Questions from Financial Accounting

Q: Cruz Company uses LIFO for inventory costing and reports the following financial

Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes. 1. Compute its current ra...

Q: Use the following information for Palmer Co. to compute inventory turnover

Use the following information for Palmer Co. to compute inventory turnover for Year 3 and Year 2, and its days’ sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Y...

Q: Comparative figures for Samsung, Apple, and Google follow.

Comparative figures for Samsung, Apple, and Google follow. Required 1. Compute total asset turnover for the most recent two years for Samsung using the data shown. 2. Is the change in Samsungâ&#...

Q: Dakota Company had net sales (at retail) of $260

Dakota Company had net sales (at retail) of $260,000. The following additional information is available from its records. Use the retail inventory method to estimate Dakota’s year-en...

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

Refer to the information in QS 5-5 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Rou...

Q: Helix reported the following information in its financial statements. Write-

Helix reported the following information in its financial statements. Write-offs of accounts receivable were $200 in the current year. Helix did not recover any write-offs. Determine bad debts expense...

Q: On January 1, JKR Shop had $225,000 of

On January 1, JKR Shop had $225,000 of beginning inventory at cost. In the first quarter of the year, it purchased $795,000 of merchandise, returned $11,550, and paid freight charges of $18,800 on pur...

Q: Warnerwoods Company uses a periodic inventory system. It entered into the

Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted of 80 units fro...

Q: Refer to the information in Problem 5-1A and assume the

Refer to the information in Problem 5-1A and assume the perpetual inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute...

Q: Kiona Co. set up a petty cash fund for payments of

Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year). May 1 prepared...