Questions from Financial Accounting

Q: On December 31, 2018, Watts Corporation borrowed $950,

On December 31, 2018, Watts Corporation borrowed $950,000 on an 8%, 5-year mortgage note payable. The note is to be repaid with equal quarterly installments, beginning March 31, 20 19. REQUIRED a. Com...

Q: BP operates off-shore oil drilling platforms including rigs in the

BP operates off-shore oil drilling platforms including rigs in the Gulf of Mexico. In April 2010, explosions and a fire on the Deepwater Horizon rig led to the death of 11 crew members and a 200-milli...

Q: United Continental Holdings, Inc., did not adopt the new lease

United Continental Holdings, Inc., did not adopt the new lease standard in 2018 but provides the following disclosure its 2018 10-K report($ millions). The adoption of the New Lease Standard primarily...

Q: American Airlines Group, Inc., provides the following disclosures in the

American Airlines Group, Inc., provides the following disclosures in the notes to their 2018 financial statements (excerpted for brevity): Note 1: Basis of Presentation and Summary of Significant Acco...

Q: Cisco Systems, Inc., reports the following in the Commitments and

Cisco Systems, Inc., reports the following in the Commitments and Contingencies note to their 10-K for the year ended July 2018. Purchase Commitments with Contract Manufacturers and Suppliers We purc...

Q: Hoopes Corporation 's December 31, 2019, I 0-K

Hoopes Corporation 's December 31, 2019, I 0-K report has the following disclosures related to its retirement plans. The following table provides a reconciliation of the changes in the pension plans'...

Q: Deere & Company reports the following tax information in its fiscal 2018

Deere & Company reports the following tax information in its fiscal 2018 financial report. The provision for income taxes by taxing jurisdiction and by significant component consisted of the follo...

Q: Lynch Company began operations in 2019. The company reported $24

Lynch Company began operations in 2019. The company reported $24,000 of depreciation expense on its income statement in 2019 and $26,000 in 2020. On its tax returns, Lynch deducted $32,000 for depreci...

Q: What is the definition of cash equivalents? Give three examples of

What is the definition of cash equivalents? Give three examples of cash equivalents.

Q: Carter Inc. began operations in 2019. The company reported $

Carter Inc. began operations in 2019. The company reported $130,000 of depreciation expense on its 2019 income statement and $128,000 in 2020. Carter Inc. deducted $ 140,000 for depreciation on its ta...