Signin/Signup
Signin/Signup
Info
Warning
Danger

Accounting Expert Answers, Study Resources & Learning Aids

The vast field of accounting contributes to one of the largest subjects in our study resources. Accounting flashcards, homework answers for textbooks & other learning aids can increase your competency in this domain instantly. Become a top student with our support. Search Now…

Ask an Expert

Our Experts can answer your tough homework and study questions.

Answers in as fast as 15 minutes
Post a Question
11) Which of the following will happen to a stockholder's percentage ownership in the stock of a corporation when the corporation declares a stock dividend? A) The stockholder's percentage ownership decreases. B) The stockholder's percentage ownership can increase or decrease. C) The stockholder's percentage ownership increases. D) The stockholder's percentage ownership stays the same. 12).
7 Views
View Answer
21) Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the following section of the comparative balance sheet: 2014 2013 Increase/decrease Cash $ 33,000 $ 18,000 $15,000 Accounts receivable 22,000 35,000 (13,000) Inventory 170,000 115,000 55,000     Total assets $225,000 $168,000 $57,000 The change in inventory will be shown as a positive.
29 Views
View Answer
21) Which of the following would NOT appear on a statement of cash flows prepared using the direct method? A) Collections from customers B) Payments to suppliers C) Interest received D) Increase/decrease in current liabilities 22) The only part that differs in a statement of cash flows using the direct method from one using the.
7 Views
View Answer
Learning Objective 13-5 1) Gains and losses from the disposal of old plant and equipment are reported as other gains or losses in the multi-step income statement. 2) The sale or other disposition of a segment of a business is recorded as an extraordinary gain or loss. 3) Public companies are required to.
4 Views
View Answer
Learning Objective 14-4 1) Which of the following sections from the statement of cash flows would include the purchase of a building totally financed by a mortgage? A) The investing section B) The operating section C) The financing section D) The noncash investing and financing section 2) Which of the following sections from the statement of.
6 Views
View Answer
21) Landess Corporation currently has 120,000 shares outstanding of $1 par value common stock.  The stock was originally issued for $12 per share.  On March 15, the board of directors declares a 10% stock dividend when the stock is selling for $16 per share.  Which of the following is the.
8 Views
View Answer
Learning Objective 14-2 1) Operating activities include activities that affect long-term liabilities and stockholders' equity. 2) The financing activities section of the statement of cash flows includes paying dividends and paying off loans. 3) Investing activities include activities that affect the long-term asset section of the balance sheet. 4) Financing activities include activities that.
8 Views
View Answer
89) Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the following information for the year 2014. Additional information provided: •Equipment costing $52,000 was purchased for cash. •Equipment with a net asset value of $10,000 was sold for $14,000 •Depreciation expense of $12,000 was recorded during the.
6 Views
View Answer
11) Please refer to the vertical analysis of income statement data shown below: (Dollar amounts in millions) 2014   2013   Amount % of Total Amount % of Total Revenues $6,355 100.0% $4,920 100.0% Cost of revenues 3,370 53.0% 2,200 44.7% Gross profit $2,985 47.0% $2,720 55.3% Operating expenses:    Sales and marketing expense $  675 10.6% $  580 11.8%    General and administrative expense 410 6.5% 425 8.6%    Research and development expense 470 7.4% 390 7.9%   .
7 Views
View Answer
  Learning Objective 15-1 1) Investors and creditors generally evaluate a company by using one year's data. 2) Horizontal analysis compares each item in the income statement to the net sales amount. 3) Benchmarking is the comparison of a company's current year results with an earlier year's performance. 4) If an analyst wishes to see.
14 Views
View Answer
11) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 1,000 shares of treasury stock for $24 per share, the company would record a gain.
9 Views
View Answer
41) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree resold 800 shares of treasury stock for $15 per share, which of the following statements would.
6 Views
View Answer
6) Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet shown below, please enter the adjustments needed to record the following transactions: ?Issued common stock for $28,000. ?Issued new long-term notes payable for $34,000. ?Repaid long-term notes payable for $40,000. 1 .
5 Views
View Answer
41) A payment of interest on a loan would be considered a: A) cash outflow from operating activities. B) cash outflow from investing activities. C) cash outflow from financing activities. D) noncash activity. 42) Cash received from selling merchandise would be considered a: A) cash inflow from investing activities. B) cash inflow from operating activities. C) cash inflow.
12 Views
View Answer
21) At January 1, 2014, Foxmore Company had 80,000 shares of common stock outstanding and no preferred stock.  During the year, they issued 40,000 additional shares of common stock.  At December 31, 2014, Foxmore had 120,000 shares of common stock outstanding, and no preferred stock.  In addition, Foxmore reported the.
6 Views
View Answer
87) Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the following sections of the comparative balance sheet:   2014 2013 Increase/decrease Accounts payable $   4,000 $   6,000 $ (2,000) Accrued liabilities 2,000 1,000 1,000 Long-term notes payable 84,000 90,000 (6,000)     Total liabilities $ 90,000 $ 97,000 $ (7,000)         Common stock 30,000 2,000 28,000.
7 Views
View Answer
