Questions from General Accounting

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, 2009: Retained earnings, December 31, 2010 . . . . . . . . . . . . . ………... . . . . . . . $841,200 Decrease in tota...

Q: At the beginning of the year, the net assets of Carby

At the beginning of the year, the net assets of Carby Co. were $346,800. The only transactions affecting owners’ equity during the year were net income of $42,300 and dividends of $12,000. Required:...

Q: For the year ended December 31, 2010, Ebanks, Inc

For the year ended December 31, 2010, Ebanks, Inc., earned an ROI of 12%. Sales for the year were $96 million, and average asset turnover was 2.4. Average owners’ equity was $32 million. Required: a....

Q: On February 1, 2010, the balance of the retained earnings

On February 1, 2010, the balance of the retained earnings account of Blue Power Corporation was $630,000. Revenues for February totaled $123,000, of which $115,000 was collected in cash. Expenses for...

Q: At the end of August, Rothchild Company had completed Jobs 40

At the end of August, Rothchild Company had completed Jobs 40 and 42. Job 40 is for 10,000 units, and Job 42 is for 11,000 units. Using the data from Practice Exercises 19 ­ 1B, 19 ­ 2B, and 19 ­ 4B,...

Q: The following information is available for the first month of operations of

The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Sales……………………………………………………..$792,000 Gross profit…………………………………………….46...

Q: a. How does the return on total assets differ from the

a. How does the return on total assets differ from the return on stockholders’ equity? b. Which ratio is normally higher? Why?

Q: a. Why is a high inventory turnover considered to be a

a. Why is a high inventory turnover considered to be a positive indicator? b. Is it possible to have a high inventory turnover and a high number of days’ sales in inventory? Why?

Q: Sentinel Systems Inc. prepared the following sales budget for 20Y8:

Sentinel Systems Inc. prepared the following sales budget for 20Y8: At the end of December 20Y8, the following unit sales data were reported for the year: For the year ending December 31, 20Y9, unit...

Q: The budget director of Royal Furniture Company requests estimates of sales,

The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sale...