 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
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. |
||||
|
||||
|
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 $_______________ $_______________ |
||||
|
||||
|
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 $_______________ $_______________ |
||||
|
||||
|
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? |
||||
|
||||
|
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. |
||||
|
||||
|
Please review the guidelines on asking for help with homework that can be found here: Ask Me Help Desk - Announcements in Forum : Arts & Literature |
||||
|
||||
|
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 |
||||
|
||||
|
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 |
||||
|
||||
|
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 |
||||
|
||||
|
|
||||
Not your question?
Ask your question
View similar questions
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Fundamental Accounting Principle
[ 7 Answers ]
How do I prepare adjusting entries to reflect a through f and then post these entries to the accounts in the ledger?
Principle of Accounting
[ 2 Answers ]
Net Income is the difference between? a. assets and liabilities; b. the incoming cash and outgoing cash c. the assets purchased with cash contributed by the owner; d. revenues minus expenses
Principle of accounting,budgeting and credit control
[ 3 Answers ]
:confused: Explain the diference between a merchandising and a manufacturing income statement..
View more questions Search
|
