Questions from Intermediate Accounting

Q: Nottebart Corporation has outstanding 10,000 shares of $100 par

Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2017, and no divide...

Q: Wilco Corporation has the following account balances at December 31, 2017

Wilco Corporation has the following account balances at December 31, 2017. Common stock, $5 par value………………………………$ 510,000 Treasury stock………………………………………………………. 90,000 Retained earnings…………………………………………...

Q: On February 1, 2017, Buffalo Corporation issued 3,000

On February 1, 2017, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2017, journal entry.

Q: Sprinkle Inc. has outstanding 10,000 shares of $10

Sprinkle Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2017, Sprinkle reacquired 100 shares at $87 per share. On September 1, Sprinkle reissued 60 shares at $90 per shar...

Q: Arantxa Corporation has outstanding 20,000 shares of $5 par

Arantxa Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2017, Arantxa reacquired 200 shares at $80 per share. On November 1, Arantxa reissued the 200 shares at $70...

Q: Soundgarden Company sold 200 color laser copiers on July 10, 2017

Soundgarden Company sold 200 color laser copiers on July 10, 2017, for $4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be $330. I...

Q: Marvin Gaye Company has been having difficulty obtaining key raw materials for

Marvin Gaye Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest su...

Q: Lotoya Davis Corporation has 10 million shares of common stock issued and

Lotoya Davis Corporation has 10 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 80 cents per share cash dividend to stockholders of record as of June...

Q: Riegel Company uses the LCNRV method, on an individual-item

Riegel Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2017, consists of products D, E, F, G, H, and I. Relevant per unit data...

Q: After securing lease commitments from several major stores, Auer Shopping Center

After securing lease commitments from several major stores, Auer Shopping Center, Inc. was organized and built a shopping center in a growing suburb. The shopping center would have opened on schedule...