Questions from Financial Accounting

Q: Robert Smith purchased a used car for $ 14,000.

Robert Smith purchased a used car for $ 14,000. To pay for his purchase, he borrowed $12,500 from a local bank at 12%. The loan requires that Robert repay the loan by making 36 monthly payments. How m...

Q: What is the nature and purpose of a general journal?

What is the nature and purpose of a general journal?

Q: On September 1, Weiss Company has 250,000 shares of

On September 1, Weiss Company has 250,000 shares of $15 par value ($ 165 market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following account balances...

Q: Dechow Company has outstanding 20,000 shares of$50 par

Dechow Company has outstanding 20,000 shares of$50 par value, 6% cumulative preferred stock, and 80,000 shares of$ IO par value common stock. The company declares and pays cash dividends amounting to...

Q: Use the following data to prepare the 2019 retained earnings reconciliation for

Use the following data to prepare the 2019 retained earnings reconciliation for Maffett Company.

Q: Watts Corporation has 40,000 shares of $10 par value

Watts Corporation has 40,000 shares of $10 par value common stock outstanding and retained earnings of $820,000. The company declares a I 00% stock dividend. The market price at the declaration is $17...

Q: During 2018, Park Corporation had 50,000 shares of$

During 2018, Park Corporation had 50,000 shares of$ 10 par value common stock and I 0,000 shares of 8%, $50 par value convertible preferred stock outstanding. Each share of preferred stock may be conv...

Q: Kingery Corporation began the calendar (and fiscal) year with a

Kingery Corporation began the calendar (and fiscal) year with a simple structure consisting of 38,000 shares of common stock outstanding. On May 1, 10,000 additional shares were issued, and another 1,...

Q: Siemens AG reports the following basic and diluted earnings per share in

Siemens AG reports the following basic and diluted earnings per share in its 2018 annual report. a. Describe the accounting definitions for basic and diluted earnings per share. b. Identify the Siemen...

Q: Merck & Co., Inc., reported net income attributable to Merck

Merck & Co., Inc., reported net income attributable to Merck & Co., Inc., of $2,394 million for the 2017 fiscal year. Its 2017 I 0-K report contained the following information regarding its stock opti...