Questions from Intermediate Accounting

Q: A company reports the following information as of the end of the

A company reports the following information as of the end of the year. Using the information, determine the total amount of cash and cash equivalents. (a) Investment securities of $10,000. These secur...

Q: (a) Why is the “list price” of an

(a) Why is the “list price” of an asset often not representative of its fair market value? (b) Under these conditions, how should a fair value be determined?

Q: Selected pre-adjustment account balances and adjusting information of Sunset Cosmetics

Selected pre-adjustment account balances and adjusting information of Sunset Cosmetics Inc. for the year ended December 31, 2013, are as follows: Retained Earnings, January 1, 2013. . . . . . . . . ....

Q: The following summary information is for Numbers Company: /

The following summary information is for Numbers Company: Instructions: 1. Compute net cash provided by (used in) operating activities for Numbers Company for the years 2010 through 2013. 2. One def...

Q: The following information for the year ending December 31, 2013,

The following information for the year ending December 31, 2013, has been provided for Calle Company. Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

Q: Following are data from the financial statements for Drury Lane Company:

Following are data from the financial statements for Drury Lane Company: Instructions: 1. Compute the following for 2012 and 2013. (a) Return on sales (b) Return on assets (c) Return on equity (d) C...

Q: Lorien Company wishes to prepare a forecasted income statement and a forecasted

Lorien Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2014. Lorien’s balance sheet and income statement for 2013 follow. Balance Sheet ____________________...

Q: Lorien Company wishes to prepare a forecasted income statement, a forecasted

Lorien Company wishes to prepare a forecasted income statement, a forecasted balance sheet, and a forecasted statement of cash flows for 2014. Lorien’s balance sheet and income statement for 2013 foll...

Q: During January 2013, Doe Corp. agreed to sell the assets

During January 2013, Doe Corp. agreed to sell the assets and product line of its Hart division. The sale was completed on January 15, 2014; on that date, Doe recognized a gain on disposal of $900,000....

Q: 1. Accounts Receivable has a beginning balance of $425,

1. Accounts Receivable has a beginning balance of $425,000 and an ending balance of $437,000. Cash collected from customers during the period was $1,263,000. Sales for the period were: (a) $1,251,000....