Questions from General Accounting

Q: For now you can ignore the 2011 column in the balance sheet

For now you can ignore the 2011 column in the balance sheet; all disclosures presented here relate to the June 30, 2010, balance sheet.) DeZurik Corp. had the following owners’ equit...

Q: The transactions affecting the owners’ equity accounts of DeZurik Corp. for

The transactions affecting the owners’ equity accounts of DeZurik Corp. for the year ended June 30, 2011, are summarized here: 1. 320,000 shares of common stock were issued at $14.25 per share. 2. 80...

Q: Your conversation with Mr. Gerrard, which took place in February

Your conversation with Mr. Gerrard, which took place in February 2011 (see Case 6.28), continued as follows: Case 4.26: Gerrard Construction Co. is an excavation contractor. The following summarized...

Q: Knight, Inc., expects to incur a loss for the current

Knight, Inc., expects to incur a loss for the current year. The chairperson of the board of directors wants to have a cash dividend so that the company’s record of having paid a dividend during every...

Q: Find a list of common stock exdividend date data. (You

Find a list of common stock exdividend date data. (You can go, via Google, to stocks—wsj.com. Select the reference which is labeled Market Data Center; then select the stocks and trading statistics ta...

Q: Circle-Square, Ltd., is in the process of liquidating

Circle-Square, Ltd., is in the process of liquidating and going out of business. The firm’s balance sheet shows $22,800 in cash, accounts receivable of $114,200, inventory totaling $61,400, plant and...

Q: Assume that you own 500 shares of $10 par value common

Assume that you own 500 shares of $10 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $40. Required: a. How many shares of common stoc...

Q: At the beginning of the current fiscal year, the balance sheet

At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed owners’ equity of $520,000. During the year, liabilities increased by $21,000 to $234,000; paid...

Q: At the beginning of the current fiscal year, the balance sheet

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; and paid-...

Q: From the following data, calculate the Retained Earnings balance as of

From the following data, calculate the Retained Earnings balance as of December 31, 2010: Retained earnings, December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....