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c.
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If the beginning balance of cash was $655,000 and the ending balance of cash is $ 524,000,
what is the net change in cash?
Question 2 Dundas has pre-tax profit from all operations in 2015 of $33 million. This amount includes a $4 million operating loss from the toy car division incurred between the beginning of the year and August 15, the disposal date of the division. The $33 million profit does not include a pre-tax gain on the sale of the toy car division of $1 million. Prepare a partial statement of net income for Dundas for 2015 , beginning with income from continuing operations before tax. (Use the condensed income statement format and assume the company is subject to a 35% income tax rate. Enter all amounts in millions. Use parentheses or a minus sign to enter any loss amount.)
Question 3 Slater Corporation started the year on January 1 with the following balances in stockholders' equity on its balance sheet. (Click the icon to view the balance sheet items.)
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Retained earnings
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$888,000
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Common stock, $1.50 par (105,000 shares)
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$157,500
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Additional paid-in-capital in excess of par-common
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$360,000
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Accumulated other comprehensive income
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$23,000
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It reported the following income items and transactions with owners during the current year: (Click the icon to view the income items and transactions.)
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Net loss
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$(39,000)
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Dividends declared
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$5,200
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Issued 32,000 shares of common stock for $672,000
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$672,000
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Unrecognized pension costs
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$(30,000)
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Unrealized gains on available-for-sale investments
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$82,000
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Foreign currency translation adjustments-loss
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$(48,000)
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Requirement Prepare a Statement of Stockholders' Equity to answer the questions: What is the amount of Slater 's retained earnings, contributed capital, and accumulated other comprehensive income at the end of the year? (If a box is not used in the statement, leave the box empty; do not enter a zero. Use a minus sign or parentheses to show a decrease to stockholders' equity.)
Question 4 Jefferson, CPAs provides accounting services for a client at a flat contract rate of $10,000 a month. The terms of the contract include a required payment on the 15th day of each month for the prior month's accounting services. Assuming Jefferson, CPAs post journal entries each month end, what is (are) the journal entry (entries) posted on December 31?
Question 5 Wolsey Horse Manufacturing Corporation, a maker of train engines and cars, is contemplating disposing of itsToot Car Company, which is one of its primary business segments. It plans to focus on engine manufacturing, where it has experienced significant growth. Wolsey Horse is considering the sale of Toot Car within the next 18 months, but has not yet made a firm commitment. Would the disposal of Toot Car qualify as a discontinued operation under IFRS?
Question 6
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Select Balance Sheet Accounts
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Account
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Beginning
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Ending
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Accounts Receivable
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$23,000
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$13,750
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Inventory
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577,800
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585,000
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Prepaid Expenses
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12,250
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10,550
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Accounts Payable
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54,890
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49,000
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Wages Payable
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5,100
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6,300
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Interest Payable
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2,000
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1,900
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Cancer Endoscope, Inc.
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Statement of Net Income
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For the Current Year Ended
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Sales Revenue
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$1,500,000
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Cost of Goods Sold
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900,000
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Gross Profit
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600,000
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Wage Expense
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58,000
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General and Administrative Expenses
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109,000
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Depreciation Expense
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28,000
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Operating Income
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405,000
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Interest Expense
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12,500
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Income before Taxes
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392,500
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Income Tax Expense
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86,000
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Net Income
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$306,500
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Question 7
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January 2:
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Issued 400,000 shares of common stock for $5,600,000 , which is thepar value of the stock.
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January 10:
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Acquired equipment in exchange for$2,100,000 cash and a $5,400,000 note payable. The note is due in 10 years.
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February 10:
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Paid $21,600 for a business insurance policy covering the two-year period beginning on February 1.
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February 22:
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Purchased $850,000 of supplies on account.
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March 1:
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Paid wages of $198,200.
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March 23:
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Billed $2,190,000 for services rendered on account.
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April 1:
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Paid $130,000 of the amount due on the supplies purchased on February 22.
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April 17:
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Collected $170,000 of the outstanding accounts receivable.
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May 1:
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Paid wages of $240,800.
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May 8:
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Received bill and paid $56,200 for utilities.
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May 24:
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Paid $43,800 for sales commissions.
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June 1:
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Made the first payment on the note issued on January 10. The payment consisted of $50,000
of interest and $162,000 to be applied against the principal of the note.
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June 16:
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Billed customers for $510,000 of services rendered.
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June 30:
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Collected $250,000 on accounts receivable.
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July 10:
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Purchased $108,000 of supplies on account.
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Aug 25:
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Paid $170,000 for administrative expenses.
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Sept 23:
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Paid $35,000 for warehouse repairs.
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October 1:
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Paid wages of $20,000.
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Nov 20:
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Purchased supplies for $90,000 with cash.
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Dec 15:
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Collected $126,400 in advance for services to be provided in December and January of the following year.
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Dec 30:
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Declared and paid a $40,000 dividend to shareholders.
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Requirement a. Journalize the transactions for the year. You should omit explanations. (Record debits first, then credits. Exclude explanations from any journal entries.)
Question 9
Gates Accounting Services (GAS), a sole proprietorship, entered into a new 18-month office space contract on September 15, Year 1, paying the full $36,000 rent contract to the real estate company on that day (lease expiration March 15, Year 3). Assuming that GAS reports on a calendar year-end and that journal entries are posted on a quarterly basis (only), what adjusting journal entry (if any) would be made to the prepaid rent account prior to closing the December 31, Year 1, financial statements?
Question 10
During Year 1, Brianna Company had the following transactions related to its financial operations:
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Payment for the retirement of long-term bonds payable (carrying value $740,000)
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$ 750,000
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Distribution in Year 1 of cash dividend declared in Year 0 to preferred shareholders
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62,000
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Carrying value of convertible preferred stock of Brianna converted into common shares
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120,000
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Proceeds from sale of treasury stock (carrying value at cost $86,000)
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95,000
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On its Year 1 statement of cash flows, net cash used in financing activities should be:
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USA 
India
