Questions from Financial Accounting

Q: On its most recent statement of cash flows, a company reported

On its most recent statement of cash flows, a company reported net cash provided by operating activities of $12,000,000. Its capital expenditures for the same year were $2,000,000. A note to the finan...

Q: Following is the current assets and current liabilities portion of the balance

Following is the current assets and current liabilities portion of the balance sheet of Keurig Green Mountain for the years ended September 26, 2015 and September 27, 2014: Required: Determine the...

Q: Redstone Inc. has the following debt outstanding on December 31,

Redstone Inc. has the following debt outstanding on December 31, 2017: On this date, Redstone retired the entire bond issue by paying cash of $510,000. Required: 1. Identify and analyze the transac...

Q: Spencer Corp. reported accounts receivable of $28,000 on

Spencer Corp. reported accounts receivable of $28,000 on its December 31, 2016, balance sheet. On December 31, 2017, accounts receivable had decreased to $22,000. Sales for the year amounted to $55,00...

Q: Stanley Company’s comparative balance sheets included accounts receivable of $80,

Stanley Company’s comparative balance sheets included accounts receivable of $80,800 at December 31, 2016, and $101,100 at December 31, 2017. Sales reported by Stanley on its 2017 income statement amo...

Q: Butler Corp. reported the following in the Current Assets section of

Butler Corp. reported the following in the Current Assets section of its comparative balance sheets: The company uses the direct method on its statement of cash flows and reported that it collected...

Q: Wolf’s comparative balance sheets included inventory of $45,000 at

Wolf’s comparative balance sheets included inventory of $45,000 at December 31, 2016, and $63,000 at December 31, 2017. The comparative balance sheets also included accounts payable of $33,000 at Dece...

Q: Cass Corp.’s December 31, 2016, balance sheet reported

Cass Corp.’s December 31, 2016, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2017. Current...

Q: Madison Corp. reported the following in the Current Assets section of

Madison Corp. reported the following in the Current Assets section of its comparative balance sheets: Supplemental information at the bottom of Madison’s 2017 statement of cash flo...

Q: For the year ended September 26, 2015, Apple, Inc

For the year ended September 26, 2015, Apple, Inc., reported net income of $53,394 million. Total shareholders’ equity on this date was $119,355 million, and on September 27, 2014, it was $111,547 mil...