Questions from General Accounting

Q: Walters Corporation was formed during 2013 by John Walters. John is

Walters Corporation was formed during 2013 by John Walters. John is the president and sole stockholder. At December 31, 2014, John prepared an income statement for Walters Corporation. John is not an...

Q: Condensed balance sheet and income statement data for Fellini Corporation are presented

Condensed balance sheet and income statement data for Fellini Corporation are presented below. Instructions: Compute the following values and ratios for 2013 and 2014. (a) Earnings per share. (b) Wo...

Q: Selected financial data of two competitors, Home Depot and Lowe’s,

Selected financial data of two competitors, Home Depot and Lowe’s, are presented here. (All dollars are in millions.) Suppose the data were taken from the 2014 financial statements o...

Q: Yocum Software International Inc., headquartered in Toronto, specializes in Internet

Yocum Software International Inc., headquartered in Toronto, specializes in Internet safety and computer security products for both the home and commercial markets. In a recent balance sheet, it repor...

Q: Suppose the following items are taken from the 2014 balance sheet of

Suppose the following items are taken from the 2014 balance sheet of Starbucks Corporation. (All dollars are in millions.) Goodwill …………………………………………………………$ 477 Common stock ……………………………………………………40 Equi...

Q: These items are taken from the financial statements of Mueller, Inc

These items are taken from the financial statements of Mueller, Inc. Prepaid insurance ……………………………………………$ 2,400 Equipment ………………………………………………………. 30,000 Salaries and wages expense ……………………………..34,000 U...

Q: You are provided with the following information for Vern Corporation, effective

You are provided with the following information for Vern Corporation, effective as of its April 30, 2014, year-end. Accounts payable ………………………………………………………$ 3,100 Accounts receivable ………………………………………………...

Q: Comparative statement data for Omaz Company and Wise Company, two competitors

Comparative statement data for Omaz Company and Wise Company, two competitors, are presented below. All balance sheet data are as of December 31, 2014. Instructions: (a) Compute the net income and ea...

Q: The financial statements of Divine Company are presented here.

The financial statements of Divine Company are presented here. DIVINE COMPANY Income Statement For the Year Ended December 31, 2014 Net sales ……………………………………………………………$700,000 Cost of goods sold ………………...

Q: On July 1, 2014, Seng Co. pays $12

On July 1, 2014, Seng Co. pays $12,400 to Nance Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Seng Co., journalize and post the entry on July...