Questions from General Accounting

Q: A car dealer acquires a used car for $14,000

A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in obtaining and offering the car for sale include $250 for transportation-in, $900 for import duties, $300 for...

Q: Use the following information (in random order) from a service

Use the following information (in random order) from a service company and from a merchandiser to compute net income. For the merchandiser, also compute gross profit, the goods available for sale, and...

Q: Prepare journal entries to record each of the following purchases transactions of

Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Nov. 5 Purchased 600 u...

Q: Refer to the information in QS 6-4 and assume the

Refer to the information in QS 6-4 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs and...

Q: Refer to the information in QS 6-4 and assume the

Refer to the information in QS 6-4 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Ro...

Q: Prepare journal entries to record each of the following sales transactions of

Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise fo...

Q: Wattan Company reports beginning inventory of 10 units at $60 each

Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it purchases an additional 10 units at respective costs of $61, $62, $65, and $70 per unit for weeks 1 thr...

Q: Identify events that might lead to disposal of a plant asset.

Identify events that might lead to disposal of a plant asset.

Q: Refer to QS 5-8 and prepare journal entries to close

Refer to QS 5-8 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS 5-8. Data from QS 5-...

Q: Trey Monson starts a merchandising business on December 1 and enters into

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each. Required Monson uses a pe...