Questions from Financial Accounting

Q: Fifteen transactions or events affecting Technology Specialists, Inc., are as

Fifteen transactions or events affecting Technology Specialists, Inc., are as follows. a. Made a year-end adjusting entry to accrue interest on a note payable. b. A liability classified for several ye...

Q: The following are selected items from the accounting records of Denver Chocolates

The following are selected items from the accounting records of Denver Chocolates for the year ended December 31, 2021. Other Information: 1. The note payable to Northwest Bank is due in 60 days. Ar...

Q: During the fiscal year ended December 31, Swanson Corporation engaged in

During the fiscal year ended December 31, Swanson Corporation engaged in the following transactions involving notes payable. Instructions: a. Prepare journal entries (in general journal form) to rec...

Q: Briefly explain the gross profit method of estimating inventories. In what

Briefly explain the gross profit method of estimating inventories. In what types of situations is this technique likely to be useful?

Q: On September 1, 2021, Speedy Lube signed a 30-

On September 1, 2021, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Johnstown Bank and Trust in conjunction with the purchase of a building and land. The mortgage note calls for in...

Q: Green Mountain Power Company obtained authorization to issue 20-year bonds

Green Mountain Power Company obtained authorization to issue 20-year bonds with a face value of $10 million. The bonds are dated May 1, 2021, and have a contract rate of interest of 10 percent. They p...

Q: On September 1, 2021, Evansville Lumber Company issued $80

On September 1, 2021, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are am...

Q: The following items were taken from the accounting records of Murfreesboro Telephone

The following items were taken from the accounting records of Murfreesboro Telephone Corporation (MTC) for the year ended December 31, 2021 (dollar amounts are in Other Information: 1. The 63â...

Q: As of December 31 of the current year, Petersen Corporation has

As of December 31 of the current year, Petersen Corporation has prepared the following information regarding its liabilities and other obligations Instructions: a. Prepare a listing of the Petersen...

Q: Early in 2018, Robbinsville Press was organized with authorization to issue

Early in 2018, Robbinsville Press was organized with authorization to issue 100,000 shares of $100 par value preferred stock and 500,000 shares of $1 par value common stock. Ten thousand shares of the...