Questions from Financial Accounting

Q: Nicole’s Getaway Spa (NGS) continues to grow and develop.

Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents inform a...

Q: On January 1, Pulse Recording Studio (PRS) had the

On January 1, Pulse Recording Studio (PRS) had the following account balances. The following transactions occurred during January. a. Received $2,500 cash on 1/1 from customers on account for record...

Q: Grid Iron Prep Inc. (GIPI) is a service business

Grid Iron Prep Inc. (GIPI) is a service business incorporated in January of the current year to provide personal training for athletes aspiring to play college football. The following transactions occ...

Q: Fit for Life (FFL) operates a fitness center and snack

Fit for Life (FFL) operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December 31. FFL adjusts its records only at year-end. Require...

Q: Vanishing Games Corporation (VGC) operates a massively multiplayer online game

Vanishing Games Corporation (VGC) operates a massively multiplayer online game, charging players a monthly subscription of $15. At the start of January 2018, VGC’s income statement a...

Q: If a Chicago-based company ships goods on September 30 to

If a Chicago-based company ships goods on September 30 to a customer in Hawaii with sales terms FOB destination, does the Chicago-based company include the inventory or the sale in its September finan...

Q: (a) On October 1, the Business Students’ Society (

(a) On October 1, the Business Students’ Society (BSS) placed an order for 100 golf shirts at a unit cost of $20, under terms 2/10, n/30. (b) The order was received on October 10, but some golf shirts...

Q: Complete C7-3 but assume Tracer Advance Corporation (TAC)

Complete C7-3 but assume Tracer Advance Corporation (TAC) uses weighted average cost in its perpetual inventory system. Data from C7-3: Tracer Advance Corporation (TAC) sells a tracking...

Q: Complete C7-3 but assume Tracer Advance Corporation (TAC)

Complete C7-3 but assume Tracer Advance Corporation (TAC) uses LIFO in its perpetual inventory system. Data from C7-3: Tracer Advance Corporation (TAC) sells a tracking implant that vete...

Q: Chipolo sells a coin-sized tracking tag that attaches to keys

Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year...