Questions from Financial Accounting

Q: Worldwide Publishing completed the following transactions for one subscriber during 2012:

Worldwide Publishing completed the following transactions for one subscriber during 2012: Oct 1 Sold a one-year subscription, collecting cash of $2,400, plus sales tax of 9%. Nov 15 Remitted (paid) th...

Q: Perrin Talent Search has an annual payroll of $150,000

Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perrin owes salaries of $7,500 and FICA and other payroll tax of $700...

Q: How many shares of common stock did Buffalo Bell have outstanding,

How many shares of common stock did Buffalo Bell have outstanding, on average, during 2012? a. 1,880 million b. 137.9 million c. 20.1 million d. 35,147 million

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

Assume that Cranmore Company completed the following note-payable transactions. 2012 Apr 1 Purchased delivery truck costing $85,000 by issuing a one-year, 8% note payable. Dec 31 Accrued interest on t...

Q: At December 31, 2012, Olsen Real Estate reported a current

At December 31, 2012, Olsen Real Estate reported a current liability for income tax payable of $150,000. During 2013, Olsen earned income of $900,000 before income tax. The company’s income tax rate d...

Q: Geodesic Domes, Inc., builds environmentally sensitive structures. The company’s

Geodesic Domes, Inc., builds environmentally sensitive structures. The company’s 2012 revenues totaled $2,800 million. At December 31, 2012, and 2011, the company had $661 million an...

Q: Smith Security Systems’ revenues for 2012 totaled $25.8 million

Smith Security Systems’ revenues for 2012 totaled $25.8 million. As with most companies, Smith is a defendant in lawsuits related to its products. Note 14 of the Smith Annual Report for 2012 reported...

Q: Assume that Banff Electronics completed these selected transactions during March 2012:

Assume that Banff Electronics completed these selected transactions during March 2012: a. Sales of $2,400,000 are subject to estimated warranty cost of 4%. The estimated warranty payable at the beginn...

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

On January 31, Doherty Logistics, Inc., issued five-year, 7% bonds payable with a face value of $8,000,000. The bonds were issued at 96 and pay interest on January 31 and July 31. Doherty Logistics, I...

Q: Town Bank has $100,000 of 7% debenture bonds

Town Bank has $100,000 of 7% debenture bonds outstanding. The bonds were issued at 105 in 2012 and mature in 2032. Requirements 1. How much cash did Town Bank receive when it issued these bonds? 2. H...