Questions from General Accounting

Q: Madson Corporation’s balance sheet at December 31, 2013, is presented

Madson Corporation’s balance sheet at December 31, 2013, is presented below. During January 2014, the following transactions occurred. Madson uses the perpetual inventory method. J...

Q: What title does Tootsie Roll use for gross profit? How did

What title does Tootsie Roll use for gross profit? How did it present gross profit? By how much did its total gross profit change, and in what direction, in 2011?

Q: What inventory cost flow method does Tootsie Roll Industries use for U

What inventory cost flow method does Tootsie Roll Industries use for U.S. inventories? What method does it use for foreign inventories? Why does it use a different method for foreign inventories?

Q: Suppose this information is available for PepsiCo, Inc. for 2012

Suppose this information is available for PepsiCo, Inc. for 2012, 2013, and 2014. Instructions: Calculate the inventory turnover, days in inventory, and gross profit rate for PepsiCo., Inc. for 2012...

Q: Kenseth Corporation’s unadjusted trial balance at December 1, 2014, is

Kenseth Corporation’s unadjusted trial balance at December 1, 2014, is presented below. The following transactions occurred during December. Dec. 2 Purchased equipment for $16,00...

Q: Lincoln Park was organized on April 1, 2013, by Judy

Lincoln Park was organized on April 1, 2013, by Judy Tercek. Judy is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Judy prepared the following income...

Q: Eaton Company is a pesticide manufacturer. Its sales declined greatly this

Eaton Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Eaton’s chemical pesticides. During the coming year,...

Q: If your school has a subscription to the FASB Codification, go

If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. Instructions: Access the glossary (“Master Glossary”...

Q: If your school has a subscription to the FASB Codification, go

If your school has a subscription to the FASB Codification, go to http://aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. (a) The primary basis for accounting for inventories...

Q: You are the controller of Fagan Inc. K. L.

You are the controller of Fagan Inc. K. L. Howard, the president, recently mentioned to you that she found an error in the 2013 financial statements which she believes has corrected itself. She determ...