Questions from General Accounting


Q: On August 1, 2022, Colombo Co.’s treasurer signed

On August 1, 2022, Colombo Co.’s treasurer signed a note promising to pay $2,400,000 on December 31, 2022. The proceeds of the note were $2,340,000. Required: a. Calculate the discount rate used by th...

See Answer

Q: At September 30, 2022, the end of the first year

At September 30, 2022, the end of the first year of operations at Lukancic Inc., the firm’s accountant neglected to accrue payroll taxes of $4,700 that were applicable to payrolls for the year then en...

See Answer

Q: From the following data, calculate the Retained Earnings balance as of

From the following data, calculate the Retained Earnings balance as of December 31, 2022:

See Answer

Q: The balance sheet caption for common stock is the following:

The balance sheet caption for common stock is the following: Required: a. Calculate the dollar amount that will be presented opposite this caption. b. Calculate the total amount of a cash dividend of...

See Answer

Q: The balance sheet caption for common stock is the following:

The balance sheet caption for common stock is the following: Required: a. Calculate the average price at which the shares were issued. b. If these shares had been assigned a stated value of $1 each, s...

See Answer

Q: A number of financial statement captions are listed in the following table

A number of financial statement captions are listed in the following table. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the it...

See Answer

Q: Calculate the annual cash dividends required to be paid for each of

Calculate the annual cash dividends required to be paid for each of the following preferred stock issues: Required: a. $2.25 cumulative preferred, no par value; 600,000 shares authorized, 525,000 shar...

See Answer

Q: Calculate the cash dividends required to be paid for each of the

Calculate the cash dividends required to be paid for each of the following preferred stock issues: Required: a. The semiannual dividend on 7% cumulative preferred, $60 par value, 40,000 shares authori...

See Answer

Q: Rosie Inc. did not pay dividends on its $3.

Rosie Inc. did not pay dividends on its $3.50, $50 par value, cumulative preferred stock during 2021 or 2022, but had met its preferred dividend requirement in all prior years. Since 2017, 38,000 shar...

See Answer

Q: Dedrick Inc. did not pay dividends in 2021 or 2022,

Dedrick Inc. did not pay dividends in 2021 or 2022, even though 60,000 shares of its 7.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 900,000 shares...

See Answer