Questions from Accounting Principles

Q: The Retained Earnings account for Callaho Inc. is shown below:

The Retained Earnings account for Callaho Inc. is shown below: 1. Calculate X. 2. What does X represent? 3. What caused the debit of $50,000?

Q: Fisher Inc. began operations on January 1, 2020. During

Fisher Inc. began operations on January 1, 2020. During its first year, $750,000 of common shares were issued and a loss of $28,000 was realized. In 2021, Fisher’s second year of operations, an additi...

Q: On February 1, Excel Corporation issued 37,500 common shares

On February 1, Excel Corporation issued 37,500 common shares for $252,440 cash. On February 12, an additional 47,000 common shares were issued for cash of $7.25 per share. Present the entries to recor...

Q: Each of these entries was recently recorded by a different corporation.

Each of these entries was recently recorded by a different corporation. Provide an explanation for the transaction described by each entry.

Q: Information taken from Jamestown Corp.’s balance sheet as of April

Information taken from Jamestown Corp.’s balance sheet as of April 1, 2020, follows: Common shares, 375,000 shares authorized, 150,000 shares issued and outstanding $1,102,500 Retained earnings 633,00...

Q: On January 1, 2020, Winston Mining Corp. had 580

On January 1, 2020, Winston Mining Corp. had 580,000 common shares issued and outstanding. On April 30, it issued an additional 220,000 shares, and on October 1 it repurchased and cancelled 100,000 sh...

Q: Using the numbers to represent each section of a comprehensive income statement

Using the numbers to represent each section of a comprehensive income statement, identify where each of items (a) through (k) should be reported: 1. Continuing operations 2. Discontinued operations 3....

Q: On February 1, 2020, Fireside Corp. issued a $

On February 1, 2020, Fireside Corp. issued a $900,000, 5%, two-year bond. Interest is payable quarterly each May 1, August 1, November 1, and February 1. Required Part 1 a. Calculate the bond issue pr...

Q: Answer the questions about each of the following items related to a

Answer the questions about each of the following items related to a company’s activities for the year: a. After using an expected useful life of seven years and no residual value to depreciate its off...

Q: Barton Inc. changed the method of calculating depreciation on its equipment

Barton Inc. changed the method of calculating depreciation on its equipment from straight-line to double declining-balance during 2020. The cumulative effect of the change is an additional expense of...