Questions from Financial Accounting

Q: Luxottica Group, the Italian company that sells Ray Ban and Oakley

Luxottica Group, the Italian company that sells Ray Ban and Oakley sunglasses, reported net sales of €8.8 billion in 2015 and €7.6 billion in 2014. Gross profit increased from €5.1 billion in 2014 to...

Q: Fortune Brands Home & Security, Inc., sells Master Lock padlocks

Fortune Brands Home & Security, Inc., sells Master Lock padlocks. It reported an increase in net sales from $4.0 billion in 2014 to $4.6 billion in 2015, and an increase in gross profit from $1.4 bill...

Q: If net sales are $300,000, cost of goods

If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit percentage is 35%, what is the amount of ending inventory?

Q: On October 5, your company buys and receives inventory costing $

On October 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase. Prepare the journal ent...

Q: Corey’s Campus Store has $4,000 of inventory on hand

Corey’s Campus Store has $4,000 of inventory on hand at the beginning of the month. During the month, the company buys $41,000 of merchandise and sells merchandise that had cost $30,000. At the end of...

Q: Drs. Glenn Feltham and David Ambrose began operations of their physical

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial b...

Q: Explain why stockholders’ equity is increased by revenues and decreased by expenses

Explain why stockholders’ equity is increased by revenues and decreased by expenses.

Q: Using the information in M6-19, prepare the journal entries

Using the information in M6-19, prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method Data from M-19...

Q: Using the information in M6-9, prepare the journal entries

Using the information in M6-9, prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the g...

Q: Using the information in M6-9, prepare the journal entries

Using the information in M6-9, prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the n...