All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question
AI Study Help New

Search
Sign In
Register

study help
business
accounting

Questions and Answers of Accounting

Bluebell Orchard issues a $350,000, 6%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $17,857 each. Prepare the entries to record the
Seipple Corporation leases new equipment on December 31, 2012. The lease transfers ownership of the equipment to Seipple at the end of the lease. The present value of the lease payments is $192,000.
Jeff Bly has prepared the following list of statements about bonds.1. Bonds are a form of interest-bearing notes payable.2. When seeking long-term financing, an advantage of issuing bonds over
Bohlander Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are:1. Issue 60,000 shares of common stock at $45 per share. (Cash
On January 1, Camel Cove Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPresent journal entries to record the
On January 1, Borgstrom Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare journal entries to record the following
Reffue Company issued $400,000 of 9%, 10-year bonds on January 1, 2012, at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare the journal entries to record the
Pas Company issued $1,000,000 of bonds on January 1, 2012.Instructions(a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 103.(b) Prepare
Jacobson Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2012. The bonds pay interest twice a year.Instructions(a) (1) Prepare the journal entry to record the issuance of the
The following section is taken from Koster Corp.’s balance sheet at December 31, 2011.Current liabilitiesInterest payable………………………………….. $ 72,000Long-term
Presented below are three independent situations.1. Wakarusa Corporation retired $130,000 face value, 12% bonds on June 30, 2012, at 102. The carrying value of the bonds at the redemption date was
Bay Front Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2012. The terms provide for semiannual installment
Amethyst Company borrowed $300,000 on January 1, 2012, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December
Presented below are two independent situations.1. Sunny Isles Car Rental leased a car to Emmaus Company for one year. Terms of the operating lease agreement call for monthly payments of $500.2. On
The adjusted trial balance for Olde Farm Corporation at the end of the current year contained the following accounts.Interest Payable........... $ 9,000Lease Liability..............89,500Bonds
Brasswood Corporation reports the following amounts in its 2012 financial statements: Instructions(a) Compute the December 31, 2012, balance in stockholders?? equity.(b) Compute the debt to total
Brislin Corporation is issuing $200,000 of 8%, 5-year bonds when potential bond investors want a return of 10%. Interest is payable semiannually.InstructionsCompute the market price (present value)
Hoboken Corporation issued $600,000, 9%, 10-year bonds on January 1, 2012, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on
WJTY Company issued $300,000, 11%, 10-year bonds on January 1, 2012, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1
Caruba Company issued $400,000, 9%, 20-year bonds on January 1, 2012, at 103. Interest is payable semiannually on July 1 and January 1. Caruba uses straight-line amortization for bond premium or
Caygill Company issued $800,000, 11%, 10-year bonds on December 31, 2011, for $730,000. Interest is payable semiannually on June 30 and December 31. Caygill Company uses the straight-line method to
On May 1, 2012, Chance Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2012, and pay interest semiannually on May 1 and November 1. Financial statements are
Cherney Electric sold $500,000, 10%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and paid interest on January 1 and July 1. The bonds were sold at 104.Instructions(a) Prepare the
Dutch Hollow Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2011. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note
Presented below are three different lease transactions that occurred for Manitoba Inc. in 2012. Assume that all lease contracts start on January 1, 2012. In no case does Manitoba receive title to the
Brown Deer Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and pay interest July 1 and January 1. Brown Deer Electric uses the straight-line method to
Canyon Run Company sold $2,500,000, 8%, 10-year bonds on July 1, 2012. The bonds were dated July 1, 2012, and pay interest July 1 and January 1. Canyon Run Company uses the straight-line method to
The following is taken from the Gajda Company balance sheet. Interest is payable semiannually on January 1 and July 1. The bonds are callable on any semiannual interest date. Gajda uses
On June 1, 2012, Lublin Corp. issued $2,000,000, 9%, 5-year bonds at face value. The bonds were dated June 1, 2012, and pay interest semiannually on June 1 and December 1. Financial statements are
Petoskey Co. sold $800,000, 9%, 10-year bonds on January 1, 2012. The bonds were dated January 1, and interest is paid on January 1 and July 1. The bonds were sold at 105.Instructions(a) Prepare the
Giordano’s Electronics issues a $600,000, 8%, 10-year mortgage note on December 31, 2012, to help finance a plant expansion program. The terms provide for semiannual installment payments, not
