Questions from General Accounting

Q: The 2014 accounting records of Rogan Transport reveal these transactions and events

The 2014 accounting records of Rogan Transport reveal these transactions and events. Instructions: Prepare the cash flows from operating activities section using the direct method

Q: Wyne Incorporated had the following transactions involving current assets and current liabilities

Wyne Incorporated had the following transactions involving current assets and current liabilities during February 2014. Feb. 3 Collected accounts receivable of $15,000. 7 Purchased equipment for $...

Q: In its draft 2014 income statement, Sunflower Corporation reports income before

In its draft 2014 income statement, Sunflower Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $180,000, income taxes $200,000 (not including irregular ite...

Q: Summary financial information for Paragon Company is as follows /

Summary financial information for Paragon Company is as follows Compute the amount and percentage changes in 2014 using horizontal analysis, assuming 2013 is the base year.

Q: The following section is taken from Lyons Corp.’s balance sheet

The following section is taken from Lyons Corp.’s balance sheet at December 31, 2013. Current liabilities Interest payable ……………………………………………………..$ 96,000 Long-term liabilities Bonds payable (8%, due J...

Q: The following section is taken from Lyons Corp.’s balance sheet

The following section is taken from Lyons Corp.’s balance sheet at December 31, 2013. Current liabilities Interest payable ……………………………………………………..$ 96,000 Long-term liabilities Bonds payable (8%, due J...

Q: On June 30, Reyes Corporation discontinued its operations in Mexico.

On June 30, Reyes Corporation discontinued its operations in Mexico. On September 1, Reyes disposed of the Mexico facility at a pretax loss of $640,000. The applicable tax rate is 25%. Show the discon...

Q: On May 10, Barone Corporation issues 1,000 shares of

On May 10, Barone Corporation issues 1,000 shares of $10 par value ordinary shares for cash at $18 per share. Journalize the issuance of the shares.

Q: Luther Corporation has the following accounts at December 31, 2014 (

Luther Corporation has the following accounts at December 31, 2014 (in euros): Share Capital—Ordinary, €10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €10,000; Retained Earnings €45,000;...

Q: Vangundy Co. had the following transactions during the current period.

Vangundy Co. had the following transactions during the current period. June 12 Issued 60,000 shares of $1 par value ordinary shares for cash of $375,000. July 11 Issued 1,000 shares of $100 par va...