Questions from Financial Accounting

Q: Biscayne Bay Water Inc. bottles and distributes spring water. On

Biscayne Bay Water Inc. bottles and distributes spring water. On May 14 of the current year, Biscayne Bay Water Inc. reacquired 23,500 shares of its common stock at $75 per share. On September 6, Bisc...

Q: A business provides its employees with varying amounts of vacation per year

A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $54,000. a. Journalize th...

Q: The following accounts and their balances were selected from the unadjusted trial

The following accounts and their balances were selected from the unadjusted trial balance of Point Loma Group Inc., a freight forwarder, at October 31, the end of the current fiscal year: Common Stock...

Q: A company reports the following: Net income ……………………………………………………….. $410

A company reports the following: Net income ……………………………………………………….. $410,000 Preferred dividends …………………………………………….. $60,000 Shares of common stock outstanding ……………………… 50,000 Market price per share...

Q: The following accounts and their balances appear in the ledger of Goodale

The following accounts and their balances appear in the ledger of Goodale Properties Inc. on June 30 of the current year: Common Stock, $45 par . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: Specialty Auto Racing Inc. retails racing products for BMWs, Porsches

Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing Inc. on July 31, the end of...

Q: Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the

Sumter Pumps Corporation, a manufacturer of industrial pumps, reports the following results for the year ended January 31, 20Y2: Retained earnings, February 1, 20Y1. . . . . . . . . . . . . . . . . ....

Q: List the errors in the following Stockholders’ Equity section of the balance

List the errors in the following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year:

Q: The stockholders’ equity T accounts of I-Cards Inc. for

The stockholders’ equity T accounts of I-Cards Inc. for the fiscal year ended December 31, 20Y9, are as follows. Prepare a statement of stockholders’ equity for the...

Q: Pacific Gas and Electric Company is a large gas and electric utility

Pacific Gas and Electric Company is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric Company are as foll...