Questions from General Accounting

Q: Big Blue University has a fiscal year that ends on June 30

Big Blue University has a fiscal year that ends on June 30. The 2010 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted t...

Q: Kirkland Theater sells season tickets for six events at a price of

Kirkland Theater sells season tickets for six events at a price of $180. In pricing the tickets, the planners assigned the leadoff event a value of $45 because the program was an expensive symphony or...

Q: If the ending inventory of a firm is overstated by $50

If the ending inventory of a firm is overstated by $50,000, by how much and in what direction (overstated or understated) will the firm’s operating income be misstated? (Use the cost of goods sold mod...

Q: Assume that the ending inventory of a merchandising firm is overstated by

Assume that the ending inventory of a merchandising firm is overstated by $40,000. Required: a. By how much and in what direction (overstated or understated) will the firm’s cost of goods sold be mis...

Q: Refer to the consolidated statements of income on page 687 of the

Refer to the consolidated statements of income on page 687 of the Intel Corporation annual report in the appendix. consolidated statements: Required: a. Calculate the gross profit ratio for each of...

Q: MBI, Inc., had sales of $141.6 million

MBI, Inc., had sales of $141.6 million for fiscal 2010. The company’s gross profit ratio for that year was 31.6%. Required: a. Calculate the gross profit and cost of goods sold for MBI, Inc., for fis...

Q: If you were interested in evaluating the profitability of a company and

If you were interested in evaluating the profitability of a company and could have only limited historical data, would you prefer to know operating income or net income for the past five years? Explai...

Q: Refer to the selected financial data (five-year financial summary

Refer to the selected financial data (five-year financial summary) on page 685 of the Intel Corporation annual report in the appendix. selected financial data: Required: Compare the trend of the op...

Q: A partially completed balance sheet for Blue Co., Inc., as

A partially completed balance sheet for Blue Co., Inc., as of January 31, 2011, follows. Where amounts are shown for various items, the amounts are correct. Required: Using the following data, compl...

Q: Ringemup, Inc., had net income of $473,400

Ringemup, Inc., had net income of $473,400 for its fiscal year ended October 31, 2010. During the year the company had outstanding 38,000 shares of $4.50, $50 par value preferred stock, and 105,000 sh...