Questions from Financial Accounting

Q: Portrait People, Inc., is authorized to issue 500,000

Portrait People, Inc., is authorized to issue 500,000 shares of $4 par common stock. The company issued 74,000 shares at $7 per share, and all 74,000 shares are outstanding. When the market price of c...

Q: The March accounting records of Watt’s Electrical Supply, Inc., include

The March accounting records of Watt’s Electrical Supply, Inc., include these accounts: Requirement 1. Compute Watt’s Electrical Supply, Inc.’s...

Q: Tubbs Landing, Inc., had the following stockholders’ equity at January

Tubbs Landing, Inc., had the following stockholders’ equity at January 31: On February 28, Tubbs Landing, Inc., split its common stock 2-for-1. Requirements 1. Make any necessary...

Q: The income statement and additional data of Amalgamated Services, Inc.,

The income statement and additional data of Amalgamated Services, Inc., follow: Additional data follows: a. Acquisition of fixed assets totaled $115,000. Of this amount, $85,000 was paid in cash an...

Q: Tammy was a wealthy, 20 percent stockholder of TDS Corporation.

Tammy was a wealthy, 20 percent stockholder of TDS Corporation. She was looking over the financial statements of the corporation and saw that TDS Corporation was in need of a large loan. Furthermore,...

Q: Consider each of the following transactions separately from every other transaction:

Consider each of the following transactions separately from every other transaction: a. Issuance of 20,000 shares of $10 par common at $17 b. Purchase of 1,500 shares of treasury stock (par value $0....

Q: Use the data for Amalgamated Services from E11-24B.

Use the data for Amalgamated Services from E11-24B. Data from E11-24B. Additional data follows: a. Acquisition of fixed assets totaled $115,000. Of this amount, $85,000 was paid in cash and a $30,00...

Q: Journalize the following transactions of Olympic Sports, Inc., a chain

Journalize the following transactions of Olympic Sports, Inc., a chain of sports stores:

Q: Compute the following items for the statement of cash flows:

Compute the following items for the statement of cash flows: 1. The beginning and ending Retained Earnings balances are $48,000 and $71,000, respectively. Net income for the period is $93,000. How mu...

Q: Mid America, Inc., had the following stockholders’ equity on November

Mid America, Inc., had the following stockholders’ equity on November 30: On December 15, Mid America, Inc., purchased 10,000 shares of treasury stock at $8 per share. Requirement...