Questions from General Accounting

Q: Bleeker Company has the following merchandise account balances: Sales $195

Bleeker Company has the following merchandise account balances: Sales $195,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory $40,000. Prepare the entries to record th...

Q: The adjusted trial balance of Zambrana Company shows the following data pertaining

The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and Allow...

Q: Maulder Company provides the following information for the month ended October 31

Maulder Company provides the following information for the month ended October 31, 2010: Sales on credit $280,000, cash sales $100,000, sales discounts $13,000, sales returns and allowances $11,000. P...

Q: Peter Kalle Company had the following account balances at year-end

Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and s...

Q: Presented is information related to Rogers Co. for the month of

Presented is information related to Rogers Co. for the month of January 2010. Instructions (a) Prepare the necessary adjusting entry for inventory. (b) Prepare the necessary closing entries.

Q: Explain where each of the following items would appear on (

Explain where each of the following items would appear on (1) a multiple step income statement, and on (2) a single-step income statement: (a) gain on sale of equipment, (b) interest expense, (c) ca...

Q: Assume Baja Company has the following reported amounts: Sales $510

Assume Baja Company has the following reported amounts: Sales $510,000, Sales returns and allowances $15,000, Cost of goods sold $350,000, Operating expenses $110,000. Compute the following: (a) net...

Q: Presented below is information for Obley Company for the month of March

Presented below is information for Obley Company for the month of March 2010. Instructions (a) Prepare a multiple-step income statement. (b) Compute the gross profit rate.

Q: Assume that Alshare Company uses a periodic inventory system and has these

Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; and Freight-in $16,...

Q: In its income statement for the year ended December 31, 2010

In its income statement for the year ended December 31, 2010, Pele Company reported the following condensed data. Operating expenses $ 925,000 Interest revenue $ 28,000 Cost of goods sold 1,289,00...