Questions from Financial Reporting

Q: Several executives of Computer Associates International, including former CEO Sanjay Kumar

Several executives of Computer Associates International, including former CEO Sanjay Kumar, pleaded guilty to providing fraudulent financial statements. The scheme was built around the backdating of s...

Q: Holmes Company reported the following balance sheets at December 31, 20X2

Holmes Company reported the following balance sheets at December 31, 20X2 and 20X1: Its income statement for 20X2 was as follows: Additional information: During 20X2, Holmes had the following transact...

Q: Brower Corporation owns a manufacturing plant in the country of Oust.

Brower Corporation owns a manufacturing plant in the country of Oust. On December 31, 20X1, the plant had a book value of $5,000,000 and an estimated fair value of $8,000,000. Oust’s government has cl...

Q: Following is a list of items taken from the December 31,

Following is a list of items taken from the December 31, 20X1, balance sheet of Reagan Company (amounts omitted): Required: Using the above information, prepare a classified balance sheet in good form...

Q: During 20X1, Kew Company, a service organization, had $

During 20X1, Kew Company, a service organization, had $200,000 in cash sales and $3,000,000 in credit sales. The accounts receivable balances were $400,000 and $485,000 at December 31, 20X0 and 20X1,...

Q: The following information is available from Sand Corporation’s accounting records for the

The following information is available from Sand Corporation’s accounting records for the year ended December 31, 20X1: Required: Compute cash flow provided by operations for 20X1....

Q: Dunnsmore Company reported cost of goods sold of $318,450

Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for Dunnsmore is as follows: Required: Prepare a schedule showing the amount of cash Dunnsmore...

Q: Serven Corporation has estimated its accrual-basis revenue and expenses for

Serven Corporation has estimated its accrual-basis revenue and expenses for June 20X1 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follo...

Q: The following information was taken from the 20X1 financial statements of Planet

The following information was taken from the 20X1 financial statements of Planet Corporation: Required: Determine the cash collected from customers by Planet Corporation in 20X1.

Q: The following information was taken from the 20X1 financial statements of Eiger

The following information was taken from the 20X1 financial statements of Eiger Corporation, a maker of equipment for mountain and rock climbers: Required: 1. Calculate Eiger’s cash...