Questions from General Accounting

Q: Shonrock International is considering a significant expansion to its product line.

Shonrock International is considering a significant expansion to its product line. The sales force is excited about the opportunities that the new products will bring. The new products are a significa...

Q: Bakely Company reports the following information (in millions) during a

Bakely Company reports the following information (in millions) during a recent year: net sales, $11,408.5; net earnings, $264.8; total assets, ending, $4,312.6; and total assets, beginning, $4,254.3....

Q: Haley Company, organized in 2014, has these transactions related to

Haley Company, organized in 2014, has these transactions related to intangible assets in that year: Jan. 2 Purchased a patent (5-year life) $280,000. Apr. 1 Goodwill acquired as a result of purcha...

Q: Gonzalez Corporation reported net income of $58,000. Depreciation

Gonzalez Corporation reported net income of $58,000. Depreciation expense for the year was $132,000. The company calculates depreciation expense using the straight line method, with a useful life of 1...

Q: Jayhawk Bus Lines uses the units-of-activity method in

Jayhawk Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2014, at a cost of $100,000. Over its 4-year useful life, the bus is expected to be d...

Q: Basic information relating to a new machine purchased by Hinshaw Company is

Basic information relating to a new machine purchased by Hinshaw Company is presented in E9-5. Data given in E 9-5: Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $90,000. T...

Q: On March 1, 2014, Zobrist Company acquired real estate,

On March 1, 2014, Zobrist Company acquired real estate, on which it planned to construct a small office building, by paying $80,000 in cash. An old warehouse on the property was demolished at a cost o...

Q: The financial statements for Tootsie Roll Industries appear in Appendix A at

The financial statements for Tootsie Roll Industries appear in Appendix A at the end of this textbook. Instructions: Answer these questions using the Consolidated Income Statement. (a) What was the p...

Q: The financial statements of The Hershey Company appear in Appendix B,

The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Appendix A: Appendix B: Instructions: (a) Based on the infor...

Q: The February 21, 2012, edition of the New York Times

The February 21, 2012, edition of the New York Times contains an article by Stephanie Clifford entitled “High-End Retailers Report Strong Profits, but Wal-Mart Still Struggles.” Instructions: Read th...