Questions from Financial Accounting


Q: Minot Corporation borrowed $14,000, issued common stock of

Minot Corporation borrowed $14,000, issued common stock of $11,000, and paid dividends of $16,000. What was Minot Corporation’s net cash provided or used by financing activities? a. $(5,000) b. $16,0...

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Q: Trident Equipment’s accountants assembled the following data for the year ended April

Trident Equipment’s accountants assembled the following data for the year ended April 30, 2016. Prepare Trident Equipment’s statement of cash flows for the year e...

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Q: Your boss has just asked you to write a short note to

Your boss has just asked you to write a short note to one of his clients that had expressed some concerns about the difference between liabilities that are of an unknown amount versus contingent liabi...

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Q: What are some of the reasons for issuing a stock dividend?

What are some of the reasons for issuing a stock dividend?

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Q: What does a 10 percent stock dividend do? a

What does a 10 percent stock dividend do? a. Increases Common Stock b. Has no effect on total equity c. Decreases Retained Earnings d. All of the above

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Q: Zepher, Inc., prepared the following stockholders’ equity section as of

Zepher, Inc., prepared the following stockholders’ equity section as of December 31, 2016. Answer the following questions about Zepher, Inc.’s dividends: 1. How...

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Q: Why would a decrease in accounts payable be shown as a decrease

Why would a decrease in accounts payable be shown as a decrease in cash when using the indirect method of calculating the cash flows from operating activities?

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Q: Which item appears on a statement of cash flows prepared by the

Which item appears on a statement of cash flows prepared by the indirect method? a. Payment of income tax b. Payment to suppliers c. Collections from customers d. Net income

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Q: Nemo’s Spas began 2016 with cash of $32,000.

Nemo’s Spas began 2016 with cash of $32,000. During the year, Nemo’s Spas earned service revenue of $610,000 and collected $572,000 from customers. Expenses for the year totaled $449,000, of which Nem...

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Q: What kind of account is Treasury Stock? What is its normal

What kind of account is Treasury Stock? What is its normal balance? Where would it be reported on the financial statements?

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