Questions from General Accounting

Q: Amy and Lester are partners in operating a store. Without consulting

Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase merchandise for the store. Amy contends that she did not authorize the order and ref...

Q: The Field, Brown & Snow partnership was begun with investments by

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The operations did not go well, and the partners eventu...

Q: Howe and Duley’s company is organized as a partnership. At the

Howe and Duley’s company is organized as a partnership. At the prior year-end, partnership equity totaled $150,000 ($100,000 from Howe and $50,000 from Duley). For the current year, partnership net in...

Q: On May 3, Zirbal Corporation purchased 4,000 shares of

On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the May 3 and November 4 jou...

Q: Answer the following questions related to a company’s activities for the current

Answer the following questions related to a company’s activities for the current year: 1. A review of the notes payable files discovers that three years ago the company reported the entire amount of a...

Q: Foxburo Company expects to pay a $2.34 per share

Foxburo Company expects to pay a $2.34 per share cash dividend this year on its common stock. The current market value of Foxburo stock is $32.50 per share. Compute the expected dividend yield on the...

Q: Locate “Note 11” that reports Apple’s segments from its September

Locate “Note 11” that reports Apple’s segments from its September 28, 2013, annual report on its website (Apple.com). Identify its segments and list the net sales for each.

Q: Prepare the journal entry to record Jevonte Company’s issuance of 36,

Prepare the journal entry to record Jevonte Company’s issuance of 36,000 shares of its common stock assuming the shares have a: a. $2 par value and sell for $18 cash per share. b. $2 stated value and...

Q: Prepare the issuer’s journal entry for each of the following separate transactions

Prepare the issuer’s journal entry for each of the following separate transactions. a. On March 1, Atlantic Co. issues 42,500 shares of $4 par value common stock for $297,500 cash. b. On April 1, OP C...

Q: The stockholders’ equity section of Jun Company’s balance sheet as of April

The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 10% stock dividend. The stock&acir...