Questions from Intermediate Accounting

Q: McNabb Corp. had $100,000 of 7%, $

McNabb Corp. had $100,000 of 7%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding throughout 2012. (a) Assuming that total dividends declared in 2012 were $64,...

Q: Wie Company has been operating for just 2 years, producing specialty

Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from its...

Q: In the absence of restrictive provisions, what are the basic rights

In the absence of restrictive provisions, what are the basic rights of stockholders of a corporation?

Q: Why is a preemptive right important?

Why is a preemptive right important?

Q: The Colson Company issued $300,000 of 10% bonds

The Colson Company issued $300,000 of 10% bonds on January 1, 2013. The bonds are due January 1, 2018, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Cols...

Q: Assume the bonds in BE14-2 were issued at 98.

Assume the bonds in BE14-2 were issued at 98. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Colson Company records straight-line amortization semiannually....

Q: Assume the bonds in BE14-2 were issued at 103.

Assume the bonds in BE14-2 were issued at 103. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Colson Company records straight-line amortization semiannually...

Q: Devers Corporation issued $400,000 of 6% bonds on

Devers Corporation issued $400,000 of 6% bonds on May 1, 2013. The bonds were dated January 1, 2013, and mature January 1, 2015, with interest payable July 1 and January 1. The bonds were issued at fa...

Q: On January 1, 2013, JWS Corporation issued $600,

On January 1, 2013, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. JWS uses the effective-interest method...

Q: Assume the bonds in BE14-6 were issued for $644

Assume the bonds in BE14-6 were issued for $644,636 and the effective-interest rate is 6%. Prepare the company’s journal entries for (a) The January 1 issuance, (b) The July 1 interest payment, and (c...