Pa Study guides, Class notes & Summaries

1. Question: McCoy’s Fish House purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new restaurant on the site. In additio n to the purchase price, McCoy pays closing costs, including title insurance of $3,000. The company also pays $14,000 in property taxes, which includes $9,000 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $5,000 due for the current fiscal year after the ...

ACCT 212 Week 5 Homework – Practice: 1. Question: a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Question: b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Question: c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.) 4. Questio...

1. Question: The comparative income statements of Outdoor Music Co. follow: Calculate the change in the income statement amounts from 2017to 2018.(Use a minus sign or parentheses for a) Compute the dollar amount of change from one period(the base period) to the next. Divide the dollar amount of change by thebase-period (Use a minus sign or parentheses for a decrease. Round percentage changes to the nearest one-tenth percent, X.X%.) 2. Question: Drive Golf Company’s balance sheet at December 31...

ACCT 212 Week 5 Homework – Practice: 1. Question: a. Using FIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 2. Question: b. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. 3. Question: c. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. (Round “Average Cost per unit” to 2 decimal places and all other answers to the nearest whole number.) 4. Questio...

1. Question: McCoy’s Fish House purchases a tract of land and an existing building for $1,000,000. The company plans to remove the old building and construct a new restaurant on the site. In additio n to the purchase price, McCoy pays closing costs, including title insurance of $3,000. The company also pays $14,000 in property taxes, which includes $9,000 of back taxes (unpaid taxes from previous years) paid by McCoy on behalf of the seller and $5,000 due for the current fiscal year after the ...

ACCT 212 Week 6 Quiz Question 1.1. (TCO 7) Stockholders of a corporation directly elect the (Points : 3) board of directors. president of the corporation. chief financial officer of the corporation chairperson of the board. Question 2.2. (TCO 7) If a corporation has only one class of stock, it is understood to be (Points : 3) preferred stock. common stock. contributory stock. equity stock. Question 3.3. (TCO 7) The price that the stockholder pays to acquire stock from the corporation is the (Poi...

ACCT 212 Week 6 Quiz Question 1.1. (TCO 7) Stockholders of a corporation directly elect the (Points : 3) board of directors. president of the corporation. chief financial officer of the corporation chairperson of the board. Question 2.2. (TCO 7) If a corporation has only one class of stock, it is understood to be (Points : 3) preferred stock. common stock. contributory stock. equity stock. Question 3.3. (TCO 7) The price that the stockholder pays to acquire stock from the corporation is the (Poi...

ACCT 212 Week 3 Homework. Question 1 Red Rentals Company faced the following situations: Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact sep arately. (Record debits first, then credits. Exclude explanations from any journal entries) Solution: Accrual accounting records the impact of a business transaction as it occurs. When the business performs a service, makes a sale, or incurs an expense, the transaction is recorded even if the business recei...

1. Question: The comparative income statements of Outdoor Music Co. follow: Calculate the change in the income statement amounts from 2017to 2018.(Use a minus sign or parentheses for a) Compute the dollar amount of change from one period(the base period) to the next. Divide the dollar amount of change by thebase-period (Use a minus sign or parentheses for a decrease. Round percentage changes to the nearest one-tenth percent, X.X%.) 2. Question: Drive Golf Company’s balance sheet at December 31...