Questions from Financial Accounting

Q: On January 1, Kirkland Company issued $300,000,

On January 1, Kirkland Company issued $300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Instructions Prepare journal entries to record the following events. (a) The...

Q: Clooney Corporation issued 3,000 7%, 5-year,

Clooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on Janu...

Q: The balance sheet for Gelher Company reports the following information on July

The balance sheet for Gelher Company reports the following information on July 1, 2017. Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record t...

Q: Presented here are long-term liability items for Stevens Inc.

Presented here are long-term liability items for Stevens Inc. at December 31, 2017. Prepare the long-term liabilities section of the balance sheet for Stevens Inc. Bonds payable (due 2021) $700,000...

Q: On May 10, Pilar Corporation issues 2,500 shares of

On May 10, Pilar Corporation issues 2,500 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance of the stock.

Q: Kale Company issued $350,000 of 8%, 20-

Kale Company issued $350,000 of 8%, 20-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1. Instructions Prepare the journal entries to record the following events....

Q: Pietr Corporation reports operating expenses of $90,000, excluding

Pietr Corporation reports operating expenses of $90,000, excluding depreciation expense of $15,000, for 2017. During the year, prepaid expenses decreased $7,200 and accrued expenses payable increased...

Q: Rita Company buys merchandise on account from Linus Company. The selling

Rita Company buys merchandise on account from Linus Company. The selling price of the goods is $900 and the cost of the goods sold is $590. Both companies use perpetual inventory systems. Journalize t...

Q: Matilda Company reported the following amounts (in euros) in 2017

Matilda Company reported the following amounts (in euros) in 2017: Net income, €150,000; Unrealized gain related to revaluation of buildings, €10,000; and Unrealized loss on non-trading securities, €(...

Q: Data for McLanie Company are presented in BE6-2. Compute

Data for McLanie Company are presented in BE6-2. Compute the cost of the ending inventory under the average-cost method. (Round the cost per unit to three decimal places.) Data from BE6-2 given below:...