Questions from College Accounting

Q: Racette Corporation has 390,000 shares of $7 par-

Racette Corporation has 390,000 shares of $7 par-value common stock issued and outstanding. Record the following entries into the general journal for Racette:

Q: At the beginning of January 201X, the stockholders’ equity of Plain

At the beginning of January 201X, the stockholders’ equity of Plain View Corporation consisted of the following: 1. Record the transactions in general journal form. 2. Prepare the...

Q: The following is the stockholders’ equity of Pierotti Corporation on October 1

The following is the stockholders’ equity of Pierotti Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholdersâ...

Q: On January 1, 201X, Langston Corporation sold $450,

On January 1, 201X, Langston Corporation sold $450,000 of 9%, 10-year bonds at 97. Interest is to be paid on June 30 and December 31. The straightline method of amortizing the discount is used. Prepar...

Q: On May 1, 201X, Lance Corporation issued $900,

On May 1, 201X, Lance Corporation issued $900,000 of 15%, 20-year bonds at 102. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amorti...

Q: Calculate the contribution margin for each department and income before taxes,

Calculate the contribution margin for each department and income before taxes, based on the following:

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

On January 1, 201X, Austin Corporation issued $300,900 of 11%, 10-year bonds for $252,958, yielding a market rate of 14%. Interest is paid on July 1 and December 31. Austin uses the interest method to...

Q: On April 1, 201X, Plimpton Corporation issued $210,

On April 1, 201X, Plimpton Corporation issued $210,000 of 10%, 5-year bonds for $227,126, yielding a market rate of 8%. Interest is paid on October 1 and April 1. Plimpton Corporation uses the interes...

Q: From the following income statement (Figure 21.14), balance

From the following income statement (Figure 21.14), balance sheet (Figure 21.15), and additional data for Cygan Company, prepare a statement of cash flows using the indirect method. Figure 21.14: F...

Q: From the financial statements and additional information provided in Problem 21B-

From the financial statements and additional information provided in Problem 21B-1 for Cygan Company, prepare a statement of cash flows using the direct method. Problem 21B-1: From the following inc...