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  • Dec 5, 2008, 06:57 AM
    kim nguyen
    Principle of Accounting
    The following data were taken from BKG Inc.


    Cost of Goods Sold $432,000

    Inventory, end of the year 67,000

    Inventory, beginning of the year 82,000


    Required:

    a. Calculate the inventory turnover ratio.
    b. Calculate the number of days' sales in inventory.
  • Dec 5, 2008, 06:59 AM
    kim nguyen
    Principle of Accounting
    The following inventory information is available for Miami Lakes Company:


    Units Unit Cost Total Cost

    Beginning inventory 20 $ 16 $ 320

    June 9 purchase 100 20 2,000

    June 16 sale 115

    June 20 purchase 100 24 2,400

    June 25 sale 90


    Required:

    Assuming the company uses the periodic inventory method; calculate cost of goods sold and ending inventory under (a) LIFO and, (b) FIFO, (c) Average Cost.


    Cost of Goods Sold Ending Inventory

    LIFO $_______________ $______________


    FIFO $_______________ $_______________


    Average Cost $_______________ $_______________
  • Dec 5, 2008, 07:01 AM
    kim nguyen
    Principle of Accounting
    The following inventory information is available for Miami Lakes Company:


    Units Unit Cost Total Cost

    Beginning inventory 20 $ 16 $ 320

    June 9 purchase 100 20 2,000

    June 16 sale 115

    June 20 purchase 100 24 2,400

    June 25 sale 90


    Required:

    Assuming the company uses the perpetual inventory method; calculate cost of goods sold and ending inventory under (a) LIFO and, (b) FIFO, (c) Average Cost.


    Cost of Goods Sold Ending Inventory

    LIFO $_______________ $______________


    FIFO $_______________ $_______________
  • Dec 5, 2008, 07:02 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    On December 31, 2007, Highlife Company's total accounts receivable was $ 57,800. A summary of the December 31, 2007, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group:


    Age Group Amount % Uncollectible

    0- 60 days $ 40,000 1%

    61- 90 days 15,000 2%

    91- 120 days 2,000 15%

    Over 120 days 800 80%


    The allowance for uncollectible account had a balance of $ 1,100 at January 1, 2007. During the year, $ 1,050 of accounts were written off.


    Required:

    a. What was Highlife Company's bad debt expense for 2007?
    b. What was the net realizable value of Highlife Company's Accounts Receivable on its December 31, 2007 Balance Sheet?
  • Dec 5, 2008, 07:04 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    The cash account for JKL Co. on March 31, 2008 indicated a balance of $ 16,450.00. The March bank statement indicated an ending balance of $ 18,345.00. Comparing the bank statement, the canceled checks, and the accompanying memorandums with the records revealed the following reconciling items:


    Checks outstanding totaled $ 3,620.00
    A deposit of & 4,496.00 had been made too late to appear on the bank statement.
    A check for $ 1,233.00 returned with the statement had been incorrectly recorded as $ 233.00. The check was originally credited to accounts payable.
    The bank collected $ 4,541.00 on a note left for collection.
    Bank service charges for March amounted to $ 25.00.
    A check for $ 745.00 was returned by the bank because of insufficient funds.


    Required:

    a. Prepare a bank reconciliation as of March 31, 2008.
    b. Prepare the necessary journal entries based upon your reconciliation.
  • Dec 5, 2008, 07:05 AM
    NeedKarma
    So you copy/paste your homework and expect people to do it for you?
  • Dec 5, 2008, 07:07 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    Which inventory cost method is appropriate for a business who has a small quantity of uniquely different items in inventory with a relatively high cost per items?
    a. LIFO
    B. FIFO
    c. Average cost
    d. specific identification
  • Dec 5, 2008, 07:10 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    During aperiod of consistently rising prices, the method of inventory that will result in reporting the greastest cost of merchandise sold is:
    a. FIFO
    b. LIFO
    c. Average cost
    d. Weighted average
  • Dec 5, 2008, 07:12 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    Journal entries based on the bank reconciliation are required in the depositor's accounts for:
    a. outstanding checks
    b. deposits in transit
    c. bank errors
    d. book errors
  • Dec 5, 2008, 07:13 AM
    ScottGem

    Please review the guidelines on asking for help with homework that can be found here:



    Ask Me Help Desk - Announcements in Forum : Arts & Literature
  • Dec 5, 2008, 07:15 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    Which of the following items that appeared on the bank reconciliation did not require an adjusting entry?
    a. bank service charges
    b. deposits in transit
    c. NSF checks
    d. a check for $520, recorded in the check register for $250
  • Dec 5, 2008, 07:18 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    On November 1, Blazer Co. receives a 6% interest bearing note from Ram Company to settle a $20,000 account receivable. The note is due in 6 months. At Dec. 31, Blazer should record interest revenue of:
    a. $ 0
    b. $ 100
    c. $ 200
    d. $ 600
  • Dec 5, 2008, 07:25 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    One of the weaknesses of the dirrect write-off method is that it:
    a. understates accounts receivable on the balance sheet
    b. violates the matching principle
    c. is too difficult to use for many companies
    d, is based on estimates
  • Dec 5, 2008, 07:27 AM
    kim nguyen
    Principle of Accounting (ARC#1)
    The receivable that is usually evidenced by a formal instrument of credit and calls for the payment of interest is a(n):
    a. employee receivable
    b. note receivable
    c. accounts receivable
    d. income tax receivable
  • Dec 5, 2008, 07:29 AM
    NeedKarma
    Answer = Ask Me Help Desk - View Single Post - Principle of Accounting

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