Questions from Financial Accounting

Q: Answer the following multiple-choice questions: a. Which

Answer the following multiple-choice questions: a. Which of the following is not considered to be a nonrecurring item? 1. Discontinued operations 2. Extraordinary items 3. Cumulative effect of cha...

Q: The Bishop Company has a balance in the warranty obligation account of

The Bishop Company has a balance in the warranty obligation account of $400,000. An analysis of the products sold under warranty indicates that a balance of $900,000 should be adequate for this year-e...

Q: Ahl Enterprise lists the following data for 2011 and 2010:

Ahl Enterprise lists the following data for 2011 and 2010: Required: Calculate the net profit margin, return on assets, total asset turnover, and return on common equity for both years. Comment on the...

Q: The income statement of Rawl Company for the year ended December 31

The income statement of Rawl Company for the year ended December 31, 2012, shows the following: Net sales ………………………………………………………………………………$360,000 Cost of sales…………………………………………………………………………… 190,000 Gros...

Q: Income statement data for Starr Canning Corporation are as follows:

Income statement data for Starr Canning Corporation are as follows: Required: a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales (vertical commo...

Q: The balance sheet for Schultz Bone Company at December 31, 2011

The balance sheet for Schultz Bone Company at December 31, 2011 had the following account balances: Income before income tax was $200,000, and income taxes were $80,000 for the current year. Required:...

Q: Revenue and expense data for Vent Molded Plastics and for the plastics

Revenue and expense data for Vent Molded Plastics and for the plastics industry as a whole follow: Required: Convert the dollar figures for Vent Molded Plastics into percentages based on net sales. C...

Q: Day Ko Incorporated presented the following comparative income statements for 2011 and

Day Ko Incorporated presented the following comparative income statements for 2011 and 2010: Required: a. How did 2011 net sales compare with 2010? b. How did 2011 net earnings compare with 2010? c. C...

Q: Dorex, Inc., presented the following comparative income statements for 2011

Dorex, Inc., presented the following comparative income statements for 2011, 2010, and 2009: Required: a. Calculate the following for 2011, 2010, and 2009: 1. Net profit margin 2. Return on assets 3...

Q: Selected financial data for Squid Company are as follows: /

Selected financial data for Squid Company are as follows: Required: a. Compute the following for 2011, 2010, and 2009: 1. Net profit margin 2. Return on assets 3. Total asset turnover 4. DuPont a...