Questions from Survey Accounting

Q: Ultra Day Spa provided $120,000 of services during 2018

Ultra Day Spa provided $120,000 of services during 2018. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The c...

Q: Luna Company accepted credit cards in payment for $6,000

Luna Company accepted credit cards in payment for $6,000 of services performed during July 2018. The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the i...

Q: Required: For each of the following situations, indicate whether

Required: For each of the following situations, indicate whether FIFO, LIFO, or weighted average applies: a. In a period of falling prices, net income would be highest. b. In a period of falling price...

Q: Jones Co. started the year with no inventory. During the

Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,060 and the other, $1,380. Jones sold one of th...

Q: Cortez Company sells chairs that are used at computer stations. Its

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The fir...

Q: The following information pertains to Mason Company for 2018:

The following information pertains to Mason Company for 2018: Beginning inventory…………………………………..90 units @ $40 Units purchased………………………………………..310 units @ $45 Ending inventory consisted of 30 units....

Q: Businesses using the allowance method for the recognition of uncollectible accounts expense

Businesses using the allowance method for the recognition of uncollectible accounts expense commonly experience four accounting events: 1. Recognition of uncollectible accounts expense through a year-...

Q: The Shirt Shop had the following transactions for T-shirts for

The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required: a. Compute the amount of...

Q: Use the Target Corporation’s Form 10-K to answer the following

Use the Target Corporation’s Form 10-K to answer the following questions related to Target’s 2015 fiscal year (year ended January 30, 2016). Target’s Form 10-K is available on the company’s website or...

Q: The following information pertains to the inventory of Parvin Company:

The following information pertains to the inventory of Parvin Company: During 2018, Parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 of operating expenses. Parvin currently...