Questions from General Accounting

Q: Canyon Company issued $600,000, 10-year,

Canyon Company issued $600,000, 10-year, 6% bonds at 103. Instructions: (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Suppose the remaining Premium on Bonds...

Q: Riot Company issued $500,000, 15-year,

Riot Company issued $500,000, 15-year, 7% bonds at 96. Instructions: (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Suppose the remaining Discount on Bonds Pa...

Q: Assume that the following are independent situations recently reported in the Wall

Assume that the following are independent situations recently reported in the Wall Street Journal. 1. General Electric (GE) 7% bonds, maturing January 28, 2015, were issued at 111.12. 2. Boeing 7% bon...

Q: Romine Company issued $350,000 of 8%, 20-

Romine Company issued $350,000 of 8%, 20-year bonds on January 1, 2014, at face value. Interest is payable annually on January 1. Instructions: Prepare the journal entries to record the following eve...

Q: Each of these items must be considered in preparing a statement of

Each of these items must be considered in preparing a statement of cash flows for Irvin Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of cash f...

Q: An inexperienced accountant for Fielder Corporation showed the following in Fielder’s 2014

An inexperienced accountant for Fielder Corporation showed the following in Fielder’s 2014 income statement: Income before income taxes $300,000; Income tax expense $72,000; Extraordinary loss from fl...

Q: Suppose Columbia Sportswear Company had accounts receivable of $299,585

Suppose Columbia Sportswear Company had accounts receivable of $299,585,000 at January 1, 2014, and $226,548,000 at December 31, 2014. Assume sales revenue was $1,244,023,000 for the year 2014. What i...

Q: Kolmer Corporation reported income taxes of $370,000,000

Kolmer Corporation reported income taxes of $370,000,000 on its 2014 income statement and income taxes payable of $277,000,000 at December 31, 2013, and $528,000,000 at December 31, 2014. What amount...

Q: Sellers Corporation reports operating expenses of $90,000, excluding

Sellers Corporation reports operating expenses of $90,000, excluding depreciation expense of $15,000 for 2014. During the year, prepaid expenses decreased $7,200 and accrued expenses payable increased...

Q: Staples, Inc. is one of the largest suppliers of office

Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $738.7 million and sales of $24,275.5 million in 2014. Its total assets were $13,073...