Questions from Intermediate Accounting

Q: In June 2017, the board of directors for McElroy Enterprises Inc

In June 2017, the board of directors for McElroy Enterprises Inc. authorized the sale of $10,000,000 of corporate bonds. Jennifer Grayson, treasurer for McElroy Enterprises Inc., is concerned about th...

Q: In 2017, Wild Corporation reported a net loss of $70

In 2017, Wild Corporation reported a net loss of $70,000. Wild’s only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild’s net cash prov...

Q: In 2017, Leppard Inc. issued 1,000 shares of

In 2017, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000. a. Prepare Leppard’s journal entry to record the transaction. b. Indicate the effect the transaction h...

Q: On January 3, 2016, Martin Company purchased for $500

On January 3, 2016, Martin Company purchased for $500,000 cash a 10% interest in Renner Corp. On that date, the net assets of Renner had a book value of $3,700,000. The excess of cost over the underly...

Q: Wainwright Corporation had the following activities in 2017. 1.

Wainwright Corporation had the following activities in 2017. 1. Sale of land $180,000. 2. Purchase of inventory $845,000. 3. Purchase of treasury stock $72,000. 4. Purchase of equipment $415,000....

Q: Stansfield Corporation had the following activities in 2017. 1.

Stansfield Corporation had the following activities in 2017. 1. Payment of accounts payable $770,000. 2. Issuance of common stock $250,000. 3. Payment of dividends $350,000. 4. Collection of note...

Q: Bloom Corporation had the following 2017 income statement. Sales revenue

Bloom Corporation had the following 2017 income statement. Sales revenue………………….…………$200,000 Cost of goods sold………………………...120,000 Gross profit……………………………………80,000 Operating expenses (includes deprec...

Q: Use the information from BE23-4 for Bloom Corporation. Prepare

Use the information from BE23-4 for Bloom Corporation. Prepare the cash flows from operating activities section of Bloom’s 2017 statement of cash flows using the indirect method. From BE23-4: Bloom C...

Q: At January 1, 2017, Eikenberry Inc. had accounts receivable

At January 1, 2017, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2017, accounts receivable is $54,000. Sales revenue for 2017 total $420,000. Compute Eikenberry’s 2017 cash rece...

Q: Moxley Corporation had January 1 and December 31 balances as follows.

Moxley Corporation had January 1 and December 31 balances as follows. For 2017, cost of goods sold was $500,000. Compute Moxley’s 2017 cash payments to suppliers.