Questions from General Accounting

Q: Assume that an investor owns 1,900 shares of $10

Assume that an investor owns 1,900 shares of $10 par value common stock and the company has a 5- for-1 stock split when the market price per share is $108. Required: a. How many shares of common stock...

Q: Assume that you own 400 shares of common stock of a company

Assume that you own 400 shares of common stock of a company, that you have been receiving cash dividends of $5 per share per year, and that the company has a 2-for-1 stock split. Required: a. How many...

Q: On April 10, 2022, Amelia Inc. purchased 1,

On April 10, 2022, Amelia Inc. purchased 1,800 shares of its own common stock in the market for $23 per share. On September 28, 2022, the company sold 700 of these shares in the open market at a price...

Q: Pool Patrol, Inc. offers professional pool cleaning services to residential

Pool Patrol, Inc. offers professional pool cleaning services to residential customers. The company cleans each pool that it services once per month throughout the year. Homeowners are billed for an an...

Q: Net sales for the year were $600,000 and cost

Net sales for the year were $600,000 and cost of goods sold was $426,000 for the company’s existing products. A new product is presently under development and has an expected selling price of not more...

Q: Selling, general, and administrative expenses were $78,000

Selling, general, and administrative expenses were $78,000; net sales were $520,000; interest expense was $11,600; research and development expenses were $61,400; net cash provided by operating activi...

Q: Net income was $388,500 for the year. Throughout

Net income was $388,500 for the year. Throughout the year the company had outstanding 5,000 shares of $6.50, $100 par value preferred stock and 80,000 shares of common stock. Required: Calculate basic...

Q: Net cash provided by operating activities for the year ended December 31

Net cash provided by operating activities for the year ended December 31, 2022, was $117,300. The cash balance on December 31, 2022, was $66,500. The net decrease in cash for the year was $38,000. Net...

Q: The following summarized data (amounts in millions) are taken from

The following summarized data (amounts in millions) are taken from the September 26, 2020, and September 28, 2019, comparative financial statements of Apple Inc., a company that designs, manufactures,...

Q: Net income was $84,200; accounts receivable increased by

Net income was $84,200; accounts receivable increased by $17,600; inventory decreased by $12,100; proceeds from the issuance of common stock were $22,500; accounts payable decreased by $7,400; purchas...