Questions from Financial Accounting

Q: Eastlund Corporation’s accumulated depreciation—equipment account increased by $6,

Eastlund Corporation’s accumulated depreciation—equipment account increased by $6,320, while $2,450 of patent amortization was recognized between balance sheet dates. There were no purchases or sales...

Q: Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as

Jasneet Corporation’s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $185,000 for changes in operating assets and liabilities to a...

Q: Paneous Corporation’s comparative balance sheet for current assets and liabilities was as

Paneous Corporation’s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $351,000 for changes in operating assets and liabilities to a...

Q: Featherstone Inc. reported the following data: Net income ……………………….………

Featherstone Inc. reported the following data: Net income ……………………….……… $296,000 Depreciation expense …………………… 113,100 Gain on disposal of equipment …….… 58,200 Decrease in accounts receivable …….. 71...

Q: Yeoman Inc. reported the following data: Net income …………………………………….

Yeoman Inc. reported the following data: Net income ……………………………………. $170,000 Depreciation expense ………………………… 29,000 Loss on disposal of equipment ……………. 11,850 Increase in accounts receivable ………….. 1...

Q: Lagman Corporation purchased land for $310,000. Later in

Lagman Corporation purchased land for $310,000. Later in the year, the company sold a different piece of land with a book value of $114,000 for $81,000. How are the effects of these transactions repor...

Q: Journalize the following transactions, using the direct write-off method

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Apr. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of $2,700...

Q: The comparative temporary investments and inventory balances of a company follow:

The comparative temporary investments and inventory balances of a company follow: Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance...

Q: A company reports the following: Cost of merchandise sold …………………

A company reports the following: Cost of merchandise sold ………………… $680,400 Average merchandise inventory ……………. 94,500 Determine (a) the inventory turnover and (b) the number of days’ sales in invento...

Q: The following information was taken from Tyson Company’s balance sheet:

The following information was taken from Tyson Company’s balance sheet: Fixed assets (net) ………………….. $ 774,000 Long-term liabilities ……………….. 430,000 Total liabilities ……………………… 1,218,000 Total stockh...