Questions from Financial Accounting

Q: Dublin Corporation reported net sales of $250,000, cost

Dublin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of...

Q: The trial balance of Mendez Company at the end of its fiscal

The trial balance of Mendez Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,700, Purchases $154,000, Sales Revenue $190,000, Freight-In $8,000,...

Q: Scribe Company reports net sales of $800,000, gross

Scribe Company reports net sales of $800,000, gross profit of $560,000, and net income of $230,000. What are its operating expenses?

Q: Garten Corporation reported net sales $800,000, cost of

Garten Corporation reported net sales $800,000, cost of goods sold $520,000, operating expenses $210,000, and net income $68,000. Calculate the following values and explain what they mean: (a) profit...

Q: Suppose Columbia Sportswear Company had accounts receivable of $299,585

Suppose Columbia Sportswear Company had accounts receivable of $299,585,000 at January 1, 2017, and $226,548,000 at December 31, 2017. Assume sales revenue was $1,244,023,000 for the year 2017. What i...

Q: Cabo Corporation reported net income of $346,000, cash

Cabo Corporation reported net income of $346,000, cash of $67,800, and net cash provided by operating activities of $221,200. What does this suggest about the quality of the company’s earnings? What f...

Q: On October 5, Iverson Company buys merchandise on account from Lasse

On October 5, Iverson Company buys merchandise on account from Lasse Company. The selling price of the goods is $5,000, and the cost to Lasse Company is $3,000. On October 8, Iverson returns defective...

Q: Dorsett Corporation reported sales revenue of $257,000, net

Dorsett Corporation reported sales revenue of $257,000, net income of $45,300, cash of $9,300, and net cash provided by operating activities of $23,200. Accounts receivable have increased at three tim...

Q: Hoffman Corporation reported income taxes of $370,000,000

Hoffman Corporation reported income taxes of $370,000,000 on its 2017 in-come statement and income taxes payable of $277,000,000 at December 31, 2016, and $528,000,000 at December 31, 2017. What amoun...

Q: Prepare the journal entries to record these transactions on Kimble Company’s books

Prepare the journal entries to record these transactions on Kimble Company’s books using a periodic inventory system. (a) On March 2, Kimble Company purchased $800,000 of merchandise from Poe Company,...