Questions from Accounting Principles

Q: Valdez issues $450,000 of 13%, four-year

Valdez issues $450,000 of 13%, four-year bonds dated January 1, 2021, that pay interest semiannually on June 30 and December 31. They are issued at $493,608 when the market rate is 10%. Required 1. P...

Q: Salt Lake Company’s current-year income statement and selected balance sheet

Salt Lake Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. Required Prepare the operating activities sec...

Q: Refer to the information in Problem 16-1B.

Refer to the information in Problem 16-1B. Required Prepare the operating activities section of the statement of cash flows using the direct method for the current year.

Q: Selected comparative financial statements of Tripoli Company follow. /

Selected comparative financial statements of Tripoli Company follow. Required 1. Compute trend percent’s for all components of both statements using 2015 as the base year. Round per...

Q: Selected comparative financial statement information of Bluegrass Corporation follows. /

Selected comparative financial statement information of Bluegrass Corporation follows. Required 1. Compute each year’s current ratio. Round ratios to one decimal. 2. Express the inc...

Q: The following year-end information is taken from the December 31

The following year-end information is taken from the December 31 adjusted trial balance and other records of Best Bikes. Required Identify each cost as either a product cost or a period cost. If a pr...

Q: A manufacturing company reports the following information. /

A manufacturing company reports the following information. Required 1. Compute raw materials inventory turnover for the most recent two years. 2. Is the current year change in raw materials inventory...

Q: At the end of May, the job cost sheets at Cool

At the end of May, the job cost sheets at Cool Pool show the following costs accumulated on three jobs. Additional information a. Job 8 was started in April, and the following costs were assigned to...

Q: Perez Company shows the following costs for three jobs worked on in

Perez Company shows the following costs for three jobs worked on in September. Additional Information a. Raw Materials Inventory has an August 31 balance of $150,000. b. Raw materials purchases in Se...

Q: At the beginning of the year, Paella Company’s manager estimated total

At the beginning of the year, Paella Company’s manager estimated total direct labor cost to be $1,500,000. The manager also estimated the following overhead costs for the year. For...