Questions from Intermediate Accounting

Q: Presented below are transactions related to Guillen, Inc. May

Presented below are transactions related to Guillen, Inc. May 10 Purchased goods billed at $20,000 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $15,000 subject to terms o...

Q: Wizard Industries purchased $12,000 of merchandise on February 1

Wizard Industries purchased $12,000 of merchandise on February 1, 2012, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $3,000 (gross price before trade or cash dis...

Q: Chippewas Company sells one product. Presented below is information for January

Chippewas Company sells one product. Presented below is information for January for Chippewas Company. Chippewas uses the FIFO cost flow assumption. All purchases and sales are on account. Instruct...

Q: Thomason Company makes the following errors during the current year. (

Thomason Company makes the following errors during the current year. (In all cases, assume ending inventory in the following year is correctly stated.) 1. Both ending inventory and purchases and relat...

Q: Answer the following questions. (a) On May 1

Answer the following questions. (a) On May 1, 2012, Goldberg Company sold some machinery to Newlin Company on an installment contract basis. The contract required five equal annual payments, with the...

Q: On January 1, 2012, Bonanza Wholesalers Inc. adopted the

On January 1, 2012, Bonanza Wholesalers Inc. adopted the dollar-value LIFO inventory method for income tax and external financial reporting purposes. However, Bonanza continued to use the FIFO invento...

Q: Presented below is information related to Kaisson Corporation for the last 3

Presented below is information related to Kaisson Corporation for the last 3 years. Instructions Compute the ending inventories under the dollar-value LIFO method for 2011, 2012, and 2013. The base...

Q: Richardson Company cans a variety of vegetable-type soups. Recently

Richardson Company cans a variety of vegetable-type soups. Recently, the company decided to value its inventories using dollar-value LIFO pools. The clerk who accounts for inventories does not underst...

Q: The following independent situations relate to inventory accounting. 1.

The following independent situations relate to inventory accounting. 1. Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20% and 10%, with no cash discounts allowab...

Q: Dimitri Company, a manufacturer of small tools, provided the following

Dimitri Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2012. Inventory at December 31, 2012 (based on physical...