Questions from Financial Accounting

Q: Specialty Auto Racing Inc. retails racing products for BMWs, Porsches

Specialty Auto Racing Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Specialty Auto Racing on July 31, the end of the...

Q: Seventy-Two Inc., a developer of radiology equipment, has

Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 2% stock, $50 par and 200,000 shares of $10 par common. During its first f...

Q: Bank of America Corporation (BAC) and Wells Fargo & Company

Bank of America Corporation (BAC) and Wells Fargo & Company (WFC) are two large financial services companies. The following data (in millions) were taken from a recent year’s fin...

Q: Pacific Gas and Electric Company (PCG) is a large gas

Pacific Gas and Electric Company (PCG) is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric are as follow...

Q: Caterpillar Inc. (CAT) is the world’s leading manufacturer of

Caterpillar Inc. (CAT) is the world’s leading manufacturer of construction and mining equipment. Three recent years of earnings and average common shares outstanding data for Caterpi...

Q: Truist Financial Corp (TFC) and Regions Financial Corporation (RF

Truist Financial Corp (TFC) and Regions Financial Corporation (RF) are large regional banking companies. The net income and average common shares outstanding for both companies were reported in recent...

Q: Amazon.com, Inc. (AMZN) is one of

Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Walmart Inc. (WMT) is the largest retailer in the United States. Amazon and Walmart compete in similar markets; however,...

Q: The following selected accounts appear in the ledger of Parks Construction Inc

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year: During the year, the corporation completed a number of transactions affecting th...

Q: Crazy Mountain Tours Co. is a travel agency. The nine

Crazy Mountain Tours Co. is a travel agency. The nine transactions recorded by Crazy Mountain Tours during May 20Y2, its first month of operations, are indicated in the following T accounts: Indicat...

Q: Pecan Theatre Inc. owns and operates movie theaters throughout Florida and

Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre has declared the following annual dividends over a six-year period: 20Y1, $60,000; 20Y2, $80,000; 20Y3...