Questions from College Accounting

Q: On January 1, 20--, MacMillan Company’s retained earnings accounts

On January 1, 20--, MacMillan Company’s retained earnings accounts had the following balances: Appropriated for warehouse ………...………... 80,000 Unappropriated retained earnings ………...... 600,000 $680,0...

Q: On January 1, 20--, Glover Company’s retained earnings accounts had

On January 1, 20--, Glover Company’s retained earnings accounts had the following balances: Appropriated for land acquisition ………... $ 60,000 Unappropriated retained earnings ………... 900,000...

Q: Mineral Works Co. acquired a salt mine at a cost of

Mineral Works Co. acquired a salt mine at a cost of $1,700,000. The estimated number of units available for production from the mine is 3,400,000 tons. (a) During the first year, 200,000 tons are mine...

Q: Track Town Co. had the following transactions involving intangible assets:

Track Town Co. had the following transactions involving intangible assets: Jan. 1 Purchased a patent for leather soles for $10,000 and estimated its useful life to be 10 years. Apr. 1 Purchased a copy...

Q: Adriana Company had a net income of $130,000 and

Adriana Company had a net income of $130,000 and paid cash dividends of $26,000 for 20--. Overman Company had a net loss of $25,000 and distributed a 10% stock dividend with a market value of $15,000....

Q: Wang Company currently has 200,000 shares of $1 par

Wang Company currently has 200,000 shares of $1 par common stock outstanding and 3,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual dividend...

Q: Name a source document that provides information about each of the following

Name a source document that provides information about each of the following types of business transactions: a. Cash payment b. Cash receipt c. Sale of goods or services d. Purchase of goods or servic...

Q: Kaufman Company currently has 200,000 shares of $1 par

Kaufman Company currently has 200,000 shares of $1 par common stock outstanding. On March 15, a 10% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market...

Q: Goldstein Company has 100,000 shares of $10 par common

Goldstein Company has 100,000 shares of $10 par common stock outstanding. On July 1, the board of directors declared a two-for-one stock split. Prepare a memorandum entry in the general journal indica...

Q: On October 2, 20-1, the board of directors

On October 2, 20-1, the board of directors of Fox worth Company appropriated $80,000 of retained earnings for the purpose of buying a new sailboat (used for entertaining clients). On July 15, 20-2, th...