Questions from Financial Accounting

Q: During 2010, Vanguard, Inc., changed to the LIFO method

During 2010, Vanguard, Inc., changed to the LIFO method of accounting for inventory . Suppose that during 2011, Vanguard changes back to the FIFO method and the following year Vanguard switches back t...

Q: Suppose a Williams store in Cleveland, Ohio, ended September 2010

Suppose a Williams store in Cleveland, Ohio, ended September 2010 with 1,100,000 units of merchandise that cost an average of $9.00 each. Suppose the store then sold 1,000,000 units for $9.7 million d...

Q: Ontario Garden Supplies uses a perpetual inventory system. Ontario Garden Supplies

Ontario Garden Supplies uses a perpetual inventory system. Ontario Garden Supplies has these account balances at May 31, 2010, prior to making the year-end adjustments: A year ago, the replacement c...

Q: Refer to the data in Exercise 6-35B. Compute all

Refer to the data in Exercise 6-35B. Compute all ratio values to answer the following questions: Which company has the highest, and which company has the lowest, gross profit percentage? Which compa...

Q: Durkin & Davis, a partnership, had these inventory data:

Durkin & Davis, a partnership, had these inventory data: Durkin & Davis need to know the company’s gross profit percentage and rate of inventory turnover for 2010 under 1....

Q: Harbour Master Marine Supply reported the following comparative income statement for the

Harbour Master Marine Supply reported the following comparative income statement for the years ended September 30, 2010, and 2009: Harbour Masters president and shareholders are thrilled by the comp...

Q: Deadwood Manufacturing bought three used machines in a $167,000

Deadwood Manufacturing bought three used machines in a $167,000 lump-sum purchase. An independent appraiser valued the machines as shown in the table. What is each machines individual cost? Immediate...

Q: During 2010, Chun Book Store paid $487,000 for

During 2010, Chun Book Store paid $487,000 for land and built a store in Akron. Prior to construction, the city of Akron charged Chun $1,400 for a building permit, which Chun paid. Chun also paid $15,...

Q: Assume that in January 2010, an Oatmeal House restaurant purchased a

Assume that in January 2010, an Oatmeal House restaurant purchased a building, paying $56,000 cash and signing a $107,000 note payable. The restaurant paid another $61,000 to remodel the building. Fur...

Q: On June 30, 2010, Rockwell Corp. paid $220

On June 30, 2010, Rockwell Corp. paid $220,000 for equipment that is expected to have an eight-year life. In this industry, the residual value of equipment is approximately 10% of the assets cost. Roc...