Questions from Financial Accounting

Q: Nakashima Gallery had the following petty cash transactions in February of the

Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $400 check to est...

Q: Seneca Co. began the year with 6,500 units of

Seneca Co. began the year with 6,500 units of product in its January 1 inventory costing $35 each. It made four purchases of its product during the year as follows. The company uses a periodic invento...

Q: Shepard Company sold 4,000 units of its product at $

Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory and...

Q: The records of Macklin Co. provide the following information for the

The records of Macklin Co. provide the following information for the year ended December 31. Required 1. Use the retail inventory method to estimate the company’s year-end inventory....

Q: Refer to the information in QS 5-5 and assume the

Refer to the information in QS 5-5 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per unit...

Q: Match each phrase with its definition. A. Sales discount

Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit H. Purchases discount G. Merchandise inventory 1....

Q: Return on assets for Deutsche Auto for each of the last three

Return on assets for Deutsche Auto for each of the last three years follows. Over the three-year period shown, did the company’s return on assets improve or worsen?

Q: Otingo Equipment Co. wants to prepare interim financial statements for the

Otingo Equipment Co. wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Otingo’s gross profit rate...

Q: Refer to QS 4­11 and prepare journal entries to close

Refer to QS 4­11 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage from QS 4­11.

Q: Refer to Samsung’s December 31, 2018, balance sheet in Appendix

Refer to Samsung’s December 31, 2018, balance sheet in Appendix A. What long-term assets discussed in this chapter is reported by the company?