Questions from Financial Accounting

Q: Anthem Co. has 100,000 shares authorized, 90,

Anthem Co. has 100,000 shares authorized, 90,000 shares issued, and 20,000 shares of treasury stock. Determine the number of shares outstanding.

Q: Identify whether stockholders’ equity would increase, decrease, or have no

Identify whether stockholders’ equity would increase, decrease, or have no effect as a result of each separate transaction listed below. 1. A stock dividend equal to 30% of the previously outstanding...

Q: Prepare journal entries to record the following transactions and events of Kodax

Prepare journal entries to record the following transactions and events of Kodax Company. Year 1 Jan.2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of...

Q: Dunphy Company issued $10,000 of 6%, 10-

Dunphy Company issued $10,000 of 6%, 10-year bonds at par value on January 1. Interest is paid semiannually each June 30 and December 31. Prepare the entries for (a) the issuance of the bonds and (b)...

Q: Select the description that best fits each term or phrase.

Select the description that best fits each term or phrase. A. Records and tracks the bondholders’ names. B. Is unsecured; backed only by the issuer’s credit standing. C. Has varying maturity dates for...

Q: Compute the selling price of 8%, 10-year bonds with

Compute the selling price of 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. The annual market rate for these bonds is 10%. Use present value tables B.1 and B.3 in App...

Q: Compute the selling price of 10%, 15-year bonds with

Compute the selling price of 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. The annual market rate for these bonds is 8%. Use present value tables B.1 and B.3 in App...

Q: No-Toxic-Toys currently have $200,000 of

No-Toxic-Toys currently have $200,000 of equity and is planning an $80,000 expansion to meet increasing demand for its product. The company currently earns $50,000 in net income, and the expansion wil...

Q: Brussels Enterprises issues bonds at par dated January 1, 2020,

Brussels Enterprises issues bonds at par dated January 1, 2020, that have a $3,400,000 par value, mature in four years, and pay 9% interest semiannually on June 30 and December 31. 1. Record the entry...

Q: Tano Company issues bonds with a par value of $180,

Tano Company issues bonds with a par value of $180,000 on January 1, 2020. The bonds’ annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in thre...