Questions from Financial Accounting

Q: The following errors took place in journalizing and posting transactions:

The following errors took place in journalizing and posting transactions: a. Cash of $7,550 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,350 purchase of sup...

Q: A company reports the following: / Determine (

A company reports the following: Determine (a) the accounts receivable turnover and (b) the days’ sales in receivables. Round to one decimal place.

Q: The following information was taken from Charu Company’s balance sheet:

The following information was taken from Charu Company’s balance sheet: Determine the company’s (a) ratio of fixed assets to long-term liabilities and (b) ratio o...

Q: A company reports the following: / Determine

A company reports the following: Determine the times interest earned. Round to one decimal place.

Q: A company reports the following: / Determine

A company reports the following: Determine the asset turnover ratio. Round to one decimal place.

Q: A company reports the following income statement and balance sheet information for

A company reports the following income statement and balance sheet information for the current year: Determine the return on total assets. Round percentage to one decimal place.

Q: A company reports the following: / a

A company reports the following: a. Determine the company’s earnings per share on common stock. b. Determine the company’s price-earnings ratio. Round to one deci...

Q: The comparative accounts payable and long-term debt balances for a

The comparative accounts payable and long-term debt balances for a company follow. Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balan...

Q: The following items are reported on a company’s balance sheet:

The following items are reported on a company’s balance sheet: Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place.

Q: The Kroger Company (KR), a grocery store chain, recently

The Kroger Company (KR), a grocery store chain, recently had a price-earnings ratio of 13.2, while the average price-earnings ratio in the grocery store industry was 17.0. What might explain this diff...