Questions from Financial Accounting

Q: On January 2, Daniel Harrison contributed $20,000 to

On January 2, Daniel Harrison contributed $20,000 to start his business. At the end of the year, the business had generated $30,000 in sales revenues, incurred $18,000 in operating expenses, and distr...

Q: To reduce its stock price, Shriver Food Systems, Inc.,

To reduce its stock price, Shriver Food Systems, Inc., declared and issued a 100 percent stock dividend. The company has 800,000 shares authorized and 200,000 shares outstanding. The par value of the...

Q: Face 2 Face Corporation reports 100 outstanding shares, 500 authorized shares

Face 2 Face Corporation reports 100 outstanding shares, 500 authorized shares, and 50 shares of treasury stock. How many shares are issued?

Q: The balance sheet for Crutcher Corporation reported 200,000 shares outstanding

The balance sheet for Crutcher Corporation reported 200,000 shares outstanding, 300,000 shares authorized, and 20,000 shares in treasury stock. Compute the maximum number of new shares that Crutcher c...

Q: To expand operations, Aragon Consulting issued 1,000 shares of

To expand operations, Aragon Consulting issued 1,000 shares of previously unissued common stock with a par value of $1. The price for the stock was $50 per share. Analyze the accounting equation effec...

Q: Refer to M11-4. Assume the issued stock has no

Refer to M11-4. Assume the issued stock has no par value. Analyze the accounting equation effects and record the journal entry for the issuance of the no-par value stock at $50. Do the effects on tota...

Q: Trans Union Corporation issued 5,000 shares for $50 per

Trans Union Corporation issued 5,000 shares for $50 per share in the current year, and it issued 10,000 shares for $37 per share in the following year. The year after that, the company reacquired 20,0...

Q: Net pass Company has 300,000 shares of common stock authorized

Net pass Company has 300,000 shares of common stock authorized, 270,000 shares issued, and 100,000 shares of treasury stock. The company’s board of directors declares a dividend of $1 per share of com...

Q: The accounting process generates financial reports for both internal and external users

The accounting process generates financial reports for both internal and external users. Describe some of the specific groups of internal and external users.

Q: On May 20, the board of directors for Auction.com

On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 500,00...