Questions from Financial Accounting

Q: For 20Y2, Tri-Comic Company initiated a sales promotion campaign

For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. At the end of the year, Lumi Neer, the president, is presented...

Q: Ripley Corporation’s accumulated depreciation—furniture account increased by $11,

Ripley Corporation’s accumulated depreciation—furniture account increased by $11,575, while $2,500 of patent amortization was recognized between balance sheet dates. There were no purchases or sales o...

Q: Financial statement data for the years ended December 31 for Black Bull

Financial statement data for the years ended December 31 for Black Bull Inc. follow: a. Determine the earnings per share for 20Y6 and 20Y5. b. Does the change in the earnings per share from 20Y5 to...

Q: On the first day of the fiscal year, a company issues

On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment consists of $3,600 of interest and $6,134 of p...

Q: Dillin Inc. reported the following on the company’s statement of cash

Dillin Inc. reported the following on the company’s statement of cash flows in Year 2 and Year 1: Eighty percent of the net cash flow used for investing activities was used to repl...

Q: Income statement information for Omega Corporation follows: Sales …………………………………………… $

Income statement information for Omega Corporation follows: Sales …………………………………………… $500,000 Cost of goods sold ………………………….. 300,000 Gross profit ……………………………………. 200,000 Prepare a vertical analysis o...

Q: Tam Worldly’s weekly gross earnings for the present week were $2

Tam Worldly’s weekly gross earnings for the present week were $2,000. Worldly has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for ea...

Q: John Prado and Ayana Nicks formed a partnership, dividing income as

John Prado and Ayana Nicks formed a partnership, dividing income as follows: 1. Annual salary allowance to Prado, $10,000 and Nicks, $28,000. 2. Interest of 5% on each partner’s capital balance on Jan...

Q: On January 22, Zentric Corporation issued for cash 180,000

On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, $55 par for...

Q: Reinhardt Furniture Company has 40,000 shares of cumulative preferred 2

Reinhardt Furniture Company has 40,000 shares of cumulative preferred 2% stock, $150 par, and 100,000 shares of $5 par common stock. The following amounts were distributed as dividends: Year 1 …………………...