Questions from Accounting Principles

Q: Data for Stiever Corporation’s maintenance costs is shown below.

Data for Stiever Corporation’s maintenance costs is shown below. Compute the variable- and fixed-cost elements using regression analysis. Present your solution in the form of a cos...

Q: Sisson Corporation reports operating expenses of $80,000 excluding depreciation

Sisson Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2020. During the year, prepaid expenses decreased $6,600 and accrued expenses payable increased $...

Q: Selected data taken from a recent year’s financial statements of trading card

Selected data taken from a recent year’s financial statements of trading card company Topps Company, Inc. are as follows (in millions). Net sales …………………………………………………………….. $326.7 Current liabilities,...

Q: Moby Inc. is considering two alternatives to finance its construction of

Moby Inc. is considering two alternatives to finance its construction of a new $2 million plant. a. Issuance of 200,000 shares of common stock at the market price of $10 per share. b. Issuance of $2 m...

Q: Price Company issues $400,000, 20-year,

Price Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2020.

Q: Meera Corporation issued 4,000, 8%, 5-year

Meera Corporation issued 4,000, 8%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. a. Prepare the journal entry to record the sale of these bonds on January 1, 20...

Q: Nasreen Company issues $2 million, 10-year, 8

Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each January 1. a. Prepare the journal entry to record the sale of these bonds on January 1, 2020. b. Assuming instead...

Q: Frankum Company has issued three different bonds during 2020. Interest is

Frankum Company has issued three different bonds during 2020. Interest is payable annually on each of these bonds. 1. On January 1, 2020, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2020, were is...

Q: The balance sheet for Miley Consulting reports the following information on July

The balance sheet for Miley Consulting reports the following information on July 1, 2020. Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record...

Q: Hanschu Inc. issues an $800,000, 10%,

Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the ent...