Questions from Financial Accounting

Q: The stockholders’ equity of All-Star Uniforms as of December 31

The stockholders’ equity of All-Star Uniforms as of December 31, 2012 and 2011 follows: Requirements 1. What is the par value of the common stock? 2. How many shares of common stoc...

Q: Refer to Amazon.com, Inc.’s consolidated financial statements

Refer to Amazon.com, Inc.’s consolidated financial statements in Appendix A at the end of this book. 1. Did accounts payable for Amazon.com, Inc., increase or decrease in 2010? Calculate accounts paya...

Q: Refer to RadioShack Corporation’s consolidated financial statements in Appendix B at the

Refer to RadioShack Corporation’s consolidated financial statements in Appendix B at the end of this book. These financial statements report a number of liabilities. 1. The current liability section o...

Q: When Is A Lease a Capital Idea? Laurie Gocker, Inc

When Is A Lease a Capital Idea? Laurie Gocker, Inc., entered into a lease arrangement with Nathan Morgan Leasing Corporation for an industrial machine. Morgan’s primary business is leasing. The cash p...

Q: Gordon Sports Authority purchased inventory costing $11,000 by signing

Gordon Sports Authority purchased inventory costing $11,000 by signing a 12% short-term note payable. The purchase occurred on July 31, 2012. Gordon pays annual interest each year on July 31. Journali...

Q: Business is going well for Park ‘N Fly, the company

Business is going well for Park ‘N Fly, the company that operates remote parking lots near major airports. The board of directors of this family-owned company believes that Park ‘N Fly could earn an a...

Q: For the purpose of classifying liabilities as current or noncurrent, the

For the purpose of classifying liabilities as current or noncurrent, the term operating cycle refers to a. The average time period between business recessions. b. The time period between date of sale...

Q: Failure to accrue interest expense results in a. An overstatement

Failure to accrue interest expense results in a. An overstatement of net income and an understatement of liabilities. b. An understatement of net income and an overstatement of liabilities. c. An over...

Q: Mega Planes Warehouse operates in a state with a 6.5

Mega Planes Warehouse operates in a state with a 6.5% sales tax. For convenience, Mega Planes Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collected from each cu...

Q: Buffalo Bell’s inventory turnover during fiscal year 2012 was a.

Buffalo Bell’s inventory turnover during fiscal year 2012 was a. $35,147. b. Very slow. c. 83 times. d. 137.9 times.