Questions from Intermediate Accounting

Q: Cruise Industries purchased $10,800 of merchandise on February 1

Cruise Industries purchased $10,800 of merchandise on February 1, 2014, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash d...

Q: Fong Sai-Yuk Company sells one product. Presented below is

Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on acco...

Q: Ann M. Martin Company makes the following errors during the current

Ann M. Martin Company makes the following errors during the current year. (Evaluate each case independently and assume ending inventory in the following year is correctly stated.) 1. Ending invento...

Q: (Inventory Errors) At December 31, 2013, Stacy

At December 31, 2013, Stacy McGill Corporation reported current assets of $370,000 and current liabilities of $200,000. The following items may have been recorded incorrectly. 1. Goods purchased co...

Q: How might a company obtain a price index in order to apply

How might a company obtain a price index in order to apply dollar-value LIFO?  

Q: The net income per books of Linda Patrick Company was determined without

The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated. Instructions Prepare a worksheet to show the adjusted net income figure for each of...

Q: Inventory information for Part 311 of Monique Aaron Corp. discloses the

Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. Instructions (a) Assuming that the periodic inventory method is used, compu...

Q: John Adams Company’s record of transactions for the month of April was

John Adams Company’s record of transactions for the month of April was as follows. Instructions (a) Assuming that periodic inventory records are kept in units only, compute the inventory...

Q: Shania Twain Company was formed on December 1, 2013. The

Shania Twain Company was formed on December 1, 2013. The following information is available from Twain’s inventory records for Product BAP. A physical inventory on March 31, 2014, shows 1...

Q: Presented below is information related to Blowfish radios for the Hootie Company

Presented below is information related to Blowfish radios for the Hootie Company for the month of July. Instructions (a) Assuming that the periodic inventory method is used, compute the invent...