal entries to record these transactions on Nimmer Company’s books

Prepare the journal entries to record these transactions on Nimmer Company’s books using a periodic inventory system. (a) On March 2, Nimmer Company purchased $900,000 of merchandise on acccount from...

Q: A. Hall Company has the following merchandise account balances: Sales

A. Hall Company has the following merchandise account balances: Sales Revenue $180,000, Sales Discounts $2,000, Purchases $120,000, and Purchases Returns and Allowances $30,000. In addition, it has a...