Questions from Financial Accounting

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

Assume that Concilio 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: At December 31, 2010, Saglio Real Estate reported a current

At December 31, 2010, Saglio Real Estate reported a current liability for income tax payable of $190,000. During 2011, Saglio earned income of $1,500,000 before income tax. The companys income tax rat...

Q: New Planet Structures, Inc., builds environmentally sensitive structures. The

New Planet Structures, Inc., builds environmentally sensitive structures. The company’s 2010 revenues totaled $2,815 million, and at December 31, 2010, the company had $654 million i...

Q: Peterson Security Systems revenues for 2010 totaled $26.2 million

Peterson Security Systems revenues for 2010 totaled $26.2 million. As with most companies, Peterson is a defendant in lawsuits related to its products. Note 14 of the Peterson Annual Report for 2010 r...

Q: Assume Five Mile Electronics completed these selected transactions during September 2010.

Assume Five Mile Electronics completed these selected transactions during September 2010. a. Sales of $2,150,000 are subject to estimated warranty cost of 5%. The estimated warranty payable at the be...

Q: St. Genevieve Petroleum Company is an independent oil producer in Baton

St. Genevieve Petroleum Company is an independent oil producer in Baton Parish, Louisiana. In February, company geologists discovered a pool of oil that tripled the company’s proven reserves. Prior to...

Q: On January 31, Daughtry Logistics, Inc., issued five-

On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued at 95 and pay interest on January 31 and July 31. Daughtry Logistics...

Q: Commonwealth Bank has $400,000 of 9% debenture bonds

Commonwealth Bank has $400,000 of 9% debenture bonds outstanding. The bonds were issued at 104 in 2010 and mature in 2030. Requirements 1. How much cash did Commonwealth Bank receive when it issued...

Q: Bread & Butter, Inc., is authorized to issue 120,

Bread & Butter, Inc., is authorized to issue 120,000 shares of common stock and 7,000 shares of preferred stock. During its first year, the business completed the following stock issuance transact...

Q: Supreme Products Company reported the following stockholders equity on its balance sheet

Supreme Products Company reported the following stockholders equity on its balance sheet: Requirements 1. What caused Supremes preferred stock to decrease during 2011? Cite all possible causes. 2....