Questions from Financial Accounting

Q: The following accounts appear in the ledger of Paisan Inc. after

The following accounts appear in the ledger of Paisan Inc. after the books are closed at December 31, 2017. Common Stock (no-par, $1 stated value, 400,000 shares authorized, 250,000 shares issued)...

Q: Suppose selected comparative statement data for the giant bookseller Barnes & Noble

Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in millions). Instructions Com...

Q: Arroyo Company issued $600,000, 10-year,

Arroyo Company issued $600,000, 10-year, 6% bonds at 103. Instructions (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (b) Suppose the remaining Premium on Bonds Pa...

Q: Data for Granger Inc. are presented in P12-9A(

Data for Granger Inc. are presented in P12-9A(given below): Further analysis reveals that accounts payable pertain to merchandise creditors. Instructions Prepare a statement of cash flows for Granger...

Q: On January 1, 2017, Lachte Corporation issued $1,

On January 1, 2017, Lachte Corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Lachte uses the effective-in...

Q: Monet, Inc. purchases 1,000 shares of its own

Monet, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $11,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) net income,...

Q: Describe the indirect method for determining net cash provided (used)

Describe the indirect method for determining net cash provided (used) by operating activities.

Q: (a) Distinguish among the following bases of comparison: intra

(a) Distinguish among the following bases of comparison: intra company, intercompany, and industry averages. (b) Give the principal value of using each of the three bases of comparison.

Q: The financial statements of Amazon.com, Inc. are presented

The financial statements of Amazon.com, Inc. are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions (a) Identify two accounts on Amazon’s...

Q: The following control procedures are used in Bunny’s Boutique Shoppe for cash

The following control procedures are used in Bunny’s Boutique Shoppe for cash disbursements. 1. Each week, 100 company checks are left in an unmarked envelope on a shelf behind the cash register. 2. T...