Presented below are three different lease transactions in which Kristi Enterprises engaged in 2012. Assume that all lease transactions start on January 1, 2012. In no case does Kristi receive title
On July 1, 2012, Dacotah Chemical Company issued $4,000,000 face value, 10%, 10-year bonds at $4,543,627. This price resulted in an 8% effective-interest rate on the bonds. Dacotah uses the
Somonauk Company sold $6,000,000, 9%, 20-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1 and July 1. Somonauk Company uses the straight-line method
Gabriel Corporation sold $4,000,000, 8%, 10-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line
The following is taken from the Kijak Corp. balance sheet.Interest is payable semiannually on January 1 and July 1. The bonds are callable on any semiannual interest date. Kijak uses straight-line
Nordham Corporation?s trial balance at December 31, 2012, is presented below. All 2012 transactions have been recorded except for the items described below. Unrecorded transactions 1. On January 1,
Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and how much it
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following:(a) What is the long-term obligation?(b) What guidance does
The financial statements of Zetar plc are presented on Appendix C. The company’s complete annual report, including the notes to its financial statements, is available
How is a deceased partner's equity determined?
Eustace Scrubb and Will Poulter decide to organize the ALL-Star partnership. Scrubb invests $15,000 cash, and Poulter contributes $10,000 cash and equipment having a book value of $3,500. Prepare the
Rhince and Rynelf decide to merge their proprietorships into a partnership calledDawn Treader Company. The balance sheet of Rynelf Co. shows: The partners agree that the net realizable value of the
Pug Bern Co. reports net income of $70,000. The income ratios are Pug 60% and Bern 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Indicate the division of net income to each partner, assuming the income ratio
Lill & Dil Co. reports net income of $28,000. Interest allowances are Lill $7,000 and Dil $5,000; salary allowances are Lill $15,000 and Dil $10,000; the remainder is shared equally. Show the
After liquidating non-cash assets and paying creditors, account balances in the Kidz Co. are Cash $19,000, A Capital (Cr.) $8,000, B Capital (Cr.) $7,000, and C Capital (Cr.) $4,000. The partners
Beta Co. capital balances are: Ace $30,000, Bly $25,000, and Gumpus $20,000. The partners share income equally. Rhoop is admitted to the firm by purchasing one-half of Gumpus’s interest for
In Coriakin Co., capital balances are Gael $40,000 and Nausus $50,000. The partners share income equally. Slaver is admitted to the firm with a 45% interest by an investment of cash of $52,000.
Capital balances in Midway Co. are Mirko $40,000, Neil $30,000, and Grillini $18,000. Mirko and Neil each agree to pay Grillini $12,000 from their personal assets. Mirko and Neil each receive 50% of
Data pertaining to Midway Co. are presented in BE12-9. Instead of payment from personal assets, assume that Grillini receives $24,000 from partnership assets in withdrawing from the firm. Journalize
David Tennant has prepared the following list of statements about partnerships.1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit.2. The
K. Billie, S. Piper, and E. Rose are forming a partnership. Billie is transferring $50,000 of personal cash to the partnership. Piper owns land worth $15,000 and a small building worth $80,000, which
Rose Tyler has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Tyler and Sigma. Tyler’s investment in
Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for(1) Annual salaries of $20,000 for Martha and $12,000
Aikman (beginning capital, $60,000) and Rory (beginning capital $90,000) are partners. During 2012, the partnership earned net income of $70,000, and Aikman made drawings of $18,000 while Rory made
David, Matt, and Chris are forming The Doctor Partnership. David is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Matt owns land worth $18,000 and a small
The Freema Company at December 31 has cash $20,000, non-cash assets $100,000, liabilities $55,000, and the following capital balances: Dalek $45,000 and Briggs $20,000. The firm is liquidated, and
Data for The Freema Company are presented in E12-8.InstructionsPrepare the entries to record:(a) The sale of non-cash assets.(b) The allocation of the gain or loss on realization to the partners.(c)
K. Gillan, C. Coduri, and C. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Cap Harkness is admitted to the
S. Noble and T. Wells share income on a 6 : 4 basis. They have capital balances of $100,000 and $70,000, respectively, when W. Trinity is admitted to the partnership.InstructionsPrepare the journal
N. Clark, C. Camille, and C. Eccleston have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Eccleston withdraws from the partnership under each of
B. Edwards, J. King, and N. Pegg have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Pegg withdraws from the partnership under each
Carl, Barrowman, and Cribbins are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively.Instructions(a) Assume
