Latest threads in General Accountingshow only best voted threads
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Overstatement of ending inventory
An overstatement of ending inventory results in which of the following in the present period? a) Overstatement of total assets b) Overstatement of cost of goods sold c) Understatement of net income d)...
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15 years ago
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Purchase discount for items previously purchased?
Cooley company recorded a purchase discount of $200 on merchandise the company had purchased a few days ago. Cooley uses the perpetual inventory system. Which of the answers reflects the effects of...
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15 years ago
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Prepaid Insurance Question
On November 1, 2007, Pilot Company paid $1200 in advance for an insurance policy that covered the company for six months. Assuming that Pilot recorded this purchase as an asset, the adjusting entry...
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15 years ago
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Pay your Kids, Open IRA
You can pay your kids to do work on your properties and put the money in IRA accounts for them. This is especially a good idea if you’ve already maxed out on your and your spouse’s IRA...
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15 years ago
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Increase in gross margin
Arrow Company purchased $4000 of merchandise on account. Arrow sold the merchandise to a customer for $7000 cash. What is the increase in gross margin and the net change in cash flow from operating...
3
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15 years ago
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What is the cost of financing?
On January 1, 2007, Pepsi Co. purchased inventory for $1000 cash. These goods were sold on April 30, 2007 for $1,400 cash. The company can currently earn 3% interest on an account at a bank. What is...
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15 years ago
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How to properly account for an eBay account?
Hi All, Well, I almost made it a full day without asking a question... I'm still working on understanding the financial accounting of a bookseller. I'm wondering if the way I want to account for an...
2
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15 years ago
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computer consultant tax write offs
Hi, 1) I have a full time job as a computer system administrator 2) Rent a 2 bedroom apartment in NY 3) Consulting part time (20-60 hours/month) as a computer system administrator. Majority of the...
15
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15 years ago
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15 | |
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Is hybrid specific Id and Average Cost Inventory costing allowed?
Hi All, My lessons in inventory accounting are starting to pay off, and things are starting to become clear. I'm curious about the method I've been using to value my inventory, though. I tend to buy...
7
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15 years ago
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7 | |
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Venue commision on sales: Cost of goods sold or expense?
Hi All, I'm curious how to account for fees paid to Amazon for book sales. Two payments are made. On is $40 per month be a "Power Seller." This saves you a $1 per sale fee, and allows you to...
2
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15 years ago
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2 | |
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Last time bugging you for answer critiques today
1) (Assume all transactions are cash transactions) La Fiesta Company engaged in the following transactions during 2007, its first year in operation: 1) Acquired $4,000 cash from issuing common stock....
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15 years ago
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Join this group to meet more Accounting Professional ....
Dear All , You can join in this group to share more topic and idea ... just click Amit accounts software user - Google Groups
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15 years ago
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Critique my accounting answer please
The Greenwood Company purchased equipment costing $700. Greenwood paid $400 in cash and agreed to pay the remaining amount in thirty days. As a result of this transaction: a) total assets increased by...
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15 years ago
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I need help with a couple of accounting questions on my homework.
1) Barnaby company experienced the following transactions during 2007, its first year in operation. 1. Issued $3,000 of common stock to stockholders 2. Provided $1,200 of services on account 3. Paid...
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15 years ago
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capital vs. cash
When I'm preparing an owner's equity sheet, I have come across the options of cash and capital in the exercise. I can't exactly tell the difference between them (i.e. if part of the cash is within the...
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15 years ago
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