Questions from Financial Accounting

Q: Caterpillar Inc. and Deere & Company are two large companies that

Caterpillar Inc. and Deere & Company are two large companies that manufacture and sell equipment used in the construction, mining, agricultural, and forestry industries. The companies reported the...

Q: Rios Financial Co. is a regional insurance company that began operations

Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fisca...

Q: Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in

Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication Corporati...

Q: O’Brien Industries Inc. is a book publisher. The comparative unclassified

O’Brien Industries Inc. is a book publisher. The comparative unclassified balance sheets for December 31, Year 2 and Year 1 follow. Selected missing balances are shown by letters....

Q: Soto Industries Inc. is an athletic footware company that began operations

Soto Industries Inc. is an athletic footware company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Soto Industries Inc., which has a fis...

Q: Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The

Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders’ equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows: Common Stock, $5 sta...

Q: West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions

West Yellowstone Outfitters Corporation manufactures and distributes leisure clothing. Selected transactions completed by West Yellowstone Outfitters during the current fiscal year are as follows: Jan...

Q: Yosemite Bike Corp. manufactures mountain bikes and distributes them through retail

Yosemite Bike Corp. manufactures mountain bikes and distributes them through retail outlets in California, Oregon, and Washington. Yosemite Bike Corp. has declared the following annual dividends over...

Q: Pulsar Optics produces medical lasers for use in hospitals. The accounts

Pulsar Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Pulsar Optics on April 30 of the current year as follows: Preferred 1% Stock, $120 p...

Q: Motion Designs Inc. has paid quarterly cash dividends since 20Y7.

Motion Designs Inc. has paid quarterly cash dividends since 20Y7. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.50 per share. The board of direc...