Questions from Financial Accounting

Q: The following transactions of Soft Sounds Music Company occurred during 2010 and

The following transactions of Soft Sounds Music Company occurred during 2010 and 2011: Requirement 1. Record the transactions in Soft Sounds Music Companys journal. Explanations are not required.

Q: The board of directors of Pictures Plus authorizes the issue of $

The board of directors of Pictures Plus authorizes the issue of $6,000,000 of 8%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2010,...

Q: On February 28, 2010, Mackerel Corp. issues 6%,

On February 28, 2010, Mackerel Corp. issues 6%, 20-year bonds payable with a face value of $1,800,000. The bonds pay interest on February 28 and August 31. Mackerel Corp. amortizes bonds by the straig...

Q: Requirements 1. Journalize the following transactions of Lamore Communications,

Requirements 1. Journalize the following transactions of Lamore Communications, Inc.: 2. At December 31, 2010, after all year-end adjustments, determine the carrying amount of Lamore Communications...

Q: The partners who own Liard Canoes Co. wished to avoid the

The partners who own Liard Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Liard Canoes, Inc. The charter from the state of Tex...

Q: Holman Corp. has the following stockholders equity information: Holmans

Holman Corp. has the following stockholders equity information: Holmans charter authorizes the company to issue 5,000 shares of 8% preferred stock with par value of $110 and 400,000 shares of no-par...

Q: Fitzpatrick Sporting Goods is embarking on a massive expansion. Assume plans

Fitzpatrick Sporting Goods is embarking on a massive expansion. Assume plans call for opening 30 new stores during the next four years. Each store is scheduled to be 45% larger than the companys exist...

Q: The accounting records of Brilliant Foods, Inc., include the following

The accounting records of Brilliant Foods, Inc., include the following items at December 31, 2010: Requirements 1. Show how each relevant item would be reported on the Brilliant Foods, Inc., classif...

Q: London Jewelry Company reported the following summarized balance sheet at December 31

London Jewelry Company reported the following summarized balance sheet at December 31, 2010: During 2011, London completed these transactions that affected stockholder’s equity: Re...

Q: Garman Corp. has the following stockholders equity information: Garmans

Garman Corp. has the following stockholders equity information: Garmans charter authorizes the company to issue 8,000 shares of 5% preferred stock with par value of $130 and 600,000 shares of no-par c...