Questions from Financial Accounting

Q: Case 1: Matsumoto Training Academies is a sole proprietorship. To

Case 1: Matsumoto Training Academies is a sole proprietorship. To start the business, the owner, Mr. Tanaka, contributed $500,000 cash. During the year the owner withdrew $30,000 cash. Net income for...

Q: Tandy Company was issued a charter by the state of Indiana on

Tandy Company was issued a charter by the state of Indiana on January 15 of this year. The charter authorized the following: Common stock, $10 par value, 103,000 shares authorized Preferred stock, 9 p...

Q: The comparative financial statements for Summer Corporation are below: /

The comparative financial statements for Summer Corporation are below: Required: 1. Complete the following columns for each item in the preceding comparative financial statements: INCREASE (DECREASE)...

Q: The financial statements for Highland Corporation included the following selected information:

The financial statements for Highland Corporation included the following selected information: Common stock ……………………………………..$1,600,000 Retained earnings …………………………………..$900,000 Net income…………………………………...

Q: Tarrant Corporation was organized this year to operate a financial consulting business

Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, par value $10 per share, 11,500 shares authorized. Dur...

Q: The stockholders’ equity section on the balance sheet of Dillard’s, a

The stockholders’ equity section on the balance sheet of Dillard’s, a popular department store, is shown below. During the year, the company reported net income of...

Q: Williamson Corporation was organized to operate a tax preparation business. The

Williamson Corporation was organized to operate a tax preparation business. The charter authorized the following stock: common stock, $2 par value, 80,000 shares authorized. During the first year, the...

Q: Ruth’s Chris Steakhouse is the largest upscale steakhouse company in the United

Ruth’s Chris Steakhouse is the largest upscale steakhouse company in the United States, based on total company- and franchisee-owned restaurants. The company’s menu features a broad selection of high...

Q: Quick Fix-It Corporation was organized at the beginning of this

Quick Fix-It Corporation was organized at the beginning of this year to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following sto...

Q: Below is select information from DC United Company’s income statement. At

Below is select information from DC United Company’s income statement. At the end of Year 1, the weighted average number of common shares outstanding was 132,000. Income Statement, End of Year 1 Sales...