Questions from Financial Accounting

Q: Spencer Software Company has assets of $1,020,000

Spencer Software Company has assets of $1,020,000 and liabilities of $552,000. a. Prepare the owners’ equity section of the company’s balance sheet under each of the following independent assumptions...

Q: Bosh Company’s assets total $155,000 and its liabilities total

Bosh Company’s assets total $155,000 and its liabilities total $85,000. What is the amount of Bosh’s retained earnings if its capital stock amounts to $50,000?

Q: Who are the sponsoring organizations of COSO, and what is COSO

Who are the sponsoring organizations of COSO, and what is COSO best known for doing?

Q: White Company’s assets total $780,000 and its owners’ equity

White Company’s assets total $780,000 and its owners’ equity consists of capital stock of $500,000 and retained earnings of $150,000. Does White Company have any outstanding liabilities and, if so, wh...

Q: Wiley Company had total revenues of $360,000 for a

Wiley Company had total revenues of $360,000 for a recent month. During the month the company incurred operating expenses of $246,000 and purchased land for $66,000. Compute the amount of Wiley’s net...

Q: Wexler, Inc.’s income statement showed total expenses for the

Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the company’s revenues for the year were $135,000 and its year-end cash balance was $35,000, what was Wexler’s net...

Q: Wilkes Company had the following transactions during the current year:

Wilkes Company had the following transactions during the current year: Earned revenues of $100,000 and incurred expenses of $56,000, all in cash. Purchased a truck for $25,000. Sold land for $10,000....

Q: Solway Company is a sole proprietorship whose owner, Joe Solway,

Solway Company is a sole proprietorship whose owner, Joe Solway, has an equity interest of $50,000. Had Solway been a partnership rather than a sole proprietorship, and the two equal partners were Joe...

Q: Repeat Brief Exercise 2.8, except assume that rather than

Repeat Brief Exercise 2.8, except assume that rather than being a sole proprietorship or a partnership, Solway Company is organized as a corporation with capital stock of $48,000. How would the $60,00...

Q: Walters Company purchased a piece of machinery on credit for $24

Walters Company purchased a piece of machinery on credit for $24,000. Briefly state the way this transaction affects the company’s basic accounting equation.