Questions from Financial Accounting

Q: Year I: Noreen Company issues I 0,000 shares of

Year I: Noreen Company issues I 0,000 shares of its no-par common stock for $30/share in cash. Year 2: Noreen Company buys 1,000 shares of its no-par common stock for $28/share in cash. Year 3: Noreen...

Q: Bonner Company began business this year and immediately sold 600,000

Bonner Company began business this year and immediately sold 600,000 common shares for $18.000.000 cash and paid $1,000,000 in common dividends. At midyear, the firm bought back some of its own shares...

Q: At the end of 2017. Alphabet, Inc .. reported stockholders

At the end of 2017. Alphabet, Inc .. reported stockholders· equity of $152.502 million and total assets of $ 197.295 million. Its balance in stockholders' equity at the end of 2016 was $139,036 millio...

Q: JetBlue Airways Corporation reports the following data in its 2016 10-

JetBlue Airways Corporation reports the following data in its 2016 10-K. The data relate to the corporation's computation of its earnings per share calculations. (Dollar and share data are in millions...

Q: Assume that Wasley Company purchases 6,000 common shares of Pincus

Assume that Wasley Company purchases 6,000 common shares of Pincus Company for $ 12 cash per share. Shares of Pincus Company are actively traded. During the year, Wasley receives a cash dividend of $...

Q: Stober Company purchases an investment in Lang Company at a purchase price

Stober Company purchases an investment in Lang Company at a purchase price of $ I million cash, representing 30% of the outstanding stock and book value of Lang. During the year, Lang reports net inco...

Q: Kross Company purchases an equity investment in Penno Company at a purchase

Kross Company purchases an equity investment in Penno Company at a purchase price of $5 million, representing 40% of the outstanding stock and book value of Penno. During the current year, Pen no repo...

Q: Philipich Company purchases 80% of Hirst Company's common stock for $

Philipich Company purchases 80% of Hirst Company's common stock for $600,000 cash when Hirst Company has $300,000 of common stock and $450,000 of retained earnings, and the fair values of Hirst's asse...

Q: Benartzi Company purchased a 90% interest in Liang Company on January

Benartzi Company purchased a 90% interest in Liang Company on January I of the current year. Benartzi Company had $600,000 net income for the current year before recognizing its share of Liang Company...

Q: DeFond Company wishes to secure a reliable supply of a key component

DeFond Company wishes to secure a reliable supply of a key component for its production processes, and its management is considering two alternative investments. Verduzco Company produces exactly the...