Questions from Financial Accounting

Q: ProBuilder reports merchandise sales of $50,000 and cost of

ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30. It makes fiscal­year­end adjusting entries for estimated future...

Q: Each team member has the responsibility to become an expert on an

Each team member has the responsibility to become an expert on an inventory method. This expertise will be used to facilitate teammates’ understanding of the concepts relevant to tha...

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 net method and a perpetual inventory system.

Q: Review the chapter’s opening feature highlighting Jeff Bezos and Whole Foods.

Review the chapter’s opening feature highlighting Jeff Bezos and Whole Foods. Assume that the business consistently maintains an inventory level of $30,000, meaning that its average and ending invento...

Q: Moya Co. establishes a petty cash fund for payments of small

Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in January (the last month of the company’s fiscal year). Jan. 3...

Q: Refer to QS 4­8 and prepare journal entries to record

Refer to QS 4­8 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.

Q: Access the Yahoo! (renamed as Altaba, ticker: AABA

Access the Yahoo! (renamed as Altaba, ticker: AABA) 10-K report for the year ended December 31, 2016, filed on March 1, 2017, at SEC.gov. Required 1. What amount of goodwill is reported on Yahoo!’s ba...

Q: Journ Co. purchased short-term investments in available-for

Journ Co. purchased short-term investments in available-for-sale debt securities at a cost of $50,000 cash on November 25. At December 31, these securities had a fair value of $47,000. This is the fir...

Q: Determine whether each of the following accounting duties mainly involves financial accounting

Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting. 1. Internal auditing. 2. External auditing. 3. Cost accounting...

Q: Try to find at least one store that does not use bar

Try to find at least one store that does not use bar coding. If a store does not use bar coding, ask the store’s manager or clerk whether he or she knows which type of inventory method the store emplo...