Questions from Financial Accounting

Q: TransWorld Publishing completed the following transactions for one subscriber during 2010:

TransWorld Publishing completed the following transactions for one subscriber during 2010: Requirement 1. Journalize these transactions (explanations not required). Then report any liability on the...

Q: Perform Talent Search has an annual payroll of $200,000

Perform Talent Search has an annual payroll of $200,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perform owes salaries of $8,100 and FICA and other payroll tax of $8...

Q: Assume that Crandell Company completed the following note-payable transactions.

Assume that Crandell Company completed the following note-payable transactions. Requirements 1. How much interest expense must be accrued at December 31, 2010? (Round your answer to the nearest whol...

Q: Business is going well for Park N Fly, the company that

Business is going well for Park N Fly, the company that operates remote parking lots near major airports. The board of directors of this family-owned company believes that Park N Fly could earn an add...

Q: At December 31, 2010, Souza Real Estate reported a current

At December 31, 2010, Souza Real Estate reported a current liability for income tax payable of $180,000. During 2011, Souza earned income of $1,200,000 before income tax. The companys income tax rate...

Q: Mountainside Manors, Inc., builds environmentally sensitive structures. The companys

Mountainside Manors, Inc., builds environmentally sensitive structures. The companys 2010 revenues totaled $2,760 million, and at December 31, 2010, the company had $650 million in current assets. The...

Q: Roden Security Systems revenues for 2010 totaled $6.3 million

Roden Security Systems revenues for 2010 totaled $6.3 million. As with most companies, Roden is a defendant in lawsuits related to its products. Note 14 of the Roden Annual Report for 2010 reported:...

Q: Assume that McKinley Electronics completed these selected transactions during June 2010:

Assume that McKinley Electronics completed these selected transactions during June 2010: a. Sales of $2,200,000 are subject to estimated warranty cost of 7%. The estimated warranty payable at the beg...

Q: On January 31, Driftwood Logistics, Inc., issued 10-

On January 31, Driftwood Logistics, Inc., issued 10-year, 6% bonds payable with a face value of $13,000,000. The bonds were issued at 94 and pay interest on January 31 and July 31. Driftwood Logistics...

Q: Federal Bank has $500,000 of 7% debenture bonds

Federal Bank has $500,000 of 7% debenture bonds outstanding. The bonds were issued at 103 in 2010 and mature in 2030. Requirements 1. How much cash did Federal Bank receive when it issued these bond...