Questions from General Accounting

Q: You have the following information for Wooderson Gems. Wooderson uses the

You have the following information for Wooderson Gems. Wooderson uses the periodic method of accounting for its inventory transactions. Wooderson only carries one brand and size of diamondsâ...

Q: Pember Inc. is a retailer operating in Edmonton, Alberta.

Pember Inc. is a retailer operating in Edmonton, Alberta. Pember uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided wi...

Q: Lambert Center began operations on July 1. It uses a perpetual

Lambert Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales. Instructions: (a) Determine the ending inventory unde...

Q: Granada Theater is in the Greenbelt Mall. A cashier’s booth is

Granada Theater is in the Greenbelt Mall. A cashier’s booth is located near the entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 P.M., the other from 5:00 to 9:00 P.M. E...

Q: Suppose the 2014 financial statements of 3M Company report net sales of

Suppose the 2014 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year....

Q: Flint Hills Middle School wants to raise money for a new sound

Flint Hills Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Jay Dee will play classic and not-so...

Q: On July 31, 2014, Redeker Company had a cash balance

On July 31, 2014, Redeker Company had a cash balance per books of $6,140. The statement from Nashota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the...

Q: The bank portion of the bank reconciliation for LaRoche Company at October

The bank portion of the bank reconciliation for LaRoche Company at October 31, 2014, is shown below. The adjusted cash balance per bank agreed with the cash balance per books at October 31. The Nove...

Q: Zimmerman Company of Shawnee, Kansas, spreads herbicides and applies liquid

Zimmerman Company of Shawnee, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2014, the company’s Cash account per its general ledger showed a...

Q: You are provided with the following information taken from Langerhan Inc.

You are provided with the following information taken from Langerhan Inc.’s March 31, 2014, balance sheet. Cash ………â...