Latest Questions

Q: Oregano Inc. was formed on July 1, 2014. It

Oregano Inc. was formed on July 1, 2014. It was authorized to issue an unlimited number of common shares and 100,000 shares of cumulative and non-participating preferred shares carrying a $2 dividend....

See Answer

Q: Perfect Ponds Inc. (PPI) is a backyard pond design

Perfect Ponds Inc. (PPI) is a backyard pond design and installation company. PPI was incorporated during 2017, with an unlimited number of common shares, and 50,000 preferred shares with a $3 dividend...

See Answer

Q: Some of the account balances of Vos Limited at December 31,

Some of the account balances of Vos Limited at December 31, 2016 are as follows: The price of the company’s common shares has been increasing steadily on the market; it was $21 on January 1, 2017 an...

See Answer

Q: On January 1, 2017, Salem Corp. issued $1

On January 1, 2017, Salem Corp. issued $1.1 million of five-year, zero-interest-bearing notes along with warrants to buy 1 million common shares at $22 per share. On January 1, 2017, Salem had 9.3 mil...

See Answer

Q: Guoping Limited provides you with the following condensed statement of financial position

Guoping Limited provides you with the following condensed statement of financial position information: Instructions: (a) For each transaction below, indicate the dollar impact (if any) on the follow...

See Answer

Q: Lasson Corp. has 5,000 preferred shares outstanding ($2

Lasson Corp. has 5,000 preferred shares outstanding ($2 dividend), which were issued for $150,000, and 30,000 common shares, which were issued for $550,000. Instructions: The following schedule shows...

See Answer

Q: Transactions of Kent Corporation are as follows. 1. The

Transactions of Kent Corporation are as follows. 1. The company is granted a charter that authorizes the issuance of 150,000 preferred shares and an unlimited number of common shares. 2. The founders...

See Answer

Q: Jeremiah Limited issued 10-year, 7% debentures with a

Jeremiah Limited issued 10-year, 7% debentures with a face value of $2 million on January 1, 2010. The proceeds received were $1.7 million. The discount was amortized on the straight-line basis over t...

See Answer

Q: Thompson Limited, a private company with no published credit rating,

Thompson Limited, a private company with no published credit rating, completed several transactions during 2017. In January, the company bought under contract a machine at a total price of $1.2 millio...

See Answer

Q: On December 31, 2017, Faital Limited acquired a machine from

On December 31, 2017, Faital Limited acquired a machine from Plato Corporation by issuing a $600,000, non–interest-bearing note that is payable in full on December 31, 2021. The company’s credit ratin...

See Answer