Questions from Intermediate Accounting

Q: Kaymer Corporation issued 300 shares of $10 par value ordinary shares

Kaymer Corporation issued 300 shares of $10 par value ordinary shares for $4,500. Prepare Kaymer’s journal entry.

Q: What factors influence the dividend policy of a company?

What factors influence the dividend policy of a company?

Q: Ramirez Company has a held-for-collection investment in the

Ramirez Company has a held-for-collection investment in the 6%, 20-year bonds of Soto Company. The investment was originally purchased for $1,200,000 in 2011. Early in 2012, Ramirez recorded an impair...

Q: Tomba Corporation had 300,000 shares of common stock outstanding on

Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2012. On May 1, Tomba issued 30,000 shares. (a) Compute the weighted-average number of shares outstanding if the 30,000 s...

Q: Player Corporation purchases equity securities costing $73,000 and classifies

Player Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $67,000. Instructions Prepare t...

Q: Presented below are two different situations related to Mckee Corporation debt obligations

Presented below are two different situations related to Mckee Corporation debt obligations. Mckee’s next financial reporting date is December 31, 2012. The financial statements are authorized for issu...

Q: The payroll of Delaney Company for September 2012 is as follows.

The payroll of Delaney Company for September 2012 is as follows. Total payroll was $480,000, of which $140,000 is exempt from Social Security tax because it represented amounts paid in excess of $106,...

Q: To stimulate the sales of its Alladin breakfast cereal, Loptien Company

To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children’s hand puppet. In 2013, the comp...

Q: Kasten Inc. provides paid vacations to its employees. At December

Kasten Inc. provides paid vacations to its employees. At December 31, 2012, 30 employees have each earned 2 weeks of vacation time. The employees’ average salary is $500 per week. Prepare Kasten’s Dec...

Q: On July 1, 2012, Wheeler Company purchased $4,

On July 1, 2012, Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2019. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,500,0...