Questions from Financial Accounting

Q: Use the data from S4-11 to prepare the classified balance

Use the data from S4-11 to prepare the classified balance sheet for The Skate Shed, Inc., at January 31, 2018. Use the report format. S4-11: The accounting records for The Skate Shed, Inc., reflected...

Q: Use the data from S4-11 to calculate the gross profit

Use the data from S4-11 to calculate the gross profit percentage and the net income percentage for 2018 for The Skate Shed, Inc. S4-11: The accounting records for The Skate Shed, Inc., reflected the...

Q: Suppose Peter’s Hardware sells merchandise on account, terms 2/10

Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/30, for $640 (the cost of the inventory is $360) on March 17, 2018. Peter’s Hardware later received $185 of goods (cost, $110) as s...

Q: Suppose Paul’s Hardware sells merchandise on account, terms 1/10

Suppose Paul’s Hardware sells merchandise on account, terms 1/10, n/45, for $920 (the cost of the inventory is $550) on March 17, 2018. Paul’s Hardware later received $290 of goods (cost, $175) as sal...

Q: Inland Industrial Supply’s income statement data for the year ended October 31

Inland Industrial Supply’s income statement data for the year ended October 31, 2018, follow. Assume the ending inventory was accidentally overstated by $2,800. What are the corre...

Q: The transactions for Zane’s Creations, Inc., for the month of

The transactions for Zane’s Creations, Inc., for the month of January 2018 are posted in the following T-accounts: Requirements 1. Calculate account balances at January 31, 2018. 2...

Q: Inland Industrial Supply’s income statement data for the year ended December 31

Inland Industrial Supply’s income statement data for the year ended December 31, 2018, follow. Assume the ending inventory was accidentally overstated by $3,200 in 2018. How would...

Q: Swanson, Incorporated’s sales for the year ended March 31, 2018

Swanson, Incorporated’s sales for the year ended March 31, 2018, were $1,275,000, and cost of goods sold amounted to $728,000. Beginning inventory was $55,000, and ending inventory was $68,000. Comput...

Q: Match the terms with the definitions. ____ 1. A

Match the terms with the definitions. ____ 1. A company must perform strictly proper accounting only for items significant to the business’s financial statements. ____ 2. Reporting the least favorable...

Q: Assume Bob’s Boards has the following LIFO perpetual inventory record for skateboards

Assume Bob’s Boards has the following LIFO perpetual inventory record for skateboards for the month of March: At March 31, the accountant for Bob’s Boards determi...