Questions from Financial Accounting

Q: Which of the following prevents a company from switching its inventory costing

Which of the following prevents a company from switching its inventory costing method to a different method each year? a. Consistency principle b. Materiality concept c. Matching principle d. Disclosu...

Q: On January 1, 2011, Trucks R Us Corporation issued $

On January 1, 2011, Trucks R Us Corporation issued $2,000,000 in bonds that mature in five years. The bonds have a stated interest rate of 10 percent and pay interest on June 30 and December 31 each y...

Q: JCPenney Company was one of the first companies to issue zero coupon

JCPenney Company was one of the first companies to issue zero coupon bonds. It issued bonds with a face (maturity) value of $400 million due eight years after issuance. When the bonds were sold to the...

Q: The business section of The New York Times recently contained the following

The business section of The New York Times recently contained the following article: Freeport-McMoRan Copper & Gold Inc., one of the world’s largest copper producers, said yesterday that it would rep...

Q: The following account balances were selected from the records of TEAC Corporation

The following account balances were selected from the records of TEAC Corporation at December 31, 2011, after all adjusting entries were completed: Common stock (par $20; authorized 100,000 shares, i...

Q: During 2011 the following selected transactions affecting stockholders’ equity occurred for OrlandoCorporation

During 2011 the following selected transactions affecting stockholders’ equity occurred for OrlandoCorporation: a.Apr. 1 Purchased in the market 200 shares of the company’s own common stock at $20 pe...

Q: During 2011 the following selected transactions affecting stockholders’ equity occurred for TARP

During 2011 the following selected transactions affecting stockholders’ equity occurred for TARP Corporation: a. Feb. 1 Purchased in the open market 160 shares of the company’s own common stock at $2...

Q: Peters and Associates is a small manufacturer of electronic connections for local

Peters and Associates is a small manufacturer of electronic connections for local area networks. Consider three independent situations. Case 1: Peters increases its cash dividends by 50 percent, but n...

Q: The records of Hollywood Company reflected the following balances in the stockholders’

The records of Hollywood Company reflected the following balances in the stockholders’ equity accounts at December 31, 2010: Common stock, par $12 per share, 30,000 shares outstanding Preferred stock...

Q: Service Corporation has the following capital stock outstanding at the end of

Service Corporation has the following capital stock outstanding at the end of 2011: Preferred stock, 6 percent, par $15, outstanding shares, 8,000 Common stock, par $8, outstanding shares, 30,000 On...