Questions from General Accounting

Q: The management of Weigel Inc. asks your help in determining the

The management of Weigel Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014 the accounting records show these data. Inventory, Janua...

Q: You have the following information for Crystal Inc. for the month

You have the following information for Crystal Inc. for the month ended May 31, 2014. Crystal uses a periodic method for inventory. Instructions: (a) Calculate (i) ending inventory, (ii) cost of g...

Q: You have the following information for Limex Watches. Limex uses the

You have the following information for Limex Watches. Limex uses the periodic method of accounting for its inventory transactions. Limex carries only one brand of hand-crafted jeweled watchesâ&#...

Q: Suppose this information is available for the Automotive Sector of NoGo Motor

Suppose this information is available for the Automotive Sector of NoGo Motor Company for 2014. NoGo uses the LIFO inventory method. (in millions) Beginning inventory.…………………………………. $ 10,017 Ending i...

Q: Liberty Inc. is a retailer operating in Centralia. Liberty uses

Liberty Inc. is a retailer operating in Centralia. Liberty uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the inven...

Q: The Soccer Club decided to sell coupon books as a fund-

The Soccer Club decided to sell coupon books as a fund-raising activity. The books allow users to enjoy restaurants, entertainment, and services such as oil changes, at substantial discounts. The club...

Q: Tom Hall has worked for Dr. Johnson for several years.

Tom Hall has worked for Dr. Johnson for several years. Tom demonstrates a loyalty that is rare among employees. He is always willing to “cover” for other employees and hasn’t taken a vacation in three...

Q: On March 31, 2014, Taggert Company had a cash balance

On March 31, 2014, Taggert Company had a cash balance per books of $5,174.20. The statement from Western Bank on that date showed a balance of $6,041.40. A comparison of the bank statement with the ca...

Q: Laurie Massoth, CEO of Bargain Den Stores, is considering a

Laurie Massoth, CEO of Bargain Den Stores, is considering a recommendation made by both the company’s purchasing manager and director of finance that the company should invest in a sophisticated new p...

Q: Suppose the following financial information (in millions) is from the

Suppose the following financial information (in millions) is from the 2014 annual reports of Redbird Sportswear and The Carwright Company. Instructions: Calculate the accounts receivable turnover an...