Questions from Financial Accounting

Q: Demers Inc. reported the following data: Net income ………………………………………………..

Demers Inc. reported the following data: Net income ……………………………………………….. $490,000 Depreciation expense …………………………………….. 52,000 Gain on disposal of equipment ……………………….. 26,500 Decrease in accounts rec...

Q: A company reports the following: Sales ……………………………………………………… $1,

A company reports the following: Sales ……………………………………………………… $1,500,000 Average accounts receivable (net) ………………… 100,000 Determine (a) The accounts receivable turnover and (b) The number of days’ sa...

Q: The payroll register of Ruggerio Co. indicates $10,500

The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total salaries of $175,000 for the period. Federal withholding for the period...

Q: Hiro has a capital balance of $75,000 after adjusting

Hiro has a capital balance of $75,000 after adjusting assets to fair market value. Marone contributes $20,000 to receive a 40% interest in a new partnership with Hiro. Determine the amount and recipie...

Q: Antique Buggy Corporation has 820,000 shares of $35 par

Antique Buggy Corporation has 820,000 shares of $35 par common stock outstanding. On June 8, Antique Buggy Corporation declared a 5% stock dividend to be issued August 12 to stockholders of record on...

Q: Holly Renfro contributed a patent, accounts receivable, and $20

Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have signifi...

Q: Using the bond from Practice Exercise 14-3B, journalize the

Using the bond from Practice Exercise 14-3B, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar. In Practice Exercise 14-3B On the fi...

Q: Averill Products Inc. reported the following on the company’s income statement

Averill Products Inc. reported the following on the company’s income statement in two recent years: a. Determine the times interest earned ratio for the current year and the prior...

Q: On January 1, Valuation Allowance for Trading Investments had a zero

On January 1, Valuation Allowance for Trading Investments had a zero balance. On December 31, the cost of the trading securities portfolio was $41,500, and the fair value was $46,300. Prepare the Dece...

Q: Staley Inc. reported the following data: Net income ……………………………………………………

Staley Inc. reported the following data: Net income …………………………………………………… $280,000 Depreciation expense ………………………………………… 48,000 Loss on disposal of equipment …………………………….. 19,520 Increase in accounts r...