Questions from General Accounting

Q: On October 1, 2015, Gordon Enterprises borrows $150,

On October 1, 2015, Gordon Enterprises borrows $150,000 cash from a bank by signing a three-year installment note bearing 10% interest. The note requires equal total payments each year on September 30...

Q: At the end of the current year, the following information is

At the end of the current year, the following information is available for both Atlas Company and Bryan Company. Required 1. Compute the debt-to-equity ratios for both companies. 2. Comment on your...

Q: Refer to the bond details in Problem 14-5B.

Refer to the bond details in Problem 14-5B. Required 1. Prepare the January 1, 2015, journal entry to record the bonds’ issuance. 2. Determine the total bond interest expense to be...

Q: Refer to the bond details in Problem 14-4B.

Refer to the bond details in Problem 14-4B. Required 1. Compute the total bond interest expense over the bonds’ life. 2. Prepare an effective interest amortization table like the on...

Q: Harris Company, which began operations in 2015, invests its idle

Harris Company, which began operations in 2015, invests its idle cash in trading securities. The following transactions relate to its short-term investments in its trading securities. 2015 Mar. 10 Pur...

Q: Slip Systems had no short-term investments prior to 2015.

Slip Systems had no short-term investments prior to 2015. It had the following transactions involving short-term investments in available-for-sale securities during 2015. Feb. 6 Purchased 3,400 shares...

Q: Assume that the Turner, Roth, and Lowe partnership of Exercise

Assume that the Turner, Roth, and Lowe partnership of Exercise 12-10 is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. Determine how much, if any, each part...

Q: Paris Enterprises, which began operations in 2015, invests in long

Paris Enterprises, which began operations in 2015, invests in long-term available-for-sale securities. Following is a series of transactions and events involving its long-term investment activity. 201...

Q: Brinkley Company, which began operations on January 3, 2015,

Brinkley Company, which began operations on January 3, 2015, had the following subsequent transactions and events in its long-term investments. 2015 Jan. 5 Brinkley purchased 20,000 shares (25% of tot...

Q: Troyer’s long-term available-for-sale portfolio at December

Troyer’s long-term available-for-sale portfolio at December 31, 2014, consists of the following. Troyer enters into the following long-term investment transactions during year 2015...