Questions from Financial Accounting

Q: Santana Rey created Business Solutions on October 1, 2020. The

Santana Rey created Business Solutions on October 1, 2020. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up...

Q: Santana Rey receives the March bank statement for Business Solutions on April

Santana Rey receives the March bank statement for Business Solutions on April 11, 2021. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101, s...

Q: Refer to Apple’s financial statements in Appendix A to answer the following

Refer to Apple’s financial statements in Appendix A to answer the following. Required 1. Assume that the amounts reported for inventories and cost of sales reflects items purchased in a form ready for...

Q: Key comparative figures for Apple and Google follow. /

Key comparative figures for Apple and Google follow. Required 1. Compute the amount of gross margin and the gross margin ratio for the two years shown for each of these companies. 2. Which company ea...

Q: Key comparative figures for Samsung, Apple, and Google follow.

Key comparative figures for Samsung, Apple, and Google follow. Required 1. Compute the gross margin ratio for each of the three companies. 2. Is Samsung’s gross margin ratio better o...

Q: Refer to Apple’s balance sheet and income statement in Appendix A.

Refer to Apple’s balance sheet and income statement in Appendix A. What does the company title its inventory account? Does the company present a detailed calculation of its cost of goods sold?

Q: Identify the accounting principle or assumption that best reflects each situation.

Identify the accounting principle or assumption that best reflects each situation. 1. A company reports details behind financial statements that would impact users’ decisions. 2. Financial statements...

Q: Amy Martin is a student who plans to attend approximately four professional

Amy Martin is a student who plans to attend approximately four professional events a year at her college. Each event necessitates a financial outlay of $100 to $200 for a new suit and accessories. Aft...

Q: You are the financial officer for Music Plus, a retailer that

You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you prepare...

Q: Prepare journal entries to record each of the following sales transactions of

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $...