Questions from Survey Accounting

Q: Golden Manufacturing Company started operations by acquiring $150,000 cash

Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common stock. On January 1, 2018, the company purchased equipment that cost $120,000 cash, had an expected...

Q: At the beginning of 2018, Copeland Drugstore purchased a new computer

At the beginning of 2018, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value. Required: a. Compute the depreciation for...

Q: Abardeen Corporation borrowed $90,000 from the bank on October

Abardeen Corporation borrowed $90,000 from the bank on October 1, 2018. The note had an 8 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the...

Q: Bell Farm and Garden Equipment reported the following information for 2018:

Bell Farm and Garden Equipment reported the following information for 2018: Net Sales of Equipment……………………………………………….$2,450,567 Other Income………………………………………………………………………6,786 Cost of Goods Sold……………………...

Q: A partial amortization schedule for a 10-year note payable that

A partial amortization schedule for a 10-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. Required a. What rate of interest is Mabry Company paying on the note? b...

Q: Colson Company has a line of credit with Federal Bank. Colson

Colson Company has a line of credit with Federal Bank. Colson can borrow up to $800,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an...

Q: Boyd Company has a line of credit with State Bank. Boyd

Boyd Company has a line of credit with State Bank. Boyd can borrow up to $400,000 at any time over the course of the 2018 calendar year. The following table shows the prime rate expressed as an annual...

Q: Doyle Company issued $500,000 of 10-year,

Doyle Company issued $500,000 of 10-year, 7 percent bonds on January 1, 2018. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Doyle immediately invested t...

Q: Milan Company issued bonds with a face value of $200,

Milan Company issued bonds with a face value of $200,000 on January 1, 2018. The bonds had a 7 percent stated rate of interest and a six-year term. The bonds were issued at face value. Interest is pay...

Q: Diaz Company issued $180,000 face value of bonds on

Diaz Company issued $180,000 face value of bonds on January 1, 2018. The bonds had a 7 percent stated rate of interest and a five-year term. Interest is paid in cash annually, beginning December 31, 2...