Questions from Financial Accounting

Q: The declaration, record, and payment dates in connection with a

The declaration, record, and payment dates in connection with a cash dividend of $375,000 on a corporation’s common stock are October 1, November 7, and December 15. Journalize the entries required on...

Q: Ripley Corporation’s accumulated depreciation—equipment account increased by $15,

Ripley Corporation’s accumulated depreciation—equipment account increased by $15,325 while $3,800 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of...

Q: Jones Industries received $600,000 from issuing shares of its

Jones Industries received $600,000 from issuing shares of its common stock and $400,000 from issuing bonds. During the year, Jones Industries also paid dividends of $60,000. How are the effects of the...

Q: The revenues and expenses of Paradise Travel Service for the year ended

The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned ……………………………………………………..……. $900,000 Office expense …………………………………………………….……. 300,000 Miscellane...

Q: Sales reported on the income statement were $225,000.

Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received from customers.

Q: The cost of goods sold reported on the income statement was $

The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the amount...

Q: The comparative accounts payable and long-term debt balances for a

The comparative accounts payable and long-term debt balances for a company follow. Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balan...

Q: A company reports the following: Net income …………………………………………………………………………….. $

A company reports the following: Net income …………………………………………………………………………….. $1,225,000 Preferred dividends ……………………………………………………………………….. 47,800 Average stockholders’ equity ……………………………………………………… 8,75...

Q: A company reports the following: Net income …………………………………………………………………………………….. $

A company reports the following: Net income …………………………………………………………………………………….. $562,000 Preferred dividends …………………………………………………………………………. $50,000 Shares of common stock outstanding ………………………………….…………...

Q: Income statement information for Einsworth Corporation follows: Sales ……………………………………………………………………………..

Income statement information for Einsworth Corporation follows: Sales …………………………………………………………………………….. $1,500,000 Cost of goods sold ……………………………………………………………… 900,000 Gross profit ………………………………………………………...