Questions from College Accounting

Q: Assume that you are an independent CPA performing audits of financial statements

Assume that you are an independent CPA performing audits of financial statements. In the course of your work, you encounter the following independent situations. Review each of the situations. If you...

Q: The following transactions occurred at John Inc. in 2022. Use

The following transactions occurred at John Inc. in 2022. Use this information to compute the company’s net cash flow from financing activities for the year. 1. Holders of $200,000 par-value 3 percent...

Q: The following transactions occurred at Peter’s Second Company in 2022. Use

The following transactions occurred at Peter’s Second Company in 2022. Use this information to compute the company’s net cash flow from financing activities for the year. 1. The company reacquired as...

Q: Selected financial data, as of year end, December 31,

Selected financial data, as of year end, December 31, for Courtney’s Cuties, a children’s retail store, follows. Round all calculations to the nearest percentage point and nearest dollar. Credit sales...

Q: Selected financial data, as of year end, December 31,

Selected financial data, as of year end, December 31, for Courtney’s Cuties, a children’s retail store, follows. Round all calculations to the nearest percentage point and nearest dollar. Credit sales...

Q: Selected financial data, as of year end, December 31,

Selected financial data, as of year end, December 31, for Courtney’s Cuties, a children’s retail store, follows. Round all calculations to the nearest percentage point and nearest dollar. Credit sales...

Q: Data related to the income and expenses of the TNCO Inc.

Data related to the income and expenses of the TNCO Inc. year ending December 31, 20X1, follow: Allocated indirect expenses Outside department $44,500 Inside department 35,500 Interest income $400 Gro...

Q: Data from the departmental income statement of Numbers, Inc. for

Data from the departmental income statement of Numbers, Inc. for the year ended December 31, 20X1, is given below. Assuming that a department’s direct expenses can be eliminated if i...

Q: Using the data given in Exercise 25.5, prepare an

Using the data given in Exercise 25.5, prepare an income statement for the company if Department 1 is closed. Data from Exercise 25.5: Data from the departmental income statement of Numbers, Inc. for...

Q: Using the data given in Exercise 25.5, would you

Using the data given in Exercise 25.5, would you recommend closing Department 1? Why or why not? Data from Exercise 25.5: Data from the departmental income statement of Numbers, Inc. for the year end...