Questions from Financial Accounting

Q: Balance sheet data for Brimstone Company follows: /

Balance sheet data for Brimstone Company follows: a. Determine the working capital and current ratio for 2016 and 2015. b. Does the change in the current ratio from 2015 to 2016 indicate a favorable...

Q: Hahn Flooring Company’s perpetual inventory records indicate that $1,333

Hahn Flooring Company’s perpetual inventory records indicate that $1,333,150 of merchandise should be on hand on December 31, 2016. The physical inventory indicates that $1,309,900 of merchandise is a...

Q: On the basis of the following data, determine the value of

On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 10.

Q: Journalize the entries to record the following selected bond investment transactions for

Journalize the entries to record the following selected bond investment transactions for Hall Trust: a. Purchased for cash $300,000 of Oates City 4% bonds at 100 plus accrued interest of $3,000. b. Re...

Q: Financial statement data for years ending December 31 for Robinhood Company follows

Financial statement data for years ending December 31 for Robinhood Company follows: a. Determine the accounts receivable turnover for 2016 and 2015. b. Determine the number of daysâ€...

Q: On October 23, 2016, Wilkerson Company had a market price

On October 23, 2016, Wilkerson Company had a market price of $40 per share of common stock. For the previous year, Wilkerson paid an annual dividend of $1.20. Compute the dividend yield for Wilkerson...

Q: Using the following accounts and balances, prepare the Stockholders’ Equity section

Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Five-hundred thousand shares of common stock are authorized, and 40,000 shar...

Q: Valley Realty acts as an agent in buying, selling, renting

Valley Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2016, follows: The following business transactions were completed by Va...

Q: Financial statement data for years ending December 31 for Latchkey Company follows

Financial statement data for years ending December 31 for Latchkey Company follows: a. Determine the ratio of sales to assets for 2016 and 2015. b. Does the change in the ratio of sales to assets fr...

Q: During the taking of its physical inventory on August 31, 2016

During the taking of its physical inventory on August 31, 2016, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500. Indicate the effect of t...