Questions from Financial Accounting

Q: In 2017, Colgate-Palmolive Company reported sales revenue of $

In 2017, Colgate-Palmolive Company reported sales revenue of $15.454 million and cost of goods sold of $6.099 million. Its net income was $2.024 million. Calculate gross profit and prepare an income s...

Q: Fisk. Inc., purchased $600.000 of construction equipment

Fisk. Inc., purchased $600.000 of construction equipment on January I, 2019. The equipment is being depreciated on a straight-line basis over six years with no expected salvage value. MACRS depreciati...

Q: On June I. Beatty Corp. issues (a) 8

On June I. Beatty Corp. issues (a) 8.000 shares of $50 par value preferred stock at $68 cash per share and it issues (b) 12,000 shares of $1 par value common stock at $10 cash per share. a. Do these t...

Q: On September 1. Magliolo, Inc .. (a) issues

On September 1. Magliolo, Inc .. (a) issues 18.000 shares of $10 par value preferred stock at $48 cash per share and (b) issues 120.000 shares of $2 par value common stock at $37 cash per share. a. Us...

Q: On January 1, 2019, Bartov Company issues 5,000

On January 1, 2019, Bartov Company issues 5,000 shares of $100 par value preferred stock at $250 cash per share. On March I, the company repurchases 5,000 shares of previously issued $ 1 par value com...

Q: In its second quarter 2018 10-Q, Aflac Incorporated included

In its second quarter 2018 10-Q, Aflac Incorporated included the following information: Stock split: On February 13, 2018, the Board of Directors of the Parent Company declared a two-for-one stock sp...

Q: Zeller Corporation began 2018 with 120,000 shares of common stock

Zeller Corporation began 2018 with 120,000 shares of common stock and 16,000 shares of convertible preferred stock outstanding. On March I an additional I 0,000 shares of common stock were issued. On...

Q: Following is the stockholders' equity section from the Toyota Motor Corporation's balance

Following is the stockholders' equity section from the Toyota Motor Corporation's balance sheet for the 2018 fiscal year, which ended on March 31, 2018. a. Toyota has repurchased 353,073,500 shares th...

Q: Freid Corp. has outstanding 6,000 shares of $50

Freid Corp. has outstanding 6,000 shares of $50 par value, 6% preferred stock, and 40,000 shares of $1 par value common stock. The company has $328,000 of retained earnings. At year-end, the company d...

Q: Dutta Corp. has outstanding 70,000 shares of $5

Dutta Corp. has outstanding 70,000 shares of $5 par value common stock. At year-end, the company declares and issues a 4% common stock dividend when the market price of the stock is $21 per share. a....