Questions from Intermediate Accounting

Q: Ames Company reported 2014 net income of $151,000.

Ames Company reported 2014 net income of $151,000. During 2014, accounts receivable increased by $13,000 and accounts payable increased by $9,500. Depreciation expense was $44,000. Prepare the cash...

Q: What types of contractual obligations must be disclosed in great detail in

What types of contractual obligations must be disclosed in great detail in the notes to the balance sheet? Why do you think these detailed provisions should be disclosed?  

Q: Martinez Corporation engaged in the following cash transactions during 2014.

Martinez Corporation engaged in the following cash transactions during 2014. Compute the net cash provided (used) by investing activities.  

Q: Use the information presented in BE5-14 for Martinez Corporation to

Use the information presented in BE5-14 for Martinez Corporation to compute the net cash used (provided) by financing activities.  

Q: Using the information in BE5-14, determine Martinez’s free cash

Using the information in BE5-14, determine Martinez’s free cash flow, assuming that it reported net cash provided by operating activities of $400,000.  

Q: What are the major limitations of the balance sheet as a source

What are the major limitations of the balance sheet as a source of information?  

Q: Presented below are a number of balance sheet accounts of Deep Blue

Presented below are a number of balance sheet accounts of Deep Blue Something, Inc. (a) Investment in Preferred Stock. (b) Treasury Stock. (c) Common Stock. (d) Dividends Payable. (e) Accumulat...

Q: Presented below are the captions of Faulk Company’s balance sheet.

Presented below are the captions of Faulk Company’s balance sheet. (a) Current assets. (f) Current liabilities. (b) Investments. (g) Noncurrent liabilities. (c) Property, plant, and equip...

Q: Assume that Denis Savard Inc. has the following accounts at the

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 2 3 Instructions Prepare a classified balance sheet in good form. (No monetary amounts are necessary.) &nb...

Q: Uhura Company has decided to expand its operations. The bookkeeper recently

Uhura Company has decided to expand its operations. The bookkeeper recently completed the balance sheet presented below in order to obtain additional funds for expansion. // Instructions Prepare...