The Kroger Co. was founded in 1883 and is one of the

The Kroger Co. was founded in 1883 and is one of the largest retailers in the world, based on annual sales. Publix Super Markets, Inc. operates 1,167 grocery stores throughout the southeastern and mid- Atlantic United States. It is employee owned, and its stock is not available for purchase by the general public. Publix is […]

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The following data were extracted from the 2017 financial statements of Penske

The following data were extracted from the 2017 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States, Canada, and Western Europe, and commercial truck dealerships in Australia, New Zealand, and the United Kingdom. The company had 355 dealerships as of the end of 2017. Dollar amounts are […]

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The following account titles and balances were taken from the accounting records

The following account titles and balances were taken from the accounting records of Hogan Sales Co. at December 31, Year 2. The company uses the periodic inventory method. Account Title BalanceAdvertising expense ……………………………………… $ 20,800Interest expense ……………………………………………… 10,000Merchandise inventory, January 1 ……………………. 36,000Merchandise inventory, December 31 ……………… 40,200Miscellaneous expense ……………………………………… 1,600Purchases ……………………………………………………… 300,000Purchase returns and […]

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Ruby Tuesday’s, Inc. operated 605 casual dining restaurants across the United States

Ruby Tuesday’s, Inc. operated 605 casual dining restaurants across the United States as of June 6, 2017. Signet Jewelers Limited claims to be the world’s largest retailer of diamond jewelry. Its stores include Zales, Jared, Kay Jewelers, and Piercing Pagoda. As of February 3, 2018, it had over 3,000 retail outlets. The following data were […]

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Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended

Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http:// investors.target.com using the instructions in Appendix B, and use it to answer the following questions: a. What was Target’s gross margin percentage for the fiscal year ended February 2, 2019 (2018) and 2017? Use “Sales” for these computations. […]

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The following events apply to Tracey’s Restaurant for the Year 1 fiscal

The following events apply to Tracey’s Restaurant for the Year 1 fiscal year: 1. Started the company when it acquired $21,000 cash from the issue of common stock. 2. Purchased a new cooktop that cost $22,000 cash. 3. Earned $32,000 in cash revenue. 4. Paid $16,000 cash for salaries expense. 5. Paid $7,000 cash for […]

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The following information is available for two different types of businesses for

The following information is available for two different types of businesses for the Year 1 accounting year. Diamond Consulting is a service business that provides consulting services to small businesses.University Bookstore is a merchandising business that sells books to college students.  Data for Diamond Consulting 1. Borrowed $80,000 by issuing a note to the bank […]

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Alcorn Service Company was formed on January 1, Year 1.Events Affecting the

Alcorn Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period 1. Acquired $20,000 cash from the issue of common stock. 2. Purchased $800 of supplies on account. 3. Purchased land that cost $14,000 cash. 4. Paid $800 cash to settle accounts payable created in Event 2. 5. Recognized […]

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The following information was drawn from the Year 1 accounting records of

The following information was drawn from the Year 1 accounting records of Cozart Merchandisers.  1. Inventory with a list price of $40,000 was purchased under terms 2/10, net/30. 2. Cozart returned $4,200 of the inventory to the supplier five days after purchase. 3. The accounts payable was settled within the discount period. 4. The inventory […]

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The Candle Shop experienced the following events during its first year of

The Candle Shop experienced the following events during its first year of operations, Year 1: 1. Acquired cash by issuing common stock. 2. Paid a cash dividend to the stockholders. 3. Paid cash for operating expenses. 4. Borrowed cash from a bank. 5. Provided services and collected cash. 6. Purchased land with cash. 7. Determined […]

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