Questions from Survey Accounting

Q: The income statement of a corporation for the month of November indicates

The income statement of a corporation for the month of November indicates a net income of $90,000. During the same period, $100,000 in cash dividends were paid. Would it be correct to say that the bus...

Q: A vacant lot acquired for $500,000, on which

A vacant lot acquired for $500,000, on which there is a balance owed of $300,000, is sold for $660,000 in cash. The seller pays the $300,000 owed. What is the effect of these transactions on the total...

Q: Indicate whether each of the following types of transactions will (

Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. b. Received cash for fees ear...

Q: Using the data from E8-4, indicate the effects on

Using the data from E8-4, indicate the effects on net assets and earnings per share (EPS) of each of the following: 1. Issuing the notes payable. 2. Payment of the note at maturity, including interest...

Q: Using the data from P8-2, indicate the effects on

Using the data from P8-2, indicate the effects on net assets and EPS of each of the following: 1. Recording the payroll. 2. Recording the payroll taxes. 3. Paying the payroll and payroll taxes. Data...

Q: Using the data from E8-19, indicate the effects on

Using the data from E8-19, indicate the effects on net assets and EPS for the following transactions: 1. Purchase of the Treasury stock on April 2. 2. Sale of the Treasury stock on January 25 of the f...

Q: Using the data from E8-22, indicate the effects on

Using the data from E8-22, indicate the effects on net assets and EPS of the stock split. Data from Exercise 8-22: Audrey’s Restaurant Corporation wholesales ovens and ranges to restaurants throughou...

Q: Using the data from E7-3, indicate the effects of

Using the data from E7-3, indicate the effects of purchasing the land on the liquidity metric free cash flow and profitability metric asset turnover. Assume all costs were paid in cash and cash was rece...

Q: Using transactions listed in E6-8, indicate the effects of

Using transactions listed in E6-8, indicate the effects of the adjustment on the liquidity metric days’ sales in receivables and profitability metric return on sales. Data from Exercise 6-8: Using the...

Q: Delta Air Lines, Inc. (DAL) provides cargo and

Delta Air Lines, Inc. (DAL) provides cargo and passenger services throughout the world. The following operating data (in millions) were adapted from recent financial statements of Delta...