Questions from Financial Accounting


Q: The following information was extracted from the financial records of Leong Cosmetics

The following information was extracted from the financial records of Leong Cosmetics: a. What is the effective interest rate on the notes payable? b. Prepare the journal entry to record interest expe...

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Q: The following are possible transactions that affect shareholders' equity: 1

The following are possible transactions that affect shareholders' equity: 1. A company issues common stock above par value for cash. 2. A company declares a 3-for-1 stock split. 3. A company repurchas...

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Q: The following information was taken from the statement of shareholders' equity of

The following information was taken from the statement of shareholders' equity of Zielow Siding as of December 31, 2021. The par value of the Zielow stock is $5, and as of the beginning of 2021 , the...

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Q: The following information was taken from the statement of shareholders' equity of

The following information was taken from the statement of shareholders' equity of Kidd Sports as of December 31, 2021. The par value of Kidd stock is $1, and as of the beginning of 2021, the company h...

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Q: The board of directors of Enerson Manufacturing is in the process of

The board of directors of Enerson Manufacturing is in the process of declaring a dividend. The company is considering paying a cash dividend of $12 per share. Enerson Manufacturing is authorized to is...

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Q: The shareholders' equity section of Mayberry Corporation, as of the end

The shareholders' equity section of Mayberry Corporation, as of the end of 2021, follows. Mayberry began operations in 2017. The 5,000 shares of preferred stock have been outstanding since 2017. The c...

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Q: The shareholders' equity section of Pioneer Enterprises as of December 31,

The shareholders' equity section of Pioneer Enterprises as of December 31, 2021, follows: Answer the questions below for the following independent transactions: a. How many common shares are outstandi...

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Q: The December 31, 2020, balances in retained earnings and additional

The December 31, 2020, balances in retained earnings and additional paid-in capital for Railway Shippers Company are $135,000 and $50,000, respectively. Five thousand no par value common shares are ou...

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Q: Taylor Manufacturing entered into a borrowing arrangement that requires the company to

Taylor Manufacturing entered into a borrowing arrangement that requires the company to maintain a retained earnings balance of $500,000. The company also wishes to finance internally a major plant add...

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Q: A footnote to the financial statements of Allegheny Teledyne Incorporated stated the

A footnote to the financial statements of Allegheny Teledyne Incorporated stated the following: The straight-line method of depreciation was adopted for all property placed into service after July I ,...

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