Questions from Financial Accounting

Q: On February 28, 2012, Dolphin Corp. issues 6%,

On February 28, 2012, Dolphin Corp. issues 6%, 10-year bonds payable with a face value of $900,000. The bonds pay interest on February 28 and August 31. Dolphin Corp. amortizes bonds by the straight-l...

Q: 1. Journalize the following transactions of Laroux Communications, Inc.:

1. Journalize the following transactions of Laroux Communications, Inc.: 2012 Jan 1 Issued $4,000,000 of 6%, 10-year bonds payable at 95. Interest payment dates are July 1 and January 1. Jul 1 Paid se...

Q: The notes to the Giving Charities’ financial statements reported the following data

The notes to the Giving Charities’ financial statements reported the following data on December 31, Year 1 (end of the fiscal year): Giving Charities’ amortizes b...

Q: On December 31, 2012, Laraboo Corp. issues 11%,

On December 31, 2012, Laraboo Corp. issues 11%, 10-year convertible bonds payable with a maturity value of $4,000,000. The semiannual interest dates are June 30 and December 31. The market interest ra...

Q: Tony Sporting Goods is embarking on a massive expansion. Assume plans

Tony Sporting Goods is embarking on a massive expansion. Assume plans call for opening 20 new stores during the next two years. Each store is scheduled to be 30% larger than the company’s existing loc...

Q: The accounting records of Brighton Foods, Inc., include the following

The accounting records of Brighton Foods, Inc., include the following items at December 31, 2012: Requirements 1. Show how each relevant item would be reported on the Brighton Foods, Inc., classifie...

Q: Use the consolidated financial statements and the data in Amazon.com

Use the consolidated financial statements and the data in Amazon.com, Inc.’s annual report (Appendix A at the end of the book) to evaluate the company’s comparative performance for 2010 versus 2009. U...

Q: Columbia Motors is having a bad year. Net income is only

Columbia Motors is having a bad year. Net income is only $37,000. Also, two important overseas customers are falling behind in their payments to Columbia, and Columbia’s accounts receivable are balloo...

Q: Sea Air Marine experienced these events during the current year.

Sea Air Marine experienced these events during the current year. a. December revenue totaled $130,000; and, in addition, Sea Air collected sales tax of 7%. The tax amount will be sent to the state of...

Q: The following transactions of Happy Music Company occurred during 2012 and 2013

The following transactions of Happy Music Company occurred during 2012 and 2013: 2012 Mar 3 Purchased a piano (inventory) for $70,000, signing a six-month, 6% note payable. May 31 Borrowed $70,000 on...