Questions from Financial Accounting

Q: You are evaluating two companies as possible investments. The two companies

You are evaluating two companies as possible investments. The two companies, which are similar in size, are commuter airlines that fly passengers up and down the East Coast. All other a...

Q: Net sales, net income, and total assets for Abacus Shipping

Net sales, net income, and total assets for Abacus Shipping, Inc., for a five-year period follow: Requirements 1. Compute trend percentages for each item for 2013 through 2016. Use 2...

Q: Top managers of Bryan Products, Inc., have asked for your

Top managers of Bryan Products, Inc., have asked for your help in comparing the company’s profit performance and financial position with the average for...

Q: Klaben Motors, Inc., was formed on January 1, 2016

Klaben Motors, Inc., was formed on January 1, 2016. The following transactions occurred during 2016: On January 1, 2016, Klaben issued its common stock for $510,000. Early in January, Klaben made the...

Q: Use the Klaben Motors, Inc., data from P12-58A

Use the Klaben Motors, Inc., data from P12-58A. Requirements 1. Prepare Klaben’s income statement for the year ended December 31, 2016. Use the singlestep format, with all revenues listed together a...

Q: Carlson Software Corp. has assembled the following data for the years

Carlson Software Corp. has assembled the following data for the years ending December 31, 2016 and 2015. Requirement 1. Prepare Carlson Software Corp.’s statement of cash flows u...

Q: The comparative balance sheets of Canton Movie Theater Company at June 30

The comparative balance sheets of Canton Movie Theater Company at June 30, 2016, and 2015, reported the following: Canton Movie Theater’s transactions during the year ended June 30...

Q: Use the Lombardi Supply Corp. data from P12-71B.

Use the Lombardi Supply Corp. data from P12-71B. Requirements 1. Prepare the 2016 statement of cash flows by using the direct method. 2. How will what you learned in this problem help you evaluate...

Q: Driscoll Furniture Gallery, Inc., provided the following data from the

Driscoll Furniture Gallery, Inc., provided the following data from the company’s records for the year ended December 31, 2016: a. Credit sales, $600,000 b. Loan to another company, $9,900 c. Cash p...

Q: For each of the situations listed, identify which of three principles

For each of the situations listed, identify which of three principles (integrity, objectivity and independence, or due care) from the AICPA Code of Professional Conduct is violated. Assume all persons...