Questions from Financial Accounting

Q: Huron Garden Supplies uses a perpetual inventory system. The company has

Huron Garden Supplies uses a perpetual inventory system. The company has these account Balances at October 31, 2018, prior to making the year-end adjustments: A year ago, the net realizable value of...

Q: If The Corner Frame Shop uses the LIFO method, cost of

If The Corner Frame Shop uses the LIFO method, cost of goods sold will be a. $21,200. b. $21,240. c. $20,900. d. $22,340.

Q: A bond with a face amount of $12,000 has

A bond with a face amount of $12,000 has a current price quote of 107.15. What is the bond’s price? a. $12,107.15 b. $1,285.80 c. $12,858.00 d. $128,580

Q: The income statement for Gilmore Uniforms shows gross profit of $143

The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of $130,000, and cost of goods sold of $219,000. What is the amount of net sales revenue? a. $362,000 b. $4...

Q: The following data come from the inventory records of Albrecht Company:

The following data come from the inventory records of Albrecht Company: Based on these facts, the gross profit for Albrecht Company is a. $120,000. b. $223,000. c. $195,000. d. $205,000.

Q: Pineview Company ended the month of March with inventory of $26

Pineview Company ended the month of March with inventory of $26,000. Pineview expects to end April with inventory of $14,000 after selling goods with a cost of $98,000. How much inventory must Pinevie...

Q: An error understated Golden Flash Company’s December 31, 2018, ending

An error understated Golden Flash Company’s December 31, 2018, ending inventory by $27,000. What effect will this error have on net income for 2019? a. Understate it b. Have no effect on it c. Oversta...

Q: A capital expenditure a. adds to an asset.

A capital expenditure a. adds to an asset. b. is expensed immediately. c. is a credit like capital (equity). d. records additional capital.

Q: A company’s sales are $550,000 and cost of goods

A company’s sales are $550,000 and cost of goods sold is $350,000. Beginning and ending inventories are $27,000 and $38,000, respectively. How many times did the company turn its inventory over duri...

Q: Roswell Corporation reported the following data: / Roswell’s

Roswell Corporation reported the following data: Roswell’s gross profit percentage is a. 49.2. b. 50.8. c. 56.0. d. 48.2