Questions from Financial Accounting

Q: If a company with a December 31 year-end were to

If a company with a December 31 year-end were to borrow money in the form of a fourmonth note on November 1, what accounts would be debited on March 1 when it pays the note off?

Q: The Log Cabin Cafe acquired Hungry Boy Diners. The financial records

The Log Cabin Cafe acquired Hungry Boy Diners. The financial records of Hungry Boy Diners included: Book Value of Assets .................................................................................

Q: The following are selected data for Patina Industries: /

The following are selected data for Patina Industries: Requirements 1. Calculate the return on assets (ROA) and the fixed asset turnover ratio for Patina Industries for 2017 and 2018. Round your ans...

Q: The following transactions of Newport Marine Supply occurred during 2018 and 2019

The following transactions of Newport Marine Supply occurred during 2018 and 2019 Requirement 1. Record the transactions in the company’s journal. Explanations are not required.

Q: Following are pertinent facts about events during the current year at Sun

Following are pertinent facts about events during the current year at Sun Mountain Snowboards. a. December sales totaled $207,000, and Sun Mountain collected sales tax of 5 percent. The sales tax will...

Q: Paiscik Corp. completed the following transactions in 2018:

Paiscik Corp. completed the following transactions in 2018: Requirements 1. Complete the following amortization schedule for the first four payments on the $190,000 mortgage note, assuming semiannua...

Q: Assume that on February 1, 2018, Sierra Corp. issues

Assume that on February 1, 2018, Sierra Corp. issues 7 percent, 10-year bonds payable with a maturity value of $500,000. The bonds pay interest on January 31 and July 31, and Sierra amortizes any prem...

Q: On May 1, 2018, Hudson Theatres issued $600,

On May 1, 2018, Hudson Theatres issued $600,000 of 25-year, 10 percent bonds payable. The bonds were sold for $552,000. The bonds pay interest each October 31 and April 30, and any discount or premium...

Q: The accounting records of Azul Industries, Inc., include the following

The accounting records of Azul Industries, Inc., include the following items at December 31, 2018: Requirement 1. Report these liabilities on Azul Industries’ balance sheet at Dece...

Q: The classified balance sheet and selected income statement data for Shreveport Auto

The classified balance sheet and selected income statement data for Shreveport Auto, Inc., as of December 31, 2018, are presented next. Requirements 1. Calculate Shreveport Auto, Inc.â€&#...