Questions from College Accounting

Q: On May 1, 201X, Lance Corporation issued $1,

On May 1, 201X, Lance Corporation issued $1,000,000 of 9%, 20-year bonds at 103. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amort...

Q: On January 1, 201X, Fish Corporation issued $300,

On January 1, 201X, Fish Corporation issued $300,200 of 11%, 10-year bonds for $267,192, yielding a market rate of 13%. Interest is paid on July 1 and December 31. Fish uses the interest method to amo...

Q: On May 1, 201X, Lexington Corporation issued $180,

On May 1, 201X, Lexington Corporation issued $180,000 of 10%, 5-year bonds for $194,679, yielding a market rate of 8%. Interest is paid on November 1 and May 1. Lexington Corporation uses the interest...

Q: The following transactions occurred in the opening and operation of Bob’s Delivery

The following transactions occurred in the opening and operation of Bob’s Delivery Service. A. Bob O’Brien opened the delivery service by investing $25,000 from his personal savings account. B. Purch...

Q: Brad Sealy is the accountant for Sealy’s Internet Service. From the

Brad Sealy is the accountant for Sealy’s Internet Service. From the following information, his task is to construct a balance sheet as of November 30, 201X, in proper form. Can you h...

Q: From the following T accounts of Breck’s Cleaning Service, (a

From the following T accounts of Breck’s Cleaning Service, (a) foot and determine the ending balances, and (b) prepare a trial balance in proper form for May 31, 201X.

Q: Jeanette Wu, owner of Wu Home Decorating Service has requested that

Jeanette Wu, owner of Wu Home Decorating Service has requested that you prepare from the following balances (a) an income statement for June 201X, (b) a statement of owner’s equity f...

Q: John Thildore, a retired army officer, opened Thildore’s Catering Service

John Thildore, a retired army officer, opened Thildore’s Catering Service. As his accountant, analyze the transactions listed and present them in proper form. a. The analysis of the...

Q: Facts: Bond issue: $150,000, 9%,

Facts: Bond issue: $150,000, 9%, 13-year bonds; selling price of bonds $129,569; market rate 11%. Use the interest method. Calculate the following: a. Carrying value at beginning of period b. Interes...

Q: Bill Palu opened a consulting company, and the following transactions resulted

Bill Palu opened a consulting company, and the following transactions resulted. A. Bill invested $30,000 in the consulting agency. B. Bought office equipment on account, $5,000. C. Agency received ca...