Questions from Financial Accounting

Q: From the information in BE5-3, prepare the journal entries

From the information in BE5-3, prepare the journal entries to record these transactions on McLeena Company’s books under a perpetual inventory system. Information from BE5-3: (a) On March 2, Borst Com...

Q: Clean Lake Corporation’s accounting records show the following at year-end

Clean Lake Corporation’s accounting records show the following at year-end December 31, 2017: Assuming that Clean Lake Corporation uses the periodic system, compute (a) cost of good...

Q: On June 30, Flores Corporation discontinued its operations in Mexico.

On June 30, Flores Corporation discontinued its operations in Mexico. On September 1, Flores disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the disc...

Q: The adjusted trial balance of Doqe Company shows these data pertaining to

The adjusted trial balance of Doqe Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $900,000, Freight-Out $14,000, Sales Returns and Allowanc...

Q: Waymon Co. has net sales of $100,000,

Waymon Co. has net sales of $100,000, cost of goods sold of $70,000, and operating expenses of $18,000. What is its gross profit?

Q: Basse Corporation has 7,000 shares of common stock outstanding.

Basse Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Pre...

Q: Barto Company provides this information for the month ended October 31,

Barto Company provides this information for the month ended October 31, 2017: sales on credit $300,000, cash sales $150,000, sales discounts $5,000, and sales returns and allowances $19,000. Prepare t...

Q: Presented below is information for Lieu Co. for the month of

Presented below is information for Lieu Co. for the month of January 2017. Instructions (a) Prepare an income statement using the format presented in Illustration 5-11. (b) Prepare a comprehensive inc...

Q: Net income was $500,000 in 2015, $485

Net income was $500,000 in 2015, $485,000 in 2016, and $518,400 in 2017. What is the percentage of change from (a) 2015 to 2016, and (b) from 2016 to 2017? Is the change an increase or a decrease?

Q: Explain where each of these items would appear on a multiple-

Explain where each of these items would appear on a multiple-step income statement: gain on disposal of plant assets, cost of goods sold, depreciation expense, and sales returns and allowances.