Questions from Financial Accounting

Q: Flores Company purchases 900 shares of Sherman Express common stock at the

Flores Company purchases 900 shares of Sherman Express common stock at the market price of $79.24 on March 23, 2018. (Flores’ investment in Sherman represents less than 5% of the outstanding stock of...

Q: Ford Motor Company produces and sells the Ford Mustang Shelby GT350,

Ford Motor Company produces and sells the Ford Mustang Shelby GT350, which Ford markets as a track-ready car built to reach and sustain high speeds. Three of the 2016 Ford Mustang Shelby GT350 owners...

Q: Use the data from E-S-3 for this exercise

Use the data from E-S-3 for this exercise. At year-end on December 31, 2018, the Sherman common stock that Flores holds has a market price of $88.13 per share. Assuming that Flores has no other invest...

Q: Use the data from E-S-3 and E-

Use the data from E-S-3 and E-S-4 for this exercise. Flores sells its entire investment of the Sherman common stock on November 22, 2019, for a total of $67,050. Record the entries for the sale. Data...

Q: Spear Corporation’s inventory records for its retail division show the following at

Spear Corporation’s inventory records for its retail division show the following at May 31 At May 31, 11 of these units are on hand. Journalize the following for Spear Corporation...

Q: Murphy Self Storage purchased land, paying $160,000 cash

Murphy Self Storage purchased land, paying $160,000 cash as a down payment and signing a $185,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,000, title insuranc...

Q: Sugar Ridge Manufacturing bought three used machines in a $167,

Sugar Ridge Manufacturing bought three used machines in a $167,000 lump-sum purchase. An independent appraiser valued the machines as shown: What is each machine’s individual cost?...

Q: Assume Karo Products, Inc., purchased conveyor-belt machinery.

Assume Karo Products, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery: a. Periodic lubricatio...

Q: Athens Company completed these long-term equity investment transactions during 2018

Athens Company completed these long-term equity investment transactions during 2018: 1. Journalize Athens Company’s investment transactions. Explanations are not required. 2. Assum...

Q: During 2018, Chang’s Book Store paid $481,000 for

During 2018, Chang’s Book Store paid $481,000 for land and built a store in Newark, New Jersey. Prior to construction, the city of Newark charged Chang’s $1,200 for a building permit, which Chang’s pa...