Questions from General Accounting

Q: Washburn University sells 3,500 season basketball tickets at $80

Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after...

Q: Susan Braun’s regular hourly wage rate is $16, and she

Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Susan works 47 hours. Susan’s federal income tax with...

Q: Data for Susan Braun are presented in BE10-5. Prepare

Data for Susan Braun are presented in BE10-5. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. Data for Susan Braun: Susan Braun’s regular hourl...

Q: Saddle Inc. issues $300,000, 10-year

Saddle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2014.

Q: Range Company issues $400,000, 20-year,

Range Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2014.

Q: Gast Corporation has 200,000 shares of $10 par value

Gast Corporation has 200,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on...

Q: On May 10, Paige Corporation issues 2,500 shares of

On May 10, Paige Corporation issues 2,500 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance of the stock.

Q: Pringle Inc. issues 8,000 shares of $100 par

Pringle Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.

Q: Troutman Corporation has 7,000 shares of common stock outstanding.

Troutman Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31....

Q: SUPERVALU, one of the largest grocery retailers in the United States

SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in millions) was taken from the company’s 2014 annua...