Questions from Financial Accounting

Q: The board of directors of Media Plus authorizes the issue of $

The board of directors of Media Plus authorizes the issue of $8,000,000 of 6%, 20-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2012, at...

Q: On February 28, 2012, Starfish Corp. issues 10%,

On February 28, 2012, Starfish Corp. issues 10%, fi ve-year bonds payable with a face value of $1,200,000. The bonds pay interest on February 28 and August 31. Starfish Corp. amortizes bonds by the st...

Q: 1. Journalize the following transactions of Lamothe Communications, Inc.:

1. Journalize the following transactions of Lamothe Communications, Inc.: 2012 Jan 1 Issued $3,000,000 of 8%, 10-year bonds payable at 94. Interest payment dates are July 1 and January 1. Jul 1 Paid s...

Q: The notes to the Thankful Charities financial statements reported the following data

The notes to the Thankful Charities financial statements reported the following data on December 31, Year 1 (end of the fiscal year): Thankful Charities amortizes bonds by the effective-interest met...

Q: On December 31, 2012, Zugaboo Corp. issues 5%,

On December 31, 2012, Zugaboo Corp. issues 5%, 10-year convertible bonds payable with a maturity value of $5,000,000. The semiannual interest dates are June 30 and December 31. The market interest rat...

Q: Marco’s Sporting Goods is embarking on a massive expansion. Assume the

Marco’s Sporting Goods is embarking on a massive expansion. Assume the plans call for opening 40 new stores during the next three years. Each store is scheduled to be 35% larger than the company’s exi...

Q: The accounting records of Braintree Foods, Inc., include the following

The accounting records of Braintree Foods, Inc., include the following items at December 31, 2012: Requirements 1. Show how each relevant item would be reported on the Braintree Foods, Inc., classif...

Q: The top management of Marquis Marketing Services examines the following company accounting

The top management of Marquis Marketing Services examines the following company accounting records at August 29, immediately before the end of the year, August 31: Total current assets ..................

Q: Selected accounts of Ainsley Antiques show the following: /

Selected accounts of Ainsley Antiques show the following: Requirement For each account, identify the item or items that should appear on a statement of cash flows prepared by the direct method. Stat...

Q: Jessica Johnson and Claudia Stein are opening a Submarine’s deli. Johnson

Jessica Johnson and Claudia Stein are opening a Submarine’s deli. Johnson and Stein need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write a m...