• Q : What is the journal entry for this....
    Accounting Basics :

    Payments to suppliers on account during the year,$150,000; payments to employees for salaries and wages, $84,000... What is the journal entry for this

  • Q : Promissory note payable to the order....
    Accounting Basics :

    A $5,000 promissory note payable to the order of Neptune is discounted to Bane by blank endorsement for $4,000. King steals the note from Bane and sells it to Ott, who promises to pay King $4,500. A

  • Q : What is the gain (loss) on retirement....
    Accounting Basics :

    $100,000 in bonds outstanding The unamortized premium on these bonds is $2,700. If the corporation redeems these bonds at 99, what is the gain (loss) on retirement?

  • Q : Creditors filed a petition in bankruptcy....
    Accounting Basics :

    Burton did not notify Wilson of these facts. Two days later when Burton again presented the instrument for payment, Burton was told that Foxx's creditors had filed a petition in bankruptcy that mornin

  • Q : Compute the firm''s operating income....
    Accounting Basics :

    Compute the firm's operating income before income taxes if the firm produced and sold 110,000 units.

  • Q : How much do they receive when the capacity is sold....
    Accounting Basics :

    The Chester company will sell 100 units (x1000) of capacity from their Cell product line. Each unit of capacity is worth $6 plus $4 per automation rating. The Chester company will sell the capacity

  • Q : Bonds were redeemed related problem....
    Accounting Basics :

    The unamortized premium remaining on these bonds was $48,000. Nickel uses straight-line amortization. On May 1, 2011, $120,000 of the bonds were redeemed at 111. How much, and what type of gain or l

  • Q : Compute the firm''s operating income before income taxes....
    Accounting Basics :

    The Davis Company normally produces 150,000 units of Product LM per year. Due to an economic downturn, the company has some idle capacity. Product LM sells for $15 per unit.

  • Q : What journal entry would gold star make at january....
    Accounting Basics :

    however it knows that Gold Stars implicit interest rate is 8%. What journal entry would Gold Star make at January 2, 2011 assuming this is a direct financing lease?

  • Q : Gain or loss recognized on the bond retirement....
    Accounting Basics :

    On February 1, 2010, Pat Weaver Inc. (PWI) issued 9%, $1,400,000 bonds for $1,700,000. PWI retired all of these bonds on January 1, 2011, at 102. Unamortized bond premium on that date was $142,800.

  • Q : Determine the amount of bond issue costs....
    Accounting Basics :

    During the year, Hamlet Inc. paid $23,000 to have bond certificates printed and engraved, paid $150,000 in legal fees, paid $18,000 to a CPA for registration information, and paid $260,000 to an und

  • Q : What is the number of times bond interest charges....
    Accounting Basics :

    Based on the data presented above, what is the number of times bond interest charges were earned (round to two decimal places)?

  • Q : Amount of accrued interest payable problem....
    Accounting Basics :

    What amount of accrued interest payable should B report in its September 30, 2011, balance sheet?

  • Q : Annual interest payments and amortization problem....
    Accounting Basics :

    On January 1, 2011, an investor paid $299,000 for bonds with a face amount of $350,000. The stated rate of interest is 10% while the current market rate of interest is 12%. Using the effective inter

  • Q : What would be shown as an operating cash flow....
    Accounting Basics :

    Shady Lane's income taxes payable account decreased from $14 million to $12 million during 2006. If its income tax expense was $80 million, what would be shown as an operating cash flow under the di

  • Q : Compute avoidable interest incurred during 2010....
    Accounting Basics :

    Compute the amounts of each of the following (show computations):Avoidable interest incurred during 2010.  

  • Q : Bond interest expense for the six months....
    Accounting Basics :

    The bonds were sold for $253,860, priced to yield 10%. Legion records interest at the effective rate. Legion should report bond interest expense for the six months ended June 30, 2011, in the amount

  • Q : What is the amount of tax expense....
    Accounting Basics :

    (1) Journalize the two adjusting entries required to bring the accounts affected by the taxes up to date as of July 31. (2) What is the amount of tax expense for July?

  • Q : Prepare the appropriate journal entry....
    Accounting Basics :

    Prepare the appropriate journal entry to record the June purchases of shares under the employee share purchase plan.

  • Q : What is annes realized gain....
    Accounting Basics :

    Anne sold her home for 290,000 in 2010. Selling expenses were $17,400. She had purchased it in 2003 for $290,000. During the period of ownership. Anne had done the following:

  • Q : Compute the new current ratio....
    Accounting Basics :

    Suppose that at the end of 2010, the Lancer Boutique used $1.5 million cash to pay off $1.5 million of accounts payable. Compute the new current ratio.

  • Q : Calculate the present value break-even point....
    Accounting Basics :

    given the following information, calculate the present value break-even point.

  • Q : Determine the consolidation worksheet entries....
    Accounting Basics :

    Determine the consolidation worksheet entries in the following year, assuming the inventory is on-sold, and explain the adjustments on a line-by-line basis.

  • Q : Calculate the abc company net income....
    Accounting Basics :

    The ABC Company recorded revenues during the year 2008 of  $209,000. The Company had balances in the following accounts:

  • Q : Statements related to impairments of investments....
    Accounting Basics :

    Of the following statements related to impairments of investments, which is correct?

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