Questions from Financial Accounting

Q: The financial statements of Amazon.com, Inc. are presented

The financial statements of Amazon.com, Inc. are presented in Appendix D. Financial statements for Wal-Mart Stores, Inc. are presented in Appendix E. Instructions (a) Based on the information in the f...

Q: The following are the major balance sheet classifications. Current assets

The following are the major balance sheet classifications. Current assets (CA) Current liabilities (CL) Long-term investments (LTI) Long-term liabilities (LTL) Property, plant, and equipment (PPE) Sto...

Q: Archer Company issued (in pounds) £4,000,

Archer Company issued (in pounds) £4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is £3,800,000. Prepare the journal entry t...

Q: On June 1, Forrest Inc. issues 3,000 shares

On June 1, Forrest Inc. issues 3,000 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares.

Q: Prepare the journal entries to record the following transactions on Borst Company’s

Prepare the journal entries to record the following transactions on Borst Company’s books using a perpetual inventory system. (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Comp...

Q: On June 10, Pais Company purchased $9,000 of

On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods totaling $600 are returned to McGiver for credit...

Q: (a) Explain the income measurement process in a merchandising company

(a) Explain the income measurement process in a merchandising company. (b) How does income measurement differ between a merchandising company and a service company?

Q: What amount did Apple report as “Other comprehensive earnings” in

What amount did Apple report as “Other comprehensive earnings” in its consolidated statement of comprehensive income ending September 27, 2014? By what percentage did Apple’s “Comprehensive income” di...

Q: Carolina University sold 9,000 season football tickets at $100

Carolina University sold 9,000 season football tickets at $100 each for its five-game home schedule. What entries should be made (a) when the tickets are sold and (b) after each game?

Q: Layes Inc. issues 8,000 shares of $100 par

Layes Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.