Questions and Answers of Financial And Managerial Accounting 16th

The balance in the supplies account, before adjustment at the end of the year, is $5,175. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $615.
The balance in the prepaid insurance account, before adjustment at the end of the year, is $22,500. Journalize the adjusting entry required under each of the following alternatives for determining
The estimated amount of depreciation on equipment for the current year is $66,290. Journalize the adjusting entry to record the depreciation.
PepsiCo, Inc. (PEP) is a food and beverage company with a variety of brands, including Frito- Lay, Gatorade, Pepsi-Cola, and Tropicana. On recent financial statements, Pepsi reported net income of
During the current year, merchandise is sold for $186,500 cash and $1,437,200 on account. The cost of the goods sold is $900,000. What is the amount of the gross profit?
During the current year, merchandise is sold for $23,680,000. The cost of the goods sold is $13,024,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in
For a recent year, Best Buy (BBY) reported sales of $43,638 million. Its gross profit was $10,048 million. What was the amount of Best Buy’s cost of goods sold?
Dollar General Corporation (DG) is a discount retailer with more than 12,000 stores. It offers a wide range of merchandise normally for $10 or less. The following data (in millions) were taken from
CSX Corporation (CSX) and Union Pacific Corporation (UNP) are major railroads, operating primarily in the eastern and western portions of the United States, respectively. YRC Worldwide Inc. (YRCW) is
The Home Depot (HD) reported the following data (in millions) in its recent financial statements:a. Determine the asset turnover ratio for Home Depot for Year 2 and Year 1.b. What conclusions can be
J. C. Penney Company, Inc. (JCP) is a large general merchandise retailer in the United States. The following data (in millions) were obtained from its financial statements for 4 recent years:a.
Michelle Horowitz is the manager of AAAA Office Supplies, a locally owned office supply store for schools and businesses. Michelle is concerned about the large variety of products the store carries,
Assume that Stacey Bauer clipped from a newspaper advertisement a coupon for $2 off any 20” pizza from Rosa & Gene’s Pizzeria. Stacey ordered a 20” pizza with three toppings for $18.75.
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Target Corporation (TGT) is one of the largest value-priced general merchandisers operating in the United States. Target
Darden Restaurants, Inc. (DRI) is the largest full-service restaurant company in the world. It operates over 2,200 restaurants under a variety of brand names, including Olive Garden, Bahama Breeze,
The general merchandise retail industry has a number of segments represented by the following companies:For a recent year, the following cost of goods sold and beginning and ending inventories are
Beginning inventory, purchases, and sales for Item 88-HX are as follows:Assuming a perpetual inventory system and using the last-in, first out (LIFO) method, determine(a) The cost of goods sold on
Monster Beverage Corporation (MNST) develops, markets, and sells energy and other alternative beverage brands. Brown-Forman Corporation (BF.B) manufactures and sells a wide variety of spirit and wine
Acme Auto Parts, Inc. sells automobile parts, maintenance items, and accessories to repair garages and service stations. A major focus of Acme Auto’s business strategy is to provide customers with
The units of an item available for sale during the year were as follows:There are 1,500 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine
The units of an item available for sale during the year were as follows:There are 208 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the

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