Questions from College Accounting

Q: The Stockholders’ Equity section of Austin Corporation’s balance sheet on January 1

The Stockholders’ Equity section of Austin Corporation’s balance sheet on January 1, 20X1, follows, along with selected transactions for the year: INSTRUCTIONS 1. S...

Q: The board of directors of Bow Products, Inc., authorized the

The board of directors of Bow Products, Inc., authorized the issuance of $1,000,000 face value, 5 percent bonds dated April 1, 2022. The bonds will mature on April 1, 2032. The interest is payable sem...

Q: The board of directors of CAR Corporation authorized the issuance of $

The board of directors of CAR Corporation authorized the issuance of $1,000,000 face value, 6 percent bonds. The bonds mature 10 years from their issue date of March 1, 2022. The interest is payable s...

Q: The board of directors of Amora Company authorized issuance of $1

The board of directors of Amora Company authorized issuance of $1,000,000 of 6 percent bonds. Each bond has a face value of $10,000. The interest is payable semiannually on February 1 and August 1. Th...

Q: TV Products, Inc., has outstanding $400,000 face

TV Products, Inc., has outstanding $400,000 face value, 5 percent bonds payable dated January 1, 2022, and maturing 10 years later. The corporation is required under the bond contract to transfer $36,...

Q: On April 1, 2022, Big Sky Corporation issued $400

On April 1, 2022, Big Sky Corporation issued $400,000 face value, 10 percent bonds at 99.16. The bonds were dated April 1, 2022, and will mature in 10 years. The discount is to be amortized on each in...

Q: Chevy Hill, Inc., sells vintage clothes. The firm’s comparative

Chevy Hill, Inc., sells vintage clothes. The firm’s comparative income statement and balance sheet for the years 2021 and 2022 follow: INSTRUCTIONS 1. Prepare both a horizontal and a...

Q: Using the data from Problem 23.1B, Chevy Hill,

Using the data from Problem 23.1B, Chevy Hill, Inc., calculate the following financial ratios. Comment on any ratio that merits further consideration. Inventory on December 31, 2021, was $40,000. Plea...

Q: Condensed financial statements for Alpha Corp. and Omega Corp. for

Condensed financial statements for Alpha Corp. and Omega Corp. for 2022 follow: INSTRUCTIONS 1. Compute the following ratios for each company (rounding to 2 decimal places when appropriate): a. Rate o...

Q: A comparative balance sheet for U&ME Corporation as of December

A comparative balance sheet for U&ME Corporation as of December 31, 2022 and 2021, is given below. INSTRUCTIONS Use these data to prepare a statement of cash flows for 2022. Additional information...