Questions from Financial Accounting

Q: The following financial data (in thousands) were taken from recent

The following financial data (in thousands) were taken from recent financial statements of Office Depot, Inc.: 1. Determine the times interest earned ratio for Office Depot in Year 3, Year 2, and Yea...

Q: Todd has a capital balance of $170,600 after adjusting

Todd has a capital balance of $170,600 after adjusting assets to fair market value. Zanetti contributes $45,500 to receive a 40% interest in a new partnership with Todd. Determine the amount and recip...

Q: Prior to liquidating their partnership, Cameron and Solivita had capital accounts

Prior to liquidating their partnership, Cameron and Solivita had capital accounts of $44,000 and $92,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was rea...

Q: Swilley Furniture Company has 50,000 shares of cumulative preferred 2

Swilley Furniture Company has 50,000 shares of cumulative preferred 2% stock, $75 par, and 100,000 shares of $10 par common stock. The following amounts were distributed as dividends: Year 1 …………… $ 4...

Q: On May 27, Idress Clothing Inc. reacquired 64,000

On May 27, Idress Clothing Inc. reacquired 64,000 shares of its common stock at $12 per share. On August 3, Idress Clothing sold 41,000 of the reacquired shares at $17 per share. On November 14, Idres...

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 using Method 1 of Exhibit 8. Two hundred thousand shares of common stock are...

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 using Method 1 of Exhibit 8. Five hundred thousand shares of common stock are...

Q: Haggen Cruises Inc. reported the following results for the year ended

Haggen Cruises Inc. reported the following results for the year ended October 31, 20Y9: Retained earnings, November 1, 20Y8 …………. $11,775,000 Net income ………………………………………………….. 2,232,000 Cash dividends...

Q: Financial statement data for the years ended December 31 for Cottontop Corporation

Financial statement data for the years ended December 31 for Cottontop Corporation follow: a. Determine the earnings per share for 20Y3 and 20Y2. b. Does the change in the earnings per share from 20Y...

Q: Financial statement data for the years ended December 31 for Brown Cow

Financial statement data for the years ended December 31 for Brown Cow Inc. follow: a. Determine the earnings per share for 20Y6 and 20Y5. b. Does the change in the earnings per share from 20Y5 to 20...