Questions from Financial Accounting

Q: GIT, Inc., issued $600,000 of 5%,

GIT, Inc., issued $600,000 of 5%, 12-year bonds payable at a price of 77 on March 31, 2010. The market interest rate at the date of issuance was 8%, and the GIT bonds pay interest semiannually. 1. Pr...

Q: The following accounts and related balances of Hawk Designers, Inc.,

The following accounts and related balances of Hawk Designers, Inc., as of December 31, 2010, are arranged in no particular order. Requirements 1. Prepare Hawks classified balance sheet in the accou...

Q: The statement of cash flows of Smoothie, Inc., reported the

The statement of cash flows of Smoothie, Inc., reported the following (adapted) for the year ended December 31, 2010: Requirement 1. Make the journal entry that Smoothie would use to record each of...

Q: Good Foods, Inc., is authorized to issue 5,500

Good Foods, Inc., is authorized to issue 5,500,000 shares of $5.00 par common stock. In its initial public offering during 2010, Good issued 475,000 shares of its $5.00 par common stock for $7.00 per...

Q: Elegant Outdoor Furniture Company included the following stockholders equity on its year

Elegant Outdoor Furniture Company included the following stockholders equity on its year-end balance sheet at February 28, 2011: Requirements 1. Identify the different issues of stock Elegant Outdoo...

Q: Moscow Jewelry Company reported the following summarized balance sheet at December 31

Moscow Jewelry Company reported the following summarized balance sheet at December 31, 2010: During 2011, Moscow completed these transactions that affected stockholders equity: Requirements 1. Jour...

Q: Assume Dessert Destination of Montana, Inc., completed the following transactions

Assume Dessert Destination of Montana, Inc., completed the following transactions during 2010, the companys 10th year of operations: Requirement 1. Analyze each transaction in terms of its effect on...

Q: The following accounts and related balances of Seagull Designers, Inc.,

The following accounts and related balances of Seagull Designers, Inc., as of December 31, 2010, are arranged in no particular order. Requirements 1. Prepare Seagulls classified balance sheet in the...

Q: The statement of cash flows of Frappe, Inc., reported the

The statement of cash flows of Frappe, Inc., reported the following (adapted) for the year ended December 31, 2010: Requirement 1. Make the journal entry that Frappe would use to record each of thes...

Q: Hearty Foods, Inc., is authorized to issue 5,000

Hearty Foods, Inc., is authorized to issue 5,000,000 shares of $2.00 par common stock. In its initial public offering during 2010, Hearty issued 500,000 shares of its $2.00 par common stock for $5.00...