Questions from Financial Accounting


Q: National Chocolate Corp. produces chocolate bars and snacks under the brand

National Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: Required: 1. Prepare any journal entries that...

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Q: BSO, Inc., has assets of $600,000 and

BSO, Inc., has assets of $600,000 and liabilities of $450,000, resulting in a debt-to-assets ratio of 0.75. For each of the following transactions, determine whether the debt-to-assets ratio will incr...

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Q: At December 31, the records of Kozmetsky Corporation provided the following

At December 31, the records of Kozmetsky Corporation provided the following selected and incomplete data: Required: 1. Complete the following: Shares issued . Shares outstanding . 2. The balance in...

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Q: Ritz Company had the following stock outstanding and Retained Earnings at December

Ritz Company had the following stock outstanding and Retained Earnings at December 31, 2018: On December 31, 2018, the board of directors is considering the distribution of a cash dividend to the com...

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Q: Two online magazine companies reported the following in their financial statements:

Two online magazine companies reported the following in their financial statements: Required: 1. Compute the 2018 ROE for each company (express ROE as a percentage rounded to one decimal place). Whi...

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Q: Motif Furniture is an Austin-based furniture company. For each

Motif Furniture is an Austin-based furniture company. For each of the following first-quarter transactions, indicate whether operating (O), investing (I), or financing activities (F) are affected and...

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Q: The income statement and selected balance sheet information for Direct Products Company

The income statement and selected balance sheet information for Direct Products Company for the year ended December 31 are presented below. Required: Prepare the cash flows from operating activities...

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Q: XS Supply Company is developing its annual financial statements at December 31

XS Supply Company is developing its annual financial statements at December 31. The statements are complete except for the statement of cash flows. The completed comparative balance sheets and income...

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Q: Heads Up Company was started several years ago by two hockey instructors

Heads Up Company was started several years ago by two hockey instructors. The company’s comparative balance sheets and income statement follow, along with additional information. Ad...

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Q: Refer to the information in PA12-2. Required

Refer to the information in PA12-2. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. The income statement and selected bal...

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