The post-closing trial balances of two proprietorships on January 1, 2012, are presented below. Williams and Jones decide to form a partnership, Wijo Company, with the following agreed upon
At the end of its first year of operations on December 31, 2012, LAD Company?s accounts show the following. The capital balance represents each partner?s initial capital investment. Therefore, net
The partners in River Song Company decide to liquidate the firm when the balance sheet shows the following. The partners share income and loss 5 : 3 : 2. During the process of liquidation, the
On December 31, the capital balances and income ratios in SAR Company are as follows. Instructions(a) Journalize the withdrawal of Ruscoe under each of the following assumptions. (1) Each of the
The partners in Tallis Company decide to liquidate the firm when the balance sheet shows the following. The partners share income and loss 5 : 3 : 2. During the process of liquidation, the
On December 31, the capital balances and income ratios in Noma Company are as follows. Instructions(a) Journalize the withdrawal of Ogden under each of the following independent assumptions.(1) Each
Natalie’s high school friend, Katy Peterson, has been operating a bakery for approximately 18 months. Because Natalie has been so successful operating Cookie Creations, Katy would like to have
The corporate charter of Hawes Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first two years of operations, Hawes sold 70,000 shares to shareholders and
(a) What are the principal differences between common stock and preferred stock?(b) Preferred stock may be cumulative. Discuss this feature.(c) How are dividends in arrears presented in the financial
Trudy Borke is studying for her accounting midterm examination. Identify for Trudy the advantages and disadvantages of the corporate form of business organization.
At December 31, Jimbo Corporation reports net income of $450,000. Prepare the entry to close net income.
On May 10, Jack Corporation issues 2,000 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock.
On June 1, Donkey Inc. issues 3,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
Jer Inc.’s $10 par value common stock is actively traded at a market value of $15 per share. Jer issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of the
On July 1, Laura Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 300 shares of the treasury stock for
Cora Inc. issues 5,000 shares of $100 par value preferred stock for cash at $130 per share. Journalize the issuance of the preferred stock.
Vivi Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par—Common Stock $20,000; Retained Earnings $45,000;
At the end of its first year of operation, Jane Corporation has $1,000,000 of common stock and net income of $216,000. Prepare (a) The closing entry for net income and (b) The stockholders’ equity
Balboa Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to
Caleb Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,200
Doreen Corporation has issued 100,000 shares of $5 par value common stock. It authorized 500,000 shares. The paid-in capital in excess of par on the common stock is $240,000. The corporation has
Angela has prepared the following list of statements about corporations.1. A corporation is an entity separate and distinct from its owners.2. As a legal entity, a corporation has most of the rights
Angela (see E13-1) has studied the information you gave her in that exercise and has come to you with more statements about corporations.1. Corporation management is both an advantage and a
During its first year of operations, Benji Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 70,000 shares for cash at $5 per share.July 1 Issued 40,000 shares
Jake Corporation issued 1,000 shares of stock.InstructionsPrepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $5 per share and was issued for a total
Laci Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services provided in
As an auditor for the CPA firm of Valente and Ardvino, you encounter the following situations in auditing different clients.1. PM Corporation is a closely held corporation whose stock is not publicly
On January 1, 2012, the stockholders’ equity section of Joshua Corporation shows:Common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings
Michaela Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per
Paul Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and
David Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2011, for $2,100,000. In December 2013, David declared its first dividend of
Carolyn Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012.Corporation at December 31, 2012.Common Stock ($5 stated
The stockholders’ equity section of Erik Corporation at December 31 is as follows.ERIK CORPORATIONBalance Sheet (partial)Paid-in capitalPreferred stock, cumulative, 10,000 shares authorized, 6,000
The ledger of Hickory Hills Corporation contains the following accounts: Common Stock, Preferred Stock, Treasury Stock, Paid-in Capital in Excess of Par??Preferred Stock, Paid-in Capital in Excess of
Alexia Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of

Showing 7400 - 7500 of 107832

First
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved