Questions from Financial Accounting

Q: Finishing Touches has two classes of stock authorized: 8%, $

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations:...

Q: Refer to the information in E10–6. In its first

Refer to the information in E10–6. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common share...

Q: On March 15, American Eagle declares a quarterly cash dividend of

On March 15, American Eagle declares a quarterly cash dividend of $0.125 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle’s declaration and paym...

Q: Power Drive Corporation designs and produces a line of golf equipment and

Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the foll...

Q: Match (by letter) the following items with the description or

Match (by letter) the following items with the description or example that best fits. Each letter is used only once. Descriptions a. Begins with net income and then lists adjustments to net income in...

Q: The balance sheets for Plasma Screens Corporation, along with additional information

The balance sheets for Plasma Screens Corporation, along with additional information, are provided below: Required: Prepare the statement of cash flows using the indirect method.

Q: Financial information for Buckle is presented in Appendix B at the end

Financial information for Buckle is presented in Appendix B at the end of the book. Required: 1. Calculate the debt to equity ratio for the past two years. Did the ratio increase or decrease in the mo...

Q: Portions of the financial statements for Peach Computer are provided below.

Portions of the financial statements for Peach Computer are provided below. Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect meth...

Q: Dristell Inc. had the following activities during the year (all

Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise): a. A building with a book value of $400,000 was sold for $500,000. b. Additional com...

Q: Refer to the information in E11–12. Required:

Refer to the information in E11–12. Required: Calculate net cash flows from financing activities.