Questions from Financial Accounting

Q: Indicate whether the following items would be added (+) or subtracted (−)

Indicate whether the following items would be added (+) or subtracted (−) from the company’s books or the bank statement side of a bank reconciliation.

Q: Using the information in M5-8, prepare any journal entries

Using the information in M5-8, prepare any journal entries needed to adjust the company’s books. Data 5-8 Indicate whether the following items would be added (+) or subt...

Q: Identify the type of business as service (S), retail merchandiser

Identify the type of business as service (S), retail merchandiser (RM), or wholesale merchandiser (WM) for each of the following.

Q: In its annual report, American Eagle Outfitters states that its “

In its annual report, American Eagle Outfitters states that its “e-commerce operation records revenue upon the estimated customer receipt date of the merchandise.” Is this FOB shipping point or FOB de...

Q: Show the income statement equation and define each element.

Show the income statement equation and define each element.

Q: Nord Store’s perpetual accounting system indicated ending inventory of $20,

Nord Store’s perpetual accounting system indicated ending inventory of $20,000, cost of goods sold of $100,000, and net sales of $150,000. A year-end inventory count determined goods costing $15,000 w...

Q: A company that usually sells satellite TV equipment for $50 and

A company that usually sells satellite TV equipment for $50 and two years of satellite TV service for $450 has a special, time-limited offer in which it sells the equipment for $300 and gives the two...

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax...

Q: Using the information in M6-13, calculate the gross profit

Using the information in M6-13, calculate the gross profit percentage (rounded to one decimal place). How has Sellall performed, relative to the gross profit percentages reported for Walmart in the ch...

Q: Ziehart Pharmaceuticals reported Net Sales of $178,000 and Cost

Ziehart Pharmaceuticals reported Net Sales of $178,000 and Cost of Goods Sold of $58,000. Candy Electronics Corp. reported Net Sales of $36,000 and Cost of Goods Sold of $26,200. Calculate the gross p...