Reference no: EM132796362

Questions -

Q1 - What is stockholders' equity at the end of the period if stockholders' equity at the beginning of the period is $ 27,725, Revenues is $ 61,871, Expenses is $ 757, Dividends is $ 2,253, and Additional Investments is 40,836?

Q2- Valley Company purchases merchandise on account for $7,864 from Corn Company with credit terms of 4/10, n/30, FOB shipping point. Corn Company directly pays the shipper $238 cash for freight. What is the amount of the check that Valley will prepare if they pay Corn Company within the discount period?

Q3 - Comprest Company has the following account balances: Purchases of $ 10,151, Purchase Returns and Allowances of $ 2,463, Purchase Discounts of $ 1,243, Freight-In of $ 161, Freight-Out of $ 335, and Beginning Inventory of $ 9,061. What is their Net Purchases?

Q4 - A company has beginning inventory of 300 units at $ 17.58 each; They purchased 400 units at $ 7.16 each on June 2; On June 15, they also purchased 200 units at $ 10.66 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method?