Questions from Financial Accounting

Q: The following inventory transactions apply to Duncan Steel Company for Year 2

The following inventory transactions apply to Duncan Steel Company for Year 2: The beginning inventory consisted of 180 units at $10 per unit. All transactions are cash transactions. Required: a. R...

Q: Nash Auto Parts, Inc. had the following transactions for Year

Nash Auto Parts, Inc. had the following transactions for Year 2: Required: a. Determine the quantity and dollar amount of inventory at the end of the year, assuming Nash Auto Parts, Inc. uses the FI...

Q: The following information pertains to James Hardware’s ending inventory for the current

The following information pertains to James Hardware’s ending inventory for the current year: Required: a. Determine the value of the ending inventory using the lower-of-cost-or-ma...

Q: Harvey Company carries three inventory items. The following information pertains to

Harvey Company carries three inventory items. The following information pertains to the ending inventory: Required: a. Determine the ending inventory that will be reported on the balance sheet, assu...

Q: Bosh Company failed to count $22,000 of inventory in

Bosh Company failed to count $22,000 of inventory in its Year 1 year-end physical count. Required: Explain how this error will affect Bosh’s Year 1 financial statements, assuming that Bosh uses the p...

Q: The ending inventory for Oak Co. was erroneously written down,

The ending inventory for Oak Co. was erroneously written down, causing an understatement of $6,500 at the end of Year 2. Required: Was each of the following amounts overstated, understated, or not af...

Q: Frank Jones, the owner of Frank’s Hunting Supplies, is surprised

Frank Jones, the owner of Frank’s Hunting Supplies, is surprised at the amount of actual inventory at the end of the year. He thought there should be more inventory on hand based on...

Q: Beth Malone owned a small company that sold boating equipment. The

Beth Malone owned a small company that sold boating equipment. The equipment was expensive, and a perpetual system was maintained for control purposes. Even so, lost, damaged, and stolen merchandise n...

Q: The following accounting information pertains to two retail stores that specialize in

The following accounting information pertains to two retail stores that specialize in selling winter ski gear. Aspen Sports operates only a few locations and has a market strategy of selling only high...

Q: Obtain the Target Corporation’s annual report at http://investors.target

Obtain the Target Corporation’s annual report at http://investors.target.com using the instruction in Appendix B, and use it to answer the following questions: Required: a. What is the par value per...