Questions from Financial Accounting

Q: The following items are reported on a company’s balance sheet:

The following items are reported on a company’s balance sheet: Cash ………………………………………………………………………………… $225,000 Marketable securities …………………………………………………………… 115,000 Accounts receivable (net) …………………………...

Q: A company reports the following: Sales ……………………………………….……………………………………………. $4

A company reports the following: Sales ……………………………………….……………………………………………. $4,560,000 Average accounts receivable (net) ………………………………………………. 380,000 Determine (a) the accounts receivable turnover and...

Q: A company reports the following: Cost of goods sold

A company reports the following: Cost of goods sold ………………………………………………………………………. $500,000 Average inventory ………………………………………………………………………….. 62,500 Determine (a) the inventory turnover and (b) the num...

Q: The following information was taken from Charu Company’s balance sheet:

The following information was taken from Charu Company’s balance sheet: Fixed assets (net) …………………………………………………………………… $910,000 Long-term liabilities ………………………………………………..………………… 260,000 Total liabilit...

Q: Prepare a journal entry on June 30 for dividends of $11

Prepare a journal entry on June 30 for dividends of $11,500.

Q: A company reports the following: Income before income tax

A company reports the following: Income before income tax expense ……………………………………………… $9,100,000 Interest expense ……………………………………………………………………………… 650,000 Determine the times interest earned. Round to...

Q: A company reports the following: Sales ……………………………………………………………………………………………….. $6

A company reports the following: Sales ……………………………………………………………………………………………….. $6,750,000 Average total assets (excluding long-term investments) ……………………… 2,500,000 Determine the asset turnover ratio...

Q: A company reports the following income statement and balance sheet information for

A company reports the following income statement and balance sheet information for the current year: Net income …………………………………………………………………………… $ 424,000 Interest expense ………………………………………………………………………… 8...

Q: A business issued a 60-day note for $60,

A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity.

Q: PepsiCo, Inc. (PEP) reported the following information about

PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: a. How much of...