Questions from Financial Accounting

Q: Simple Plan Enterprises uses a periodic inventory system. Its records showed

Simple Plan Enterprises uses a periodic inventory system. Its records showed the following: Required: 1. Compute the number and cost of goods available for sale, the cost of ending inventory, and th...

Q: Refer to the information in E7-5. Assume Oahu Kiki

Refer to the information in E7-5. Assume Oahu Kiki applies its inventory costing method perpetually at the time of each sale. The company sold 240 units between January 16 and 23. Calculate the cost o...

Q: Using the following categories, indicate the effects of the following transactions

Using the following categories, indicate the effects of the following transactions. Use + for increase and − for decrease and indicate the accounts affected and the amounts. Assets = Liabilities + Sto...

Q: Refer to the information in E7-6. Assume Orion Iron

Refer to the information in E7-6. Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. Calculate the cost of ending inventory and the cost of goods sold using t...

Q: Dallas Corporation prepared the following two income statements: /

Dallas Corporation prepared the following two income statements: During the third quarter, the company’s internal auditors discovered that the ending inventory for the first quarter...

Q: What is the purpose of closing journal entries?

What is the purpose of closing journal entries?

Q: Seemore Lens Company (SLC) sells contact lenses FOB destination.

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $70,000 and Cost of Goods Sold of $420,000. a. Included in Inventory...

Q: Refer to the information in E7-2. Required:

Refer to the information in E7-2. Required: For each item (a)–(d), prepare the journal entry to correct the balances presently reported. If a journal entry is not required, indicate so Data from E7...

Q: Spotter Corporation reported the following for June in its periodic inventory records

Spotter Corporation reported the following for June in its periodic inventory records. Required: 1. Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, an...

Q: Oahu Kiki tracks the number of units purchased and sold throughout each

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system....