Questions from Financial Accounting

Q: Tree Seedlings has the following current-year purchases and sales for

Tree Seedlings has the following current-year purchases and sales for its only product. Required The company uses a periodic inventory system. Determine the costs assigned to ending inventory and to c...

Q: Refer to the information in Exercise 5-11 and assume the

Refer to the information in Exercise 5-11 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. (c)...

Q: Refer to sales and purchases data from Exercise 5-11 and

Refer to sales and purchases data from Exercise 5-11 and record journal entries for Tree Seedlings’s sales and purchases transactions. Assume for this assignment that the company uses a perpetual inve...

Q: Lopez Company reported the following current-year data for its only

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 150 units—50 from each...

Q: In its first year of operations, Cloudbox has credit sales of

In its first year of operations, Cloudbox has credit sales of $200,000. Its year-end balance in Accounts Receivable is $10,000, and the company estimates that $1,500 of its accounts receivable is unco...

Q: Use the information in QS 1-15 to prepare a December

Use the information in QS 1-15 to prepare a December 31 balance sheet for Hawkin. Hint: Retained Earnings, December 31, equals $8,800.

Q: Flora’s Gifts reported the following current-month data for its only

Flora’s Gifts reported the following current-month data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 60 unitsâ€...

Q: Following are five separate cases involving internal control issues. a

Following are five separate cases involving internal control issues. a. Chi Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective accoun...

Q: Martinez Company’s ending inventory includes the following items. Compute the lower

Martinez Company’s ending inventory includes the following items. Compute the lower of cost or market for ending inventory applied separately to each product.

Q: Vibrant Company had $850,000 of sales in each of

Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical inventory from...