Questions from Financial Accounting

Q: Edd’s Shoe Repair had the following balances at December 31, Year

Edd’s Shoe Repair had the following balances at December 31, Year 1: Cash of $22,000, Accounts Receivable of $76,000, Allowance for Doubtful Accounts of $3,200, and Retained Earnings of $94,800. Durin...

Q: Hinds Company started operations by acquiring $120,000 cash from

Hinds Company started operations by acquiring $120,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $110,000 cash. The equipment had an expected...

Q: To support himself while attending school, Steve Owens sold computers to

To support himself while attending school, Steve Owens sold computers to other students. During the year, Steve purchased computers for $150,000 and sold them for $280,000 cash. He provided his custom...

Q: Frey Company issued bonds of $300,000 face value on

Frey Company issued bonds of $300,000 face value on January 1, Year 1. The bonds had a 6 percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning December 31, Y...

Q: Dixon Construction, Inc. issued $300,000 of 10

Dixon Construction, Inc. issued $300,000 of 10-year, 6 percent bonds on July 1, Year 1, at 96. Interest is payable in cash semiannually on June 30 and December 31. Dixon uses the straight-line method...

Q: On January 1, Year 1, Files Co. issued $

On January 1, Year 1, Files Co. issued $400,000 of five-year, 6 percent bonds at 97. Interest is payable annually on December 31. The discount is amortized using the straight-line method. Required a....

Q: On January 1, Year 1, Chen Company issued $300

On January 1, Year 1, Chen Company issued $300,000 of five-year, 6 percent bonds at 101. Interest is payable annually on December 31. The premium is amortized using the straight-line method. Required...

Q: Obtain Target Corporation’s annual report for its 2018 fiscal year (year

Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http:// investors.target.com using the instructions in Appendix B, and use it to answer the followin...

Q: Tyler Co. issued $250,000 of 6 percent,

Tyler Co. issued $250,000 of 6 percent, 10-year, callable bonds on January 1, Year 1, at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on...

Q: Bronson Inc. has 300,000 shares authorized, 175,

Bronson Inc. has 300,000 shares authorized, 175,000 shares issued, and 25,000 shares of treasury stock. At this point, Bronson has $820,000 of assets. $250,000 liabilities, $400,000 of common stock, a...