Questions from Financial Accounting

Q: Refer to Apple’s financial statements in Appendix A. On September 29

Refer to Apple’s financial statements in Appendix A. On September 29, 2018, what percent of current assets is represented by inventory?

Q: Flo Choi owns a small business and manages its accounting. Her

Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment an...

Q: Chavez Company most recently reconciled its bank statement and book balances of

Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,028 and No. 5893 for $494. Check No. 5893 was...

Q: Save-the-Earth Co. reports the following income statement

Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goo...

Q: Refer to Apple’s financial statements in Appendix A and compute its cost

Refer to Apple’s financial statements in Appendix A and compute its cost of goods available for sale for the year ended September 29, 2018.

Q: Clear Water Co. reports the following balance sheet accounts as of

Clear Water Co. reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet.

Q: Refer to Samsung’s financial statements in Appendix A. Compute its cost

Refer to Samsung’s financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2018.

Q: The following information on current assets and current liabilities is for Belkin

The following information on current assets and current liabilities is for Belkin Company. (a) Compute Belkin’s acid test ratio. (b) If its competitor, Logit, has an acid test ratio...

Q: Refer to Samsung’s financial statements in Appendix A. What percent of

Refer to Samsung’s financial statements in Appendix A. What percent of its current assets is inventory as of December 31, 2018 and 2017?

Q: Refer to QS 4­5 and prepare journal entries to record

Refer to QS 4­5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system.