Questions from Financial Accounting

Q: Tsongas Manufacturing Co. has the following selected account balances at July

Tsongas Manufacturing Co. has the following selected account balances at July 31, 2018: Requirements 1. Prepare the stockholders’ equity section of the company’s...

Q: At December 31, 2017, Gertner Corp. reported the following

At December 31, 2017, Gertner Corp. reported the following stockholders’ equity: During 2018, Gertner Corp. completed these transactions and events in this order: a. Sold 1,300 sha...

Q: Century Communications, Inc., began 2018 with 290,000 shares

Century Communications, Inc., began 2018 with 290,000 shares of $1 par common stock issued and outstanding. Beginning Paid-in Capital in Excess of Par—Common was $580,000, and retained earnings was $7...

Q: Assume that Pembrook Industries, Inc., has the following data:

Assume that Pembrook Industries, Inc., has the following data: Net income for 2018 ......................................................................................... $ 104,000 Total stockholde...

Q: The income statement and additional data of Amalgamated Services, Inc.,

The income statement and additional data of Amalgamated Services, Inc., follow: Additional data: a. Collections from customers are $9,000 more than sales. b. Payments to suppliers are $3,000 more th...

Q: The charter for Zealax, Inc., authorizes the company to issue

The charter for Zealax, Inc., authorizes the company to issue 250,000 shares of $3, no-par preferred stock and 950,000 shares of common stock with $8 par value. During its start-up phase, Zealax, Inc....

Q: Trudeau’s Marine, Inc., reported the following selected amounts in its

Trudeau’s Marine, Inc., reported the following selected amounts in its financial statements for the year ended December 31, 2018: Requirement 1. Determine the following for Trudea...

Q: Below are net sales and net income data for a five-

Below are net sales and net income data for a five-year period. Requirements 1. Compute trend percentages for net sales and net income for the five-year period, using year 1 as the base year. Round...

Q: Tri County Communications, Inc., has the following stockholders’ equity:

Tri County Communications, Inc., has the following stockholders’ equity: Requirements 1. Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and...

Q: At December 31, 2018, Sugarland Company reported the following on

At December 31, 2018, Sugarland Company reported the following on its comparative balance sheet, which included 2017 amounts for comparison (adapted, with all amounts in millions except par value per...