21) Ross Corporation reported the following equity section on its current balance sheet: Common stock, $5 par, 140,000 shares authorized, 50,000 shares issued $250,000 Paid in capital in excess of par—common 200,000 Retained earnings 207,000 Total stockholders' equity $657,000 The corporation purchases 15,000 shares of its common stock at $9.50 per share.  Which of the following is the number of common shares issued and the number of common shares outstanding? A) There are 50,000 shares issued and 65,000 shares outstanding. B) There are 50,000 shares issued and 35,000 shares outstanding. C) There are 50,000 shares issued and 50,000 shares outstanding. […]

Do It Review 6-2 The accounting records of Wildhorse Co. show the following data Beginning inventory Purchases Sales 2,780 units at $8 7,680 units at $10 8,642 units at $13 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost g per unit SHOW LIST OF ACCOUNTS LINK TO TEXT Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold  

  Do It Review 6-2 The accounting records of Waterway Industries show the following data Beginning inventory Purchases Sales 2,920 units at $5 7,740 units at $7 9,274 units at $10 Calculate average unit cost. (Round answer to 3 decimal places, e.g. 5.125.) Average unit cost per unit SHOW LIST OF ACCOUNTS Determine cost of goods sold during the period under a periodic inventory system using the FIFO method, the LIFO method, and the average-cost method. (Round answers to 0 decimal places, e.g. 125.) FIFO LIFO Average-cost Cost of goods sold

Question Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $45.350 and $3,560, respectively. During the year, the company wrote off $2.690 in uncollectible accounts. In preparation for the company's Year 2 estimate, Domino prepared the following aging schedule: Number of days Receivables amount % Likely to be uncollectible past due Current 0-30 31-60 61-90 Over 98 Total $ 74,000 27,700 7,160 3,720 3,400 $115,980 1% 5% 18% 25% 50% What will Domino record as Uncollectible Accounts Expense for Year […]

Learning Objective 17-1 1) Accounting firms, building contractors, and healthcare providers are companies that use job order costing. 2) Process costing is used by companies that produce large numbers of identical units in a continuous fashion. 3) Which of the following companies would NOT use job order costing? A) A lawn maintenance company B) A legal firm C) An auto repair shop D) A beverage manufacturer 4) Which of the following is an industry that would use a process costing system rather than a job order costing system? A) Custom furniture manufacturer B) Music production studio C) Paint manufacturer D) […]