Questions from General Accounting

Q: Total assets were $58,000 and total liabilities were $

Total assets were $58,000 and total liabilities were $35,000 at the beginning of the year. Net income for the year was $11,000, and dividends of $3,000 were declared and paid during the year. Required...

Q: A number of financial statement captions are listed in the following table

A number of financial statement captions are listed in the following table. Indicate in the spaces to the right of each caption the category of each item and the financial statement(s) on which the it...

Q: At the beginning of the current fiscal year, the balance sheet

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $657,000. During the year, liabilities decreased by $108,000, assets increased by $231,000, and pai...

Q: From the following data, calculate the Retained Earnings balance as of

From the following data, calculate the Retained Earnings balance as of December 31, 2023:

Q: Refer to the Consolidated Statements of Earnings in the Campbell Soup Company

Refer to the Consolidated Statements of Earnings in the Campbell Soup Company annual report in the appendix. Required: a. Calculate the gross profit ratio for each of the past three years. b. Assume t...

Q: MBI Inc. had sales of $900 million for fiscal 2022

MBI Inc. had sales of $900 million for fiscal 2022. The company’s gross profit ratio for that year was 37.5%. Required: a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2022. b....

Q: If you were asked to assist an investor in the evaluation of

If you were asked to assist an investor in the evaluation of the profitability of a company and could have only limited historical data, would you prefer to provide your advice and assistance on the b...

Q: Refer to the selected financial data (five-year financial summary

Refer to the selected financial data (five-year financial summary) in the Campbell Soup Company annual report in the appendix. Required: Compare the trend of the operating income (earnings before inte...

Q: Mechforce, Inc. had net income of $151,800

Mechforce, Inc. had net income of $151,800 for the year ended December 31, 2022. At the beginning of the year, 15,000 shares of common stock were outstanding. On April 1, an additional 10,000 shares w...

Q: Mamba Metals, Ltd. reported net income of $573,

Mamba Metals, Ltd. reported net income of $573,650 for its fiscal year ended January 31, 2023. At the beginning of that fiscal year, 100,000 shares of common stock were outstanding. On October 31, 202...