Questions from Financial Accounting

Q: Horizon Publishing Company completed the following transactions during 2018:

Horizon Publishing Company completed the following transactions during 2018: Requirements 1. Journalize these transactions. Explanations are not required. 2. What amounts would Horizon Publishing Co...

Q: The accounting records of Miller Upholstery showed a balance of $2

The accounting records of Miller Upholstery showed a balance of $2,300 in Estimated Warranty Payable at December 31, 2017. In the past, Miller Upholstery’s warranty expense has been 2.5 percent of sal...

Q: Solar Corp. issued a $460,000, 8 percent

Solar Corp. issued a $460,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Solar Corp., assuming payments are made semiannua...

Q: Hart Corporation issued 4 percent, 20-year bonds payable with

Hart Corporation issued 4 percent, 20-year bonds payable with a maturity value of $330,000 on January 31. The bonds were issued at par and pay interest on January 31 and July 31. Requirement 1. Recor...

Q: On January 1, Dogwood Industries issues 9 percent, 10-

On January 1, Dogwood Industries issues 9 percent, 10-year bonds payable with a maturity value of $130,000. The bonds sell at 96 and pay interest on January 1 and July 1. Dogwood Industries amortizes...

Q: Barret, Inc., issued $270,000 of 6-

Barret, Inc., issued $270,000 of 6-year, 8 percent bonds payable on January 1. Barret, Inc., pays interest each January 1 and July 1, and amortizes any discount or premium using the straight-line meth...

Q: Seattle Physicians Group borrowed $300,000 on July 1,

Seattle Physicians Group borrowed $300,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next...

Q: Let’s think about Dick’s Sporting Goods (Dick’s) again. Think

Let’s think about Dick’s Sporting Goods (Dick’s) again. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create value. Is Dick’s earning net inc...

Q: At December 31, 2018, Christianson Cabinets owes $5,

At December 31, 2018, Christianson Cabinets owes $5,700 on accounts payable, plus salaries payable of $3,200 and income tax payable of $7,000. Christianson Cabinets also has $280,000 of notes payable...

Q: Appleway Supply had the following balances as of December 31, 2018

Appleway Supply had the following balances as of December 31, 2018: Total Current Assets............................................................................................. $ 122,000 Total L...