Questions from Financial Accounting

Q: McMinn Publications was organized early in 2016 with authorization to issue 20

McMinn Publications was organized early in 2016 with authorization to issue 20,000 shares of $100 par value preferred stock and 1 million shares of $1 par value common stock. All of the preferred stoc...

Q: Maria Martinez organized Manhattan Transport Company in January 2018. The corporation

Maria Martinez organized Manhattan Transport Company in January 2018. The corporation immediately issued at $8 per share one-half of its 200,000 authorized shares of $2 par value common stock. On Janu...

Q: Early in the year Bill Shares and several friends organized a corporation

Early in the year Bill Shares and several friends organized a corporation called Shares Communications, Inc. The corporation was authorized to issue 50,000 shares of $100 par value, 10 percent cumulat...

Q: The year-end balance sheet of Ft. Smith Products includes

The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain details omitted). Instructions: From this information, compute an...

Q: Fowler, Inc., declared a 4 percent stock dividend on its

Fowler, Inc., declared a 4 percent stock dividend on its 750,000 shares of common stock. The $10 par value common stock was originally sold for $14 and was selling at $17 at the time the stock dividen...

Q: Parsons, Inc., is a publicly owned company. The following

Parsons, Inc., is a publicly owned company. The following information is excerpted from a recent balance sheet. Dollar amounts (except for per-share amounts) are stated in thousands. Instructions: F...

Q: Techno Corporation is the producer of popular business software. Recently,

Techno Corporation is the producer of popular business software. Recently, an investment service published the following per-share amounts relating to the company’s only class of sto...

Q: Early in 2019, Feller Corporation was formed with authorization to issue

Early in 2019, Feller Corporation was formed with authorization to issue 50,000 shares of $1 par value common stock. All shares were issued at a price of $8 per share. The corporation reported net inc...

Q: At the end of the year, the following information was obtained

At the end of the year, the following information was obtained from the accounting records of Harrison Electronics, Inc. Instructions: a. From the information given, compute the following. 1. Invento...

Q: Custodian Commandos, Inc., provides janitorial services to public school systems

Custodian Commandos, Inc., provides janitorial services to public school systems. The business adjusts its accounts monthly, but closes them only at year-end. Its fiscal year ends on December 31. A su...