Questions from Financial Accounting

Q: Eclipse Architects earned $1,800,000 during 20Y1 using

Eclipse Architects earned $1,800,000 during 20Y1 using 12 employees. During 20Y2, the firm reduced revenues to $1,440,000 and reduced the staff to nine employees. a. Determine the revenue per employee...

Q: On January 23, 10,000 shares of Tolle Company are

On January 23, 10,000 shares of Tolle Company are acquired at a price of $30 per share plus a $100 brokerage commission. On April 12, a $0.50-per-share dividend was received on the Tolle Company stock...

Q: Noric Cruises Inc. reported the following results for the year ended

Noric Cruises Inc. reported the following results for the year ended October 31, 20Y9: Retained earnings, November 1, 20Y8 …………….. $12,400,000 Net income ………………………………………………………. 2,350,000 Cash dividend...

Q: A $1,200,000 bond issue on which there

A $1,200,000 bond issue on which there is an unamortized premium of $63,956 is redeemed for $1,250,000. Journalize the redemption of the bonds.

Q: Austin Fisher contributed land, inventory, and $36,000

Austin Fisher contributed land, inventory, and $36,000 cash to a partnership. The land had a book value of $120,000 and a market value of $175,000. The inventory had a book value of $50,000 and a mark...

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

The cost of merchandise sold reported on the income statement was $240,000. The accounts payable balance increased $12,000, and the inventory balance increased by $19,200 over the year. Determine the...

Q: Quantas Industries sold $325,000 of consumer electronics during July

Quantas Industries sold $325,000 of consumer electronics during July under a nine-month warranty. The cost to repair defects under the warranty is estimated at 4.5% of the sales price. On November 11,...

Q: The following information about the payroll for the week ended December 30

The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (emplo...

Q: Financial statement data for the years ended December 31 for Dovetail Corporation

Financial statement data for the years ended December 31 for Dovetail Corporation follow: a. Determine the earnings per share for 20Y3 and 20Y2. b. Does the change in the earnings per share from 20Y...

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

On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment consists of $3,900 of interest and $11,531 o...