Finance Questions

Baker Bakery Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

Atom Company just began business and made the following four inventory purchases in June:June 1 150 units $825June 10 200 units 1,120June 15 200 units 1,140June 28 150 units 885$3,970A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

A company's monthly bank statement shows a collection of a note receivable by the bank in the amount of $500. Which of the following is one part of the journal entry needed to record the note collection by the company?

A check is written to replenish a $100 petty cash fund when the fund contains $3 of cash and $94 of receipts. Which of the following is one part of the entry to be used in recording the check to replenish?

At December 31, 2014 Howell Company's inventory records indicated a balance of $858,000. Upon further investigation it was determined that this amount included the following:▪ $168,000 in inventory purchases made by Howell shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd▪ $111,000 in goods sold by Howell with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th▪ $9,000 of goods received on consignment from Westwood CompanyWhat is Howell's correct ending inventory balance at December 31, 2014?

Which is the adjusting entry Max Company would prepare when the bank collects a $200 note receivable from one of Max's customers?

Which of the following is the correct adjusting entry for the account holder when the bank submits a debit memorandum for a monthly service charge of $30?

Burt Company estimates that sales revenue will be $70,000 during July, $60,000 for June, and $75,000 for May In the past, the company collected 60% of its receivables in the month of sale, 30% in the month following the sale, and 10% in the second month following the sale. How much are the budgeted collections from customers for the month of July?

Quark Inc. just began business and made the following four inventory purchases in June:June 1 150 units $825June 10 200 units 1,120June 15 200 units 1,140June 28 150 units 885$3,970A physical count of merchandise inventory on June 30 reveals that there are 200 units on hand. Using the FIFO inventory method, the amount allocated to ending inventory for June is

Alpha First Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

Barker Company collected the following information to prepare its November bank reconciliation:Cash balance per bank, November 30 $21,000Note receivable plus interest collected 9,000Outstanding checks 6,000Deposits in transit 5,400Bank service charges 85NSF check 2,100How much is the cash balance per books prior to preparing the reconciliation?

Charlene Cosmetics Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the average cost method, the amount allocated to the ending inventory on June 30 is

The following information was taken from Bounders Company cash budget for the month of July:Beginning cash balance $50,000Cash receipts 48,000Cash disbursements 68,000If the company has a policy of maintaining an end of the month cash balance of $50,000, how much will the company need to borrow during July?

Springer Company listed outstanding checks totaling $4,500 on its September bank reconciliation. In October, the company issued checks totaling $45,700. The October bank statement shows that checks totaling $39,800 cleared the bank. In addition, a check from one of Springer's customers in the amount of $500 was returned as NSF. The outstanding checks on the October bank reconciliation should total

Ramos Company receives a payment on account from Martinez Industries. Based on the original sale of $8,000 using the periodic inventory approach, Ramos honors the 3% cash discount and records the payment. Which of the following is the correct entry for Ramos to record?

Echo Sound Company just began business and made the following four inventory purchases in June:June 1 150 units $780June 10 200 units 1,170June 15 200 units 1,260June 28 150 units 990$4,200A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. The inventory method which results in the highest gross profit for June is

A company has the following items at year end: cash on hand, $1,000; cash in a checking account, $3,000; cash in a savings account, $5,000; postage stamps, $50; and Treasury bills, $10,000 that mature in less than 90 days. How much should the company report as cash and cash equivalents on its balance sheet?

Kam Company has the following units and costs: Units Unit CostInventory, Jan. 1 8,000 $11Purchase, June 19 13,000 12Purchase, Nov. 8 5,000 13If 9,000 units are on hand at December 31, what is the cost of the ending inventory under FIFO using a periodic inventory system?

Davidson Electronics has the following: Units Unit CostInventory, Jan. 1 5,000 $ 8Purchase, April 2 15,000 10Purchase, Aug. 28 20,000 12If Davidson has 7,000 units on hand at December 31, how much is the cost of ending inventory under the average-cost method in a periodic inventory system?

Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as: