Questions from Financial Accounting

Q: Musicality, Inc., reported the following items, listed in no

Musicality, Inc., reported the following items, listed in no particular order, at December 31, 2016 (in thousands): Income tax of 40% applies to all items. Prepare Musicality’s mu...

Q: Use the Sidestep Corporation data in E10-27A to prepare the

Use the Sidestep Corporation data in E10-27A to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2017. From E10-27A Common stock $1.00 par value per share, 26...

Q: For fiscal year 2016, Orange Computer, Inc., reported net

For fiscal year 2016, Orange Computer, Inc., reported net sales of $19,320 million, net income of $1,991 million, and no significant discontinued operations or accounting changes. Earnings per share was...

Q: Suppose Natural Soda Corp. sells soft-drink syrup on account

Suppose Natural Soda Corp. sells soft-drink syrup on account to a Russian company on September 12. Natural Soda Corp. agrees to accept 200,000 Russian rubles. On the date of sale, the ruble is quoted...

Q: Industrial Belting sells goods on account for 700,000 Mexican pesos

Industrial Belting sells goods on account for 700,000 Mexican pesos. The foreign-exchange rate for a peso is $0.092 on the date of sale. Industrial Belting then collects cash on April 24 when the exch...

Q: Juneau Cruise Lines, Inc., reported the following income statement for

Juneau Cruise Lines, Inc., reported the following income statement for the year ended December 31, 2016: Requirements 1. Were Juneau Cruise Line’s discontinued operations more lik...

Q: Colossal Marine, Inc., had income before income tax of $

Colossal Marine, Inc., had income before income tax of $171,000 and taxable income of $148,000 for 2016, the company’s first year of operations. The income tax rate is 40%. 1. Make the entry to record...

Q: Weather Seal Windows Company has preferred stock outstanding and issued additional common

Weather Seal Windows Company has preferred stock outstanding and issued additional common stock during the year. 1. Give the basic equation to compute earnings per share of common stock for net incom...

Q: State how the statement of cash flows helps investors and creditors perform

State how the statement of cash flows helps investors and creditors perform each of the following functions: a. Predict future cash flows b. Evaluate management decisions

Q: Use the Pratt Computer Sales data in SE12-9 to compute

Use the Pratt Computer Sales data in SE12-9 to compute the following; enter all amounts in thousands. a. New borrowing or payment of long-term notes payable. Pratt Computer Sales had only one long-te...