Questions from General Accounting

Q: Kitty Company began operations in 2014 and maintains short-term investments

Kitty Company began operations in 2014 and maintains short-term investments in trading securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare journal entr...

Q: Journ Co. purchased short-term investments in available-for

Journ Co. purchased short-term investments in available-for-sale securities at a cost of $50,000 on November 25, 2015. At December 31, 2015, these securities had a fair value of $47,000. This is the f...

Q: Hiker Company completes the following transactions during the current year. Prepare

Hiker Company completes the following transactions during the current year. Prepare the May 9 and June 2 journal entries and the December 31 adjusting entry. This is the first and only time the compan...

Q: During the current year, Reed Consulting Group acquired long-term

During the current year, Reed Consulting Group acquired long-term available-for-sale securities at a $70,000 cost. At its December 31 year-end, these securities had a fair value of $58,000. This is th...

Q: Use the following balance sheets and income statement to answer this.

Use the following balance sheets and income statement to answer this. Required Use the indirect method to prepare the cash provided or used from operating activities section only of the statement o...

Q: Does the balance in the Accumulated Depreciation— Machinery account represent funds

Does the balance in the Accumulated Depreciation— Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?

Q: Refer to the data in QS 16-11. Furniture

Refer to the data in QS 16-11. Furniture costing $55,000 is sold at its book value in 2015. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired a...

Q: Refer to the data in QS 16-11. 1

Refer to the data in QS 16-11. 1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2015? 2. Assume that no additional notes payable are issued in 2015. Wha...

Q: Refer to the data in QS 16-11. 1

Refer to the data in QS 16-11. 1. How much cash is paid to acquire inventory during year 2015? 2. How much cash is paid for operating expenses during year 2015? Data from QS 16-11:

Q: Refer to the data in QS 16-11. Use

Refer to the data in QS 16-11. Use the direct method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company. Data from QS 16-11:...