Questions from College Accounting

Q: Athletics West had the following stock transactions during the year:

Athletics West had the following stock transactions during the year: (a) Received subscriptions for 100,000 shares of $1 par common stock for $118,000. (b) Received subscriptions for 5,000 shares of $...

Q: Rogers & Hart formed a corporation and had the following organization costs

Rogers & Hart formed a corporation and had the following organization costs and stock transactions during the year: June 30 Incurred the following costs of incorporation: Incorporation fees ………... $ 9...

Q: Regis Company estimates that its 20-1 income tax will be

Regis Company estimates that its 20-1 income tax will be $100,000. Based on this estimate, it will make four quarterly payments of $25,000 each on April 15, June 15, September 15, and December 15. 1....

Q: On January 1, 20--, Krausert Company’s retained earnings accounts had

On January 1, 20--, Krausert Company’s retained earnings accounts had the following balances: Appropriated for warehouse ………...………... 70,000 Unappropriated retained earnings ………..... 800,000 $870,000...

Q: On January 1, 20--, Nguyen Company’s retained earnings accounts had

On January 1, 20--, Nguyen Company’s retained earnings accounts had the following balances: Appropriated for land acquisition ………... $ 75,000 Unappropriated retained earnings ………... 825,000 $900,000...

Q: Mining Works Co. acquired a copper mine at a cost of

Mining Works Co. acquired a copper mine at a cost of $1,200,000. The estimated number of units available for production from the mine is 3,000,000 tons. (a) During the first year, 400,000 tons are min...

Q: Bakery had the following transactions involving intangible assets: Jan.

Bakery had the following transactions involving intangible assets: Jan. 1 Purchased a patent for a new pastry for $10,000 and estimated its useful life to be 10 years. Apr. 1 Purchased a copyright for...

Q: Kennington Company had a net income of $90,000 and

Kennington Company had a net income of $90,000 and paid cash dividends of $18,000 for 20--. Mueller and Hanson Company had a net loss of $20,000 and distributed a 10% stock dividend with a market valu...

Q: Ramirez Company currently has 100,000 shares of $1 par

Ramirez Company currently has 100,000 shares of $1 par common stock outstanding and 5,000 shares of $50 par preferred stock outstanding. On July 10, the board of directors declared a semiannual divide...

Q: Martinez Company currently has 200,000 shares of $1 par

Martinez Company currently has 200,000 shares of $1 par common stock outstanding. On March 15, a 5% stock dividend was declared to shareholders of record on April 2, distributable on April 14. Market...