Questions from Financial Accounting

Q: Rachel’s Designs has 2,000 shares of 7%, $50

Rachel’s Designs has 2,000 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2022. All remaining shares are common stock. Due to cash flow difficulties, the company was...

Q: Technologies Worldwide purchased land for $850,000 in 2023 with

Technologies Worldwide purchased land for $850,000 in 2023 with the intent to expand operations. In 2024, the company decides the land is no longer needed, and the land is sold for $900,000. Determine...

Q: Refer to the situation described in BE11–9. Determine the

Refer to the situation described in BE11–9. Determine the financing cash flows to be reported by IT Industries in 2024. Data from BE11-9: On April 1, 2023, Teleworks Company lent $100,000 to IT Indus...

Q: On April 1, 2023, Teleworks Company lent $100,

On April 1, 2023, Teleworks Company lent $100,000 to IT Industries. IT Industries pays back in full the note plus 10% interest on April 1, 2024. Determine the investing cash flows to be reported by Te...

Q: Perform a vertical analysis on the following information. /

Perform a vertical analysis on the following information.

Q: Classify each of the following accounting practices as conservative or aggressive.

Classify each of the following accounting practices as conservative or aggressive. 1. Increase the allowance for uncollectible accounts. 2. When costs are rising, change from LIFO to FIFO. 3. Change f...

Q: Using the information presented in BE12–1, perform a horizontal

Using the information presented in BE12–1, perform a horizontal analysis providing both the amount and percentage change. Data from BE12-1: Perform a vertical analysis on the follow...

Q: Athletic World reports the following vertical analysis percentages. /

Athletic World reports the following vertical analysis percentages. Did Athletic World’s income before tax as a percentage of sales increase, decrease, or stay the same? If net incom...

Q: Wendy Day Kite Company owns 40% of the outstanding stock of

Wendy Day Kite Company owns 40% of the outstanding stock of Strong String Company. During the current year, Strong String reported net income of $15 million. What effect does Strong String’s reported...

Q: Sales are $2.6 million in 2023, $2

Sales are $2.6 million in 2023, $2.7 million in 2024, and $2.5 million in 2025. What is the percentage change from 2023 to 2024? What is the percentage change from 2024 to 2025? Be sure to indicate wh...