Questions from Financial Accounting

Q: Miguel, Inc. reported net income of $2.5

Miguel, Inc. reported net income of $2.5 million in 2017. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash prov...

Q: The March 4, 2010, edition of the Wall Street Journal

The March 4, 2010, edition of the Wall Street Journal Online contains an article by Jeffrey McCracken and Tom McGinty entitled “With Fistfuls of Cash, Firms on Hunt.” Instructions Read the article and...

Q: For many years, Borders Group and Barnes and Noble were the

For many years, Borders Group and Barnes and Noble were the dominant booksellers in the United States. They experienced rapid growth, and in the process they forced many small, independent bookstores...

Q: Suppose the comparative balance sheets of Nike, Inc. are presented

Suppose the comparative balance sheets of Nike, Inc. are presented here. Instructions (a) Prepare a horizontal analysis of the balance sheet data for Nike, using 2016 as a base. (Show the amount of i...

Q: Mesa Corporation recently hired a new accountant with extensive experience in accounting

Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learn...

Q: The following information is available for Stamos Corporation for the year ended

The following information is available for Stamos Corporation for the year ended December 31, 2017. Beginning cash balance $ 45,000 Accounts payable decrease 3,700 Depreciation expense...

Q: During the month of March, Munster Company’s employees earned wages of

During the month of March, Munster Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for st...

Q: Maria Lopez, CEO of Sales Bin Stores, is considering a

Maria Lopez, CEO of Sales Bin Stores, is considering a recommendation made by both the company’s purchasing manager and director of finance that the company should invest in a sophisticated new perpet...

Q: Buffet Wholesalers accepts from Gates Stores a $6,200,

Buffet Wholesalers accepts from Gates Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Gates’ overdue account. The maturity date of the note is September 30. What entry does Buffet make...

Q: Malcolm Company sold $6,000,000, 7%,

Malcolm Company sold $6,000,000, 7%, 15-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on December 31. The bonds were sold at 98. Instructions (a) Prepare the jo...