Questions from Financial Accounting

Q: Earnings per share is not reported for a. Discontinued operations

Earnings per share is not reported for a. Discontinued operations. b. Extraordinary items. c. Comprehensive income. d. Continuing operations.

Q: Copycat Corporation has income before income tax of $110,000

Copycat Corporation has income before income tax of $110,000 and taxable income of $100,000. The income tax rate is 30%. Copycat’s income statement will report net income of a. $30,000. b. $33,000. c....

Q: Copycat Corporation in the preceding question must immediately pay income tax of

Copycat Corporation in the preceding question must immediately pay income tax of a. $77,000. b. $30,000. c. $33,000. d. $70,000.

Q: Use the Copycat Corporation data in question 43. At the end

Use the Copycat Corporation data in question 43. At the end of its first year of operations, Copycat’s deferred tax liability is a. $27,000. b. $11,000. c. $3,000. d. $19,000.

Q: Which of the following items is most closely related to prior-

Which of the following items is most closely related to prior-period adjustments? a. Retained earnings b. Earnings per share c. Preferred stock dividends d. Accounting changes

Q: Examine the statement of stockholders’ equity of Wellington Electronics Corporation. What

Examine the statement of stockholders’ equity of Wellington Electronics Corporation. What was the market value of each share of the stock that Wellington gave its stockholders in the...

Q: Which statement is true? a. The Public Company Oversight

Which statement is true? a. The Public Company Oversight Board evaluates internal controls. b. GAAP governs the form and content of the financial statements. c. Management audits the financial stateme...

Q: During 2012, Granite Corporation earned net income of $5.

During 2012, Granite Corporation earned net income of $5.1 billion and paid off $2.9 billion of long-term notes payable. Granite raised $1.6 billion by issuing common stock, paid $3.9 billion to purch...

Q: The following information was taken from the records of Crowley Cosmetics,

The following information was taken from the records of Crowley Cosmetics, Inc., at December 31, 2012: Requirements 1. Prepare Crowley Cosmetics’ single-step income statement, whic...

Q: Buffalo Bell’s quick (acid-test) ratio at year-

Buffalo Bell’s quick (acid-test) ratio at year-end 2012 is closest to a. 0.75. b. $8,578 million. c. 0.45. d. 0.68.