Questions from Financial Accounting

Q: The accounting records of Pack Leader Wireless include the following as of

The accounting records of Pack Leader Wireless include the following as of December 31, 2018: Requirements: 1. Report these liabilities on the Pack Leader Wireless balance sheet, including headings...

Q: Brad Nelson, Inc. issued $600,000 of 7

Brad Nelson, Inc. issued $600,000 of 7%, six-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 6%, and the bonds pay interest semiannually. Requirements: 1....

Q: How is days’ sales in inventory calculated, and what does it

How is days’ sales in inventory calculated, and what does it measure?

Q: Relaxation, Inc. is authorized to issue 7%, 10-

Relaxation, Inc. is authorized to issue 7%, 10-year bonds payable. On January 1, 2018, when the market interest rate is 12%, the company issues $300,000 of the bonds. The bonds pay interest semiannual...

Q: The following transactions of Great Value Pharmacies occurred during 2018 and 2019

The following transactions of Great Value Pharmacies occurred during 2018 and 2019: Requirements: 1. Journalize the transactions in the Great Value Pharmacies general journal. Round to the nearest do...

Q: Johnny’s Hamburgers issued 8%, 10-year bonds payable at 85

Johnny’s Hamburgers issued 8%, 10-year bonds payable at 85 on December 31, 2018. At December 31, 2020, Johnny reported the bonds payable as follows: Johnny pays semiannual interest...

Q: On January 1, 2018, Doctors Credit Union (DCU)

On January 1, 2018, Doctors Credit Union (DCU) issued 7%, 20-year bonds payable with face value of $200,000. The bonds pay interest on June 30 and December 31. Requirements: 1. If the market interest...

Q: On January 1, 2018, Electricians Credit Union (ECU)

On January 1, 2018, Electricians Credit Union (ECU) issued 8%, 20-year bonds payable with face value of $400,000. The bonds pay interest on June 30 and December 31. The issue price of the bonds is 104...

Q: The accounting records of Compass Wireless include the following as of December

The accounting records of Compass Wireless include the following as of December 31, 2018: Requirements: 1. Report these liabilities on the Compass Wireless balance sheet, including headings and tota...

Q: Ari Goldstein issued $300,000 of 11%, five-

Ari Goldstein issued $300,000 of 11%, five-year bonds payable on January 1, 2018. The market interest rate at the date of issuance was 10%, and the bonds pay interest semiannually. Requirements: 1. H...