Questions from Financial Accounting

Q: Bula Investments acquired $240,000 of Effenstein Corp., 8

Bula Investments acquired $240,000 of Effenstein Corp., 8% bonds at their face amount on October 1, 20Y1. The bonds pay interest on October 1 and April 1. On April 1, 20Y2, Bula sold $90,000 of Effens...

Q: Gillooly Co. purchased $360,000 of 6%, 20

Gillooly Co. purchased $360,000 of 6%, 20-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April...

Q: The following bond investment transactions were completed by Starks Company:

The following bond investment transactions were completed by Starks Company: Jan. 31. Purchased 75, $1,000 government bonds at 100 plus accrued interest of $375 (1 month). The bonds pay 6% annual inte...

Q: The investments of Charger Inc. include an investment of trading securities

The investments of Charger Inc. include an investment of trading securities of Raiders Inc. purchased on February 24, 20Y7, for $551,000. The fair value of the securities on December 31, 20Y7, is $609...

Q: Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3

Gruden Bancorp Inc. purchased a portfolio of trading securities during 20Y3, its first year of operations. The cost and fair value of this portfolio on December 31, 20Y3, are as follows: On May 10, 2...

Q: M. Jones Inc. purchased the following available-for-

M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: The fair value of the various available-for-sale securities on December 31, 20Y5, was as...

Q: At the market close of a recent year, McDonald’s Corporation had

At the market close of a recent year, McDonald’s Corporation had a closing stock price of $198.01. In addition, McDonald’s Corporation had a dividend per share of $4.19 during the previous year. Deter...

Q: The market price for Microsoft Corporation closed at $101.57

The market price for Microsoft Corporation closed at $101.57 and $85.95 on December 31, current year, and previous year, respectively. The dividends per share were $1.68 for current year and $1.56 for...

Q: Financial statement data for years ending December 31 for Schultze-Solutions

Financial statement data for years ending December 31 for Schultze-Solutions Company follow: a. Determine the accounts receivable turnover for 20Y2 and 20Y1. Round accounts receivable turnover to one...

Q: The following equity investment transactions were completed by Vintage Company during a

The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10. Purchased 11,000 shares of Delew Company’s common stock for a price of $60 per share plus...