Questions from Financial Accounting

Q: Assume that Creative Company completed the following note-payable transactions:

Assume that Creative Company completed the following note-payable transactions: 2012 Oct 1 Purchased delivery truck costing $84,000 by issuing a one-year, 7% note payable. Dec 31 Accrued interest on t...

Q: At December 31, 2012, McKinley Real Estate reported a current

At December 31, 2012, McKinley Real Estate reported a current liability for income tax payable of $210,000. During 2013, McKinley earned income of $1,600,000 before income tax. The company’s income ta...

Q: Green Earth Homes, Inc., builds environmentally sensitive structures. The

Green Earth Homes, Inc., builds environmentally sensitive structures. The company’s 2012 revenues totaled $2,785 million. At December 31, 2012 and 2011, the company had $643 million...

Q: Clark Security Systems’ revenues for 2012 totaled $25.9 million

Clark Security Systems’ revenues for 2012 totaled $25.9 million. As with most companies, Clark is a defendant in lawsuits related to its products. Note 14 of the Clark Annual Report for 2012 reported...

Q: An incomplete comparative income statement and balance sheet for Amherst Corporation follow

An incomplete comparative income statement and balance sheet for Amherst Corporation follow: Requirement Using the ratios, common-size percentages, and trend percentages given, complete the income s...

Q: Assume Jasper Electronics completed these selected transactions during June 2012.

Assume Jasper Electronics completed these selected transactions during June 2012. a. Sales of $2,100,000 are subject to estimated warranty cost of 6%. The estimated warranty payable at the beginning o...

Q: On January 31, Dogwood Logistics, Inc., issued 10-

On January 31, Dogwood Logistics, Inc., issued 10-year, 9% bonds payable with a face value of $9,000,000. The bonds were issued at 93 and pay interest on January 31 and July 31. Dogwood Logistics, Inc...

Q: Municipal Bank has $300,000 of 6% debenture bonds

Municipal Bank has $300,000 of 6% debenture bonds outstanding. The bonds were issued at 101 in 2012 and mature in 2032. Requirements 1. How much cash did Municipal Bank receive when it issued these b...

Q: Winner Sports Ltd. is authorized to issue $4,000

Winner Sports Ltd. is authorized to issue $4,000,000 of 12%, 10-year bonds payable. On December 31, 2012, when the market interest rate is 14%, the company issues $3,200,000 of the bonds and receives...

Q: On June 30, 2012, the market interest rate is 7

On June 30, 2012, the market interest rate is 7%. Victory Sports Ltd. issues $1,600,000 of 8%, 25-year bonds payable at a price of 111.75. The bonds pay interest on June 30 and December 31. Victory Sp...