Questions from Financial Accounting

Q: Bridle Inc. issues $300,000, 10-year

Bridle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2017.

Q: Silas Company sold goods with a total selling price of $800

Silas Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its ending inventory determined that...

Q: Suppose in its income statement for the year ended June 30,

Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions). Instructions (a) Prepare a multiple-step income state...

Q: Winnebago Industries, Inc. is a leading manufacturer of motor homes

Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2017, of $46,850,000 under the LIFO inventory method. In the notes to its...

Q: Hana Ascot is planning to start a business. Identify for Hana

Hana Ascot is planning to start a business. Identify for Hana the advantages and disadvantages of the corporate form of business organization.

Q: Digital Camera Shop Inc. uses the lower-of-cost

Digital Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31. Instructions What amount should be reported on Digital Camera Shop&...

Q: Suppose during 2017 that Cypress Semiconductor Corporation reported net cash provided by

Suppose during 2017 that Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,303,000, cash used in investing of $43,126,000, and cash used in financing of $7,36...

Q: Suppose the following is 2017 information for PepsiCo, Inc. and

Suppose the following is 2017 information for PepsiCo, Inc. and The Coca-Cola Company. Instructions Compute free cash flow for both companies and compare.

Q: Ravine Company issues $400,000, 20-year,

Ravine Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2017.

Q: Assume that Spacey Company uses a periodic inventory system and has these

Assume that Spacey Company uses a periodic inventory system and has these account balances: Purchases $404,000, Purchase Returns and Allowances $13,000, Purchase Discounts $9,000, and Freight-In $16,0...