Questions from Financial Accounting

Q: Selected transactions completed by Kornett Company during its first fiscal year ended

Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2016, were as follows: Jan. 3. Issued a check to establish a petty cash fund of $4,500. Feb. 26. Repl...

Q: Selected transactions completed by Equinox Products Inc. during the fiscal year

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. b. Iss...

Q: Solar Industries develops and produces high-efficiency solar panels. The

Solar Industries develops and produces high-efficiency solar panels. The company has an outstanding $10,000,000, 30-year, 10% bond issue dated July 1, 2011. The bond issue is due June 30, 2040. Some b...

Q: Dillip Lachgar is the president and majority shareholder of Argon Inc.,

Dillip Lachgar is the president and majority shareholder of Argon Inc., a small retail store chain. Recently, Dillip submitted a loan application for Argon Inc. to Compound Bank. It called for a $600,...

Q: The Commercial Division of Tidewater Inc. provided the following information on

The Commercial Division of Tidewater Inc. provided the following information on its cash flow from operations: The manager of the Commercial Division provided the accompanying memo with this report:...

Q: On its income statement for a recent year, United Continental Holdings

On its income statement for a recent year, United Continental Holdings, Inc., the parent company of United Airlines, reported a net loss of $723 million from operations. On its statement of cash flows...

Q: Kalyagin Investments acquired $220,000 of Jerris Corp., 7

Kalyagin Investments acquired $220,000 of Jerris Corp., 7% bonds at their face amount on October 1, 2016. The bonds pay interest on October 1 and April 1. On April 1, 2017, Kalyagin sold $80,000 of Je...

Q: Alpenrose Corporation’s comparative balance sheet for current assets and liabilities was

Alpenrose Corporation’s comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $207,000 for changes in operating assets and liabilities t...

Q: Bocelli Co. purchased $120,000 of 6%, 20

Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, 2016, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and...

Q: United States Steel’s 7.375% bonds due in 2020 were

United States Steel’s 7.375% bonds due in 2020 were reported as selling for 103.00. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its bonds at this pric...