Questions from College Accounting

Q: Pike Company’s balance sheets as of December 31, 20-2

Pike Company’s balance sheets as of December 31, 20-2 and 20-1, showed the following with regard to cash and cash equivalents: Compute the amount of change in cash and cash equivale...

Q: Roberts Company reported net income of $50,000 for 20

Roberts Company reported net income of $50,000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below. Compute cash provided by operating activities.

Q: What is the main difference between the periodic system of accounting for

What is the main difference between the periodic system of accounting for inventory and the perpetual system of accounting for inventory?

Q: After adjusting net income for changes in current assets and current liabilities

After adjusting net income for changes in current assets and current liabilities, Cha Cha Dance Company’s cash from operating activities is $60,000. However, Cha Cha reports $5,000 in patent amortizat...

Q: The income statement for Leadbetter’s Golf Camp follows. Assume that all

The income statement for Leadbetter’s Golf Camp follows. Assume that all revenues and expenses were for cash and that land was sold for $600. There were no other investing or financi...

Q: Hansen Company’s comparative balance sheets as of December 31, 20-

Hansen Company’s comparative balance sheets as of December 31, 20-2 and 20-1, showed the following with regard to investing and financing activities: Net income for 20-2 was $80,00...

Q: Murry’s consulting services issued a two-year, $5,

Murry’s consulting services issued a two-year, $5,000 note payable to acquire new office furniture. Show how this transaction is reported on the statement of cash flows.

Q: Mulligan Company’s income statement for 20-2 reported interest expense of

Mulligan Company’s income statement for 20-2 reported interest expense of $2,190. The comparative balance sheet as of December 31, 20-2 and 20-1, reported the following: Compute the...

Q: Kennington Company’s condensed income statement for the year ended December 31,

Kennington Company’s condensed income statement for the year ended December 31, 20-2, was as follows: Net sales ………â...

Q: Based on the comparative income statement and balance sheet for Falcon Designers

Based on the comparative income statement and balance sheet for Falcon Designers, Inc., given on the next page, compute the following liquidity measures for 20-2 (round all calculations to two decimal...