Questions from Financial Accounting

Q: What are the three categories of cash flows reported on the cash

What are the three categories of cash flows reported on the cash flow statement? Discuss each and give an example of an inflow and an outflow for each category.

Q: Albring Company had a beginning balance in accounts receivable of $12

Albring Company had a beginning balance in accounts receivable of $12,000 and an ending balance of $14,000. Net income amounted to $110,000. Based on this information alone, determine the amount of ne...

Q: Forsyth Company had a beginning balance in utilities payable of $3

Forsyth Company had a beginning balance in utilities payable of $3,300 and an ending balance of $5,200. Net income amounted to $87,000. Based on this information alone, determine the amount of net cas...

Q: The trial balance of Pacilio Security Services, Inc. as of

The trial balance of Pacilio Security Services, Inc. as of January 1, Year 10, had the following normal balances: During Year 10, Pacilio Security Services experienced the following transactions: 1....

Q: What is the purpose of the articles of incorporation? What information

What is the purpose of the articles of incorporation? What information do they provide?

Q: Which of the following activities are financing activities? (a

Which of the following activities are financing activities? (a) Payment of accounts payable. (b) Payment of interest on bonds payable. (c) Sale of common stock. (d) Sale of preferred stock at a premiu...

Q: What is apparent from a horizontal presentation of financial statement information?

What is apparent from a horizontal presentation of financial statement information? A vertical presentation?

Q: In Statement of Financial Accounting Standards No. 95, the Financial

In Statement of Financial Accounting Standards No. 95, the Financial Accounting Standards Board (FASB) recommended but did not require that companies use the direct method. In Appendix B, Paragraphs 1...

Q: Swartz Corporation wrote off a $1,600 uncollectible account receivable

Swartz Corporation wrote off a $1,600 uncollectible account receivable against the $48,000 balance in its allowance account. Required: Explain the effect of the write-off on Swartz’s current ratio.

Q: On June 30, Year 3, Franza Company’s total current assets

On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current liabilities were $360,000. On July 1, Year 3, Franza issued a long-term note to a bank for $72,000 cash....