Showing 741 to 750 of 1701 Questions
  • Mountain Springs Inc. bottles and distributes spring water. On May 2 of the current year, Mountain Springs reacquired 3,000 shares of its common stock at $72 per share. On August 14, Mountain Springs sold 2,500 of the reacquired shares at $76 per share. The remaining 500 shares were sold at $70 per share on November 7.a. Journalize the tr

  • Mr. Ess, the owner of the SS Skimpy and an American citizen, borrows money from MultiBank in London to outfit his ship, giving the bank a maritime lien on the ship. Mr. Ess sells the ship to Mr. Tee, a Canadian. Mr. Tee is not aware of the lien and was not aware that Mr. Ess had defaulted on the loan. When the ship pulled into a British p

  • Multiple Choice Questions1. An investment of cash into the business willa. Decrease total liabilities.b. Decrease total assets.c. Have no effect on total assets.d. Increase stockholders equity.2. Purchasing a laptop computer on account willa. Increase total liabilities.b. Have no effect on stockholders equity.c. Increase total assets.d. A

  • Multiple Choice Questions1. In the translated financial statements, which method of translation maintains the underlying valuation methods used in the foreign currency financial statements? a. Current rate method; income statement translated at average exchange rate for the year. b. Current rate method; income statement translated at exch

  • Multiple Choice Questions1. On December 1, 2015, Barnum Company (a U.S.-based company) entered into a three-month forward contract to purchase 1,000,000 ringgits on March 1, 2016. The following U.S. dollar per ringgit exchange rates apply:Barnum’s incremental borrowing rate is 12 percent. The present value factor for two months at an a

  • Multiple Choice Questions1. The journal entry to record the purchase of supplies on accounta. Debits Supplies and credits Accounts Payable.b. Credits Supplies and debits Cash.c. Credits Supplies and debits Accounts Payable.d. Debits Supplies Expense and credits Supplies.2. If the credit to record the purchase of supplies on account is not

  • Multiple Choice Questions1. What is the effect on total assets and stockholders equity of paying the telephone bill as soon as it is received each month? Total assets Stockholders equitya. No effect No effectb. Decrease No effectc. No effect Decreased. Decrease Decrease2. Which of the following transactions will increase

  • NAJ Corporation has a retained earnings balance of $230,000 on January 1. During the year, a prior period adjustment of $50,000 is recorded because of the understatement of depreciation in the prior period. Show the retained earnings statement presentation of these data.

  • Nanjing Corporation purchased from its shareholders 5,000 shares of its own previously issued shares for Y250,000 (Chinese yuan). It later resold 2,000 shares for Y54 per share, then 2,000 more shares for Y49 per share and finally 1,000 shares for Y40 per shares.InstructionsPrepare journal entries for the purchases of the treasury shares

  • Natalie’s friend, Curtis Lesperance, decides to meet with Natalie after hearing that her discussions about a possible business partnership with her friend Katy Peterson have failed. Because Natalie has been so successful with Cookie Creations and Curtis has been just as successful with his coffee shop, they both conclude that they could

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