Questions from Financial Accounting

Q: Net income was $900,000. Beginning and ending assets

Net income was $900,000. Beginning and ending assets were $8,000,000 and $9,600,000, respectively. What was the return on assets (ROA)? a. 9.4% b. 10.23% c. 11.25% d. 10.41%

Q: The Securities and Exchange Commission (SEC) regulates companies that issue

The Securities and Exchange Commission (SEC) regulates companies that issue stock on the stock market. It receives financial reports from public companies electronically under a system called EDGAR (E...

Q: The following transactions are July 2011 activities of Craig’s Bowling, Inc

The following transactions are July 2011 activities of Craig’s Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transa...

Q: Following are the concepts of accounting covered in Chapters 2 through 5

Following are the concepts of accounting covered in Chapters 2 through 5. Match each transaction or definition with its related concept by entering the appropriate letter in the space provided. Use on...

Q: Granger Service Company, Inc., was organized by Ted Granger and

Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $63,000 cash from the investors; each was issued 1...

Q: Newell Rubbermaid Inc. manufactures and markets a broad array of office

Newell Rubbermaid Inc. manufactures and markets a broad array of office products, tools and hardware, and home products under a variety of brand names, including Sharpie, Paper Mate, Rolodex, Rubberma...

Q: Following are terms related to the balance sheet that were discussed in

Following are terms related to the balance sheet that were discussed in Chapters 2 through 5. Match each definition with its related term by entering the appropriate letter in the space provided.

Q: Exquisite Jewelers is developing its annual financial statements for 2012. The

Exquisite Jewelers is developing its annual financial statements for 2012. The following amounts were correct at December 31, 2012: cash, $58,000; accounts receivable, $71,000; merchandise inventory,...

Q: At the end of the 2011 annual reporting period, Barnard Corporation’s

At the end of the 2011 annual reporting period, Barnard Corporation’s balance sheet showed the following: During 2012, the following selected transactions (summarized) were complet...

Q: Aeropostale, Inc., is a mall-based specialty retailer of

Aeropostale, Inc., is a mall-based specialty retailer of casual apparel and accessories. The company concept is to provide the customer with a focused selection of high-quality, active-oriented fashio...