Questions from Financial Accounting

Q: Patrick Miller is the owner and operator of Chicopee LLC, a

Patrick Miller is the owner and operator of Chicopee LLC, a motivational consulting business. At the end of its accounting period, December 31, 20Y8, Chicopee has assets of $518,000 and liabilities of...

Q: The following units of an item were available for sale during the

The following units of an item were available for sale during the year: Beginning inventory ……... 21,600 units at $20.00 Sale ……………………………. 14,400 units at $40.00 First purchase ……………... 48,000 units a...

Q: The following units of a particular item were available for sale during

The following units of a particular item were available for sale during the calendar year: The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merc...

Q: Complete the following table showing which ledger account is to be debited

Complete the following table showing which ledger account is to be debited and which is to be credited:

Q: Using the information from question 7.8, re-prepare

Using the information from question 7.8, re-prepare J. Magee’s statement of financial position, using the horizontal format, as at 31 December 20X9.

Q: The books of original entry for James Plc showed the following for

The books of original entry for James Plc showed the following for the month ended 31 March 20X9: Previous trade receivable/trade payable balances were £53,450/£42,150. Re...

Q: A list of balances on the individual customer accounts in the sales

A list of balances on the individual customer accounts in the sales ledger did not agree with the balance on the sales ledger control account. You are told that: 1. A sales invoice of £...

Q: Formica purchases inventory on credit from a large number of suppliers.

Formica purchases inventory on credit from a large number of suppliers. The company maintains a purchases ledger control account as an integral part of its double-entry system and in addition maintain...

Q: The following particulars relating to the year ended 31 March 20X9 have

The following particulars relating to the year ended 31 March 20X9 have been extracted from the books of a trader: Prepare the sales ledger control account for the year ended 31 March 20X9, using re...

Q: At the end of January 20X9 a trial balance extracted from the

At the end of January 20X9 a trial balance extracted from the ledger of Gerald Ltd did not balance and a suspense account was opened for the amount of the difference. Subsequently, the following matte...