21) La Paz Company reported the following data: (Dollar amounts in millions) 2014 2013 Amount of Increase (Decrease) Percentage Revenues $6,355 $4,920 $1,435 29.2% Cost of revenues 3,370 2,200 1,170 53.2% Gross profit 2,985 2,720 265 9.7% Operating expenses:    Sales and marketing expense 675 580 95 16.4%    General and administrative expense 410 425 (15) -3.5%    Research and development expense 470 390 80 20.5%    Other expense 400 695.
5 Views
View Answer
31) Landess Corporation currently has 120,000 shares outstanding of $1 par value common stock.  The stock was originally issued for $12 per share.  On March 15, the board of directors declares a 10% stock dividend when the stock is selling for $16 per share.  Prepare the journal entry to record.
7 Views
View Answer
83) Avatar Company uses the indirect method to prepare its statement of cash flows. Please refer to the following portion of the comparative balance sheet: 2014 2013 Increase/decrease Cash $  21,000 $  18,000 $  3,000 Accounts receivable 31,000 35,000 (4,000) Inventory 53,000 25,000 28,000 PP&E, net 120,000 90,000 30,000     Total assets $225,000 $168,000 $57,000 Additional information provided: •Equipment costing.
60 Views
View Answer
11) Companies sometimes obtain financing other than cash.  Although such transactions do not directly involve cash, they still must be reported in the financing section of the cash flow statement. 12) Partisan Services purchased 10 delivery vehicles by issuing a 10-year installment note payable for $320,000.  This transaction would be shown.
9 Views
View Answer
21) Ross Corporation reported the following equity section on its current balance sheet: Common stock, $5 par, 140,000 shares authorized, 50,000 shares issued $250,000 Paid in capital in excess of par—common 200,000 Retained earnings 207,000 Total stockholders' equity $657,000 The corporation purchases 15,000 shares of its common stock at $9.50 per share.  Which of the following is the number.
5 Views
View Answer
Learning Objective 14-3 1) Issuing preferred stock to stockholders would be a financing activity. 2) Buying property, plant and equipment would be considered a cash outflow from financing. 3) The financing section of the statement of cash flows reflects transactions in the equity accounts only. 4) The financing section of the statement of cash.
6 Views
View Answer
    Learning Objective 14-1 1) Cash equivalents are assets that can be converted to cash within one year. 2) The statement of cash flows explains the difference between net income and the change in cash balance. 3) Investors and management use the statement of cash flows to evaluate a firm's profitability. 4) For purposes of.
13 Views
View Answer
21) Olivera Company provides the following data for the year 2013: Net sales revenue$398,000 Cost of goods sold$255,000 Operating expenses$95,000 Income tax expense$9,000 On a vertical analysis, what percentage would be shown for operating expenses? A) 22.9% B) 66.4% C) 23.9% D) 24.5% 22) Olivera Company provides the following data for the year 2013: Net sales revenue$398,000 Cost of goods sold$255,000 Operating expenses$95,000 Income.
7 Views
View Answer
Learning Objective 13-3 1) Treasury stock is a corporation's own stock that it has issued and later reacquired. 2) The purchase of treasury stock requires a credit to the Common stock account. 3) A corporation must record a gain on sale for the sale of treasury stock at an amount greater than its.
6 Views
View Answer
31) Which of the following will decrease the balance in Retained earnings? A) Cash dividend B) Stock split C) Purchase of long-term assets D) Purchase of treasury stock 32) Which of the following will decrease the amount of Total stockholders' equity? A) Cash dividend B) Stock split C) Stock dividend D) Repayment of bond principal 33) Which of the following.
11 Views
View Answer
31) Which of the following sections from the statement of cash flows includes purchases and sales of long-term assets? A) The financing section B) The operating section C) The investing section D) The noncash investing and financing section 32) Which of the following sections from the statement of cash flows includes activities that increase and.
5 Views
View Answer
11) Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the following information reported for the year 2014: •Sales revenue:$240,000 •Accounts receivable beginning balance:$35,000 •Accounts receivable ending balance:$31,000 In the operating activity section of the statement of cash flows, what amount would be shown for collections from.
13 Views
View Answer
11) A company reported the following amounts of net income: 2011 $18,000 2012 $24,000 2013 $26,000 Which of the following is the percentage change in net income from 2011 to 2012? A) 33.33% B) 8.33% C) 10.00% D) 30.00% 12) The following is a summary of information presented on the financial statements of The Cake Company on December 31, 2014. Account 2014 2013 Current assets $  65,000 $ .
10 Views
View Answer
80) Avatar Company uses the indirect method to prepare the statement of cash flows.  Please refer to the following income statement: Sales revenue $240,000 Interest revenue 1,000 Gain on sale of plant assets 4,000    Total revenues and gains $245,000 Cost of goods sold 110,000 Salary expense 45,000 Depreciation expense 12,000 Other operating expenses 23,000 Interest expense 1,000 Income tax.
3 Views
View Answer
31) Avatar Company uses the direct method to prepare its statement of cash flows.  Please refer to the following financial statement information for the year 2014: Additional information provided: •Equipment costing $52,000 was purchased for cash. •Equipment with a net asset value of $10,000 was sold for $14,000 •Depreciation expense of $12,000 was recorded.
6 Views
View Answer
31) Please refer to the following information for Peartree Company: •Common stock, $1.00 par, 100,000 issued, 95,000 outstanding •Paid-in capital in excess of par: $2,150,000 •Retained earnings:  $910,000 •Treasury stock: 5,000 shares purchased at $20 per share If Peartree purchases an additional 1,000 shares of treasury stock at $18 per share, what amounts will be.
4 Views
View Answer

Can't find what you're looking for ?

Ask our exprts a study questions, on us.
Get free Homework Help*