Questions from General Accounting

Q: Kono Inc. has net income of $200,000,

Kono Inc. has net income of $200,000, average shares of common stock outstanding of 40,000, and preferred dividends for the period of $20,000. What is Kono’s earnings per share of common stock? Tim Fr...

Q: (a) If Neer Company had net income of $300

(a) If Neer Company had net income of $300,000 in 2013 and it experienced a 24.5% increase in net income for 2014, what is its net income for 2014? (b) If 6 cents of every dollar of Neer’s revenue is...

Q: Ratzlaff Company issues €2 million, 10-year, 8

Ratzlaff Company issues €2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Instructions: (a) Prepare the journal entry to record the sale of these bonds on January 1,...

Q: Ratzlaff Company issues €2 million, 10-year, 8

Ratzlaff Company issues €2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Instructions: (a) Prepare the journal entry to record the sale of these bonds on January 1,...

Q: Sealy Company has beginning raw materials inventory $12,000,

Sealy Company has beginning raw materials inventory $12,000, ending raw materials inventory $15,000, and raw materials purchases $170,000. What is the cost of direct materials used?

Q: Tate Inc. has beginning work in process $26,000

Tate Inc. has beginning work in process $26,000, direct materials used $240,000, direct labor $220,000, total manufacturing overhead $180,000, and ending work in process $32,000. What are the total ma...

Q: Using the data in Question 17, what are (a

Using the data in Question 17, what are (a) the total cost of work in process and (b) the cost of goods manufactured?

Q: The net income for Freeman Co. for 2014 was $280

The net income for Freeman Co. for 2014 was $280,000. For 2014, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $28,000. Compute net cash provi...

Q: Detwiler Inc. reported sales of $2 million for 2014.

Detwiler Inc. reported sales of $2 million for 2014. Accounts receivable decreased $150,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable...

Q: Graves Company borrows $90,000 on July 1 from the

Graves Company borrows $90,000 on July 1 from the bank by signing a $90,000, 7%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at D...