Questions from Financial Accounting

Q: On October 23, Wilkerson Company had a market price of $

On October 23, Wilkerson Company had a market price of $40 per share of common stock. For the previous year, Wilkerson paid an annual dividend of $1.20. Compute the dividend yield for Wilkerson Compan...

Q: Indicate how prior period adjustments should be reported on the financial statements

Indicate how prior period adjustments should be reported on the financial statements presented only for the current period.

Q: The total assets and total liabilities (in millions) of Keurig

The total assets and total liabilities (in millions) of Keurig Green Mountain, Inc. and Starbucks Corporation follow: Determine the owners’ equity of each company.

Q: A building acquired at the beginning of the year at a cost

A building acquired at the beginning of the year at a cost of $1,450,000 has an estimated residual value of $300,000 and an estimated useful life of 10 years. Determine (a) The depreciable cost, (b) T...

Q: A company reports the following: Income before income tax ………………………….

A company reports the following: Income before income tax …………………………. $4,000,000 Interest expense ……………………………………………. 400,000 Determine the times interest earned ratio. Round to one decimal place.

Q: A company reports the following: Income before income tax ………………….

A company reports the following: Income before income tax …………………. $8,000,000 Interest expense ……………………………………. 500,000 Determine the times interest earned ratio. Round to one decimal place.

Q: A business had revenues of $679,000 and operating expenses

A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) Incur a net loss or (b) Realize net income?

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

A company reports the following: Sales ………………………………………. $1,800,000 Average total assets ……………………. 1,125,000 Determine the asset turnover ratio. Round to one decimal place.

Q: A company reports the following: Sales ……………………………………. $4,

A company reports the following: Sales ……………………………………. $4,400,000 Average total assets ………………… 2,000,000 Determine the asset turnover ratio. Round to one decimal place.

Q: For the year ending August 31, Mammalia Medical Co. mistakenly

For the year ending August 31, Mammalia Medical Co. mistakenly omitted adjusting entries for (1) Depreciation of $5,800, (2) Fees earned that were not billed of $44,500, and (3) Accrued wages of $7,30...