Questions from Financial Accounting

Q: Assume that in January 2010, an International Eatery restaurant purchased a

Assume that in January 2010, an International Eatery restaurant purchased a building, paying $52,000 cash and signing a $106,000 note payable. The restaurant paid another $62,000 to remodel the buildi...

Q: Question: On June 30, 2010, Roy Corp. paid

On June 30, 2010, Roy Corp. paid $200,000 for equipment that is expected to have an eight-year life. In this industry, the residual value is approximately 10% of the assets cost. Roys cash revenues...

Q: For each of the following situations, answer the following questions:

For each of the following situations, answer the following questions: 1. What is the ethical issue in this situation? 2. What are the alternatives? 3. Who are the stakeholders? What are the possibl...

Q: Assume B 1 Accounting Consultants purchased a building for $435,

Assume B 1 Accounting Consultants purchased a building for $435,000 and depreciated it on a straightline basis over 40 years. The estimated residual value was $73,000. After using the building for 20...

Q: Question: Assume that on January 2, 2010, McKnight of

Assume that on January 2, 2010, McKnight of Wyoming purchased fixtures for $8,300 cash, expecting the fixtures to remain in service for five years. McKnight has depreciated the fixtures on a double-...

Q: Trusty Truck Company is a large trucking company that operates throughout the

Trusty Truck Company is a large trucking company that operates throughout the United States. Trusty Truck Company uses the units-of-production (UOP) method to depreciate its trucks. Trusty Truck Compa...

Q: Mighty Mines paid $432,000 for the right to extract

Mighty Mines paid $432,000 for the right to extract ore from a 425,000-ton mineral deposit. In addition to the purchase price, Mighty Mines also paid a $150 filing fee, a $2,700 license fee to the sta...

Q: 1. Miracle Printers purchased for $700,000 a patent

1. Miracle Printers purchased for $700,000 a patent for a new laser printer. Although the patent gives legal protection for 20 years, it is expected to provide Miracle Printers with a competitive adva...

Q: Assume Kaledan paid $18 million to purchase Southwest.com.

Assume Kaledan paid $18 million to purchase Southwest.com. Assume further that Southwest had the following summarized data at the time of the Kaledan acquisition (amounts in millions): Southwests lon...

Q: Record the following note receivable transactions in the journal of Celtic Realty

Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue did Celtic earn this year? Use a 365-day year for interest computations, and round interest...