Questions from General Accounting

Q: Kohl Co. provides warranties for many of its products. The

Kohl Co. provides warranties for many of its products. The January 1, 2010, balance of the Estimated Warranty Liability account was $70,400. Based on an analysis of warranty claims during the past sev...

Q: The balance sheet caption for common stock is the following:

The balance sheet caption for common stock is the following: Common stock, $5 par value, 2,000,000 shares authorized, 1,400,000 shares issued, 1,250,000 shares outstanding . . . . . . . . . . . . . ....

Q: Maliha, Inc., did not pay dividends on its $6

Maliha, Inc., did not pay dividends on its $6.50, $50 par value, cumulative preferred stock during 2009 or 2010. Since 2005, 22,000 shares of this stock have been outstanding. Maliha, Inc., has been p...

Q: A bookkeeper prepared the year-end financial statements of Giftwrap,

A bookkeeper prepared the year-end financial statements of Giftwrap, Inc. The income statement showed net income of $47,400, and the balance sheet showed ending retained earnings of $182,000. The firm...

Q: A firm issues long-term debt with an effective interest rate

A firm issues long-term debt with an effective interest rate of 10% and the proceeds of this debt issue can be invested to earn an ROI of 12%. What effect will this financial leverage have on the firm...

Q: Assume that you own 600 shares of common stock of a company

Assume that you own 600 shares of common stock of a company, that you have been receiving cash dividends of $6 per share per year, and that the company has a 4-for-3 stock split. Required: a. How man...

Q: Prepare a bank reconciliation as of August 31 from the following information

Prepare a bank reconciliation as of August 31 from the following information: a. The August 31 balance shown on the bank statement is $9,810. b. There is a deposit in transit of $1,260 at August 31....

Q: Prepare a bank reconciliation as of October 31 from the following information

Prepare a bank reconciliation as of October 31 from the following information: a. The October 31 cash balance in the general ledger is $844. b. The October 31 balance shown on the bank statement is $...

Q: From the following data, calculate the Retained Earnings balance as of

From the following data, calculate the Retained Earnings balance as of December 31, 2011: Retained earnings, December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: From the following data, calculate the retained earnings balance as of

From the following data, calculate the retained earnings balance as of December 31, 2010: Retained earnings, December 31, 2009 . . . . . . . . …………... . . . . . . . . . . …. $311,800 Cost of equipmen...