acc 422 35 questions 494859

Question 1 ???? ???Your answer has been saved and sent for grading. See Gradebook for score details. ?? ? ??Kraft Enterprises owns the following assets at December 31, 2012.  ?Cash in bank–savings account ?67,755? ?Checking account balance?19,521?? ?Cash on hand?9,899? ?Postdated checks?889?? ?Cash refund due from IRS?32,089? ?Certificates of deposit (180-day)?93,014??What amount should be reported as cash? $ IS THIS CORRECT? Question 2 ????Presented below is information related to Rembrandt Inc.’s inventory.  ?(per unit)?Skis?Boots?Parkas?? ?Historical cost?$255.17? ?$142.36? ?$71.18? ?? ?Selling price?291.43? ?194.74? ?99.05? ?? ?Cost to distribute?25.52? ?10.74? ?3.36? ?? ?Current replacement cost?272.63? ?141.02? ?68.49? ?? ?Normal profit margin?42.98? ?38.95? ?28.54? ??Determine the following: (a)?the two limits to market value (e.g., the ceiling and the floor) that should be used in the lower of cost or market computation for skis; (Round answers to 2 decimal places, e.g. 20.25.)?? ??Ceiling?$??Floor?$?? (b)?the cost amount that should be used in the lower of cost or market comparison of boots; (Round answer to 2 decimal places, e.g. 20.25.)?? ??Cost amount?$?? (c)?the market amount that should be used to value parkas on the basis of the lower of cost or market. (Round answer to 2 decimal places, e.g. 20.25.)?? ??Market amount?$?? Question 3 ????Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 66 units that cost $40 each. During June, the company purchased 199 units at $40 each, returned 8 units for credit, and sold 166 units at $66 each. Journalize the June transactions. Description/Account?Debit?Credit??? ? ??         ? ? ??(To record inventory purchased.)? ? ??? ? ??          ? ? ??(To record inventory returned.)? ? ??? ? ??         ? ? ??(To record inventory sold.)? ? ??? ? ??        ? ? ??(To record cost of goods sold.)? ? ???? Question 4 ????Amsterdam Company uses a periodic inventory system. For April,…