Questions from Financial Accounting

Q: Mackay Industries, Inc., purchased land, paying $80,

Mackay Industries, Inc., purchased land, paying $80,000 cash as a down payment and signing a $160,000 note payable for the balance. In addition, Mackay Industries, Inc., paid delinquent property tax o...

Q: Whelan Transfer manufactures conveyor belts. Early in August 2018, Whelan

Whelan Transfer manufactures conveyor belts. Early in August 2018, Whelan Transfer constructed its own building at a cost of $910,000 (for materials, labor, and overhead). Whelan Transfer paid cash fo...

Q: Westwood Tanning Salon bought three tanning beds in a $19,

Westwood Tanning Salon bought three tanning beds in a $19,000 lump-sum purchase. An independent appraiser valued the tanning beds as follows: Tanning Bed ………………… Appraised Value 1 …………………………………………….…...

Q: On January 2, 2018, Evergreen Lighting purchased showroom fixtures for

On January 2, 2018, Evergreen Lighting purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for 5 years. Evergreen Lighting has depreciated the fixtures on a strai...

Q: Assume that Hart Corporation’s comparative balance sheet reported these amounts:

Assume that Hart Corporation’s comparative balance sheet reported these amounts: Requirement 1. Assume that on January 1, 2018, Hart sold one-tenth of its plant and equipment for $...

Q: Let’s look at Dick’s Sporting Goods (Dick’s), the largest retailer

Let’s look at Dick’s Sporting Goods (Dick’s), the largest retailer of sporting goods in the United States. Think about Dick’s, all its stakeholders, what products it sells, and how and where it sells...

Q: Part 1. Morris Printing manufactures high-speed printers. Morris

Part 1. Morris Printing manufactures high-speed printers. Morris Printing recently paid $300,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is exp...

Q: Rabito Corp. aggressively acquires other companies. Assume that Rabito Corp

Rabito Corp. aggressively acquires other companies. Assume that Rabito Corp. purchased Loring, Inc., for $1,500,000 cash. The market value of Loring’s assets is $2,200,000, and it has liabilities with...

Q: At the end of 2018, Crawford Corp. had total assets

At the end of 2018, Crawford Corp. had total assets of $321,800 and total liabilities of $183,400. Included in the assets were property, plant, and equipment, with a cost of $242,000, and accumulated...

Q: The following are selected data for Simpson Equipment, Inc., for

The following are selected data for Simpson Equipment, Inc., for the current year: Sales ............................................................................ $782,000 Net income …...............