Questions from General Accounting

Q: Woodwick Company issues 10%, five-year bonds, on December

Woodwick Company issues 10%, five-year bonds, on December 31, 2014, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries...

Q: Quatro Co. issues bonds dated January 1, 2015, with

Quatro Co. issues bonds dated January 1, 2015, with a par value of $400,000. The bonds’ annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The...

Q: Citywide Company issues bonds with a par value of $150,

Citywide Company issues bonds with a par value of $150,000 on their stated issue date. The bonds mature in five years and pay 10% annual interest in semiannual payments. On the issue date, the annual...

Q: On January 1, 2015, Shay issues $700,000

On January 1, 2015, Shay issues $700,000 of 10%, 15-year bonds at a price of 973⁄4. Six years later, on January 1, 2021, Shay retires 20% of these bonds by buying them on the open market at 1041⁄2. Al...

Q: Complete the following descriptions by filling in the blanks. 1

Complete the following descriptions by filling in the blanks. 1. Debt securities reflect a ______ relationship such as investments in notes, bonds, and certificates of deposit. 2. Equity securities re...

Q: Ticker Services began operations in 2013 and maintains long-term investments

Ticker Services began operations in 2013 and maintains long-term investments in available-for-sale securities. The year-end cost and fair values for its portfolio of these investments follow. Prepare...

Q: Information regarding Carperk Company’s individual investments in securities during its calendar-

Information regarding Carperk Company’s individual investments in securities during its calendar-year 2015, along with the December 31, 2015, fair values, follows. a. Investment in Brava Company bonds...

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. 2015 Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $408,000 cash plus a broker’s fee of $3,000...

Q: The following information is available from the financial statements of Regae Industries

The following information is available from the financial statements of Regae Industries. Compute Regae’s return on total assets for 2015 and 2016. (Round returns to one-tenth of a p...

Q: Kramer and Knox began a partnership by investing $60,000

Kramer and Knox began a partnership by investing $60,000 and $80,000, respectively. The partners agreed to share net income and loss by granting annual salary allowances of $50,000 to Kramer and $40,0...