Questions from Financial Accounting

Q: On November 15, 2018. Shields Company purchased inventory costing $

On November 15, 2018. Shields Company purchased inventory costing $6,200 on credit. The credit terms were 2/10, n/30. a. Assume that Shields Company paid the invoice on November 23. 2018. Prepare jour...

Q: Schrand Corporation purchases materials from a supplier that offers credit terms of

Schrand Corporation purchases materials from a supplier that offers credit terms of 2/ I 5, n/60. It purchased $12,500 of merchandise inventory from that supplier on January 20, 2019. a. Assume that S...

Q: Huddart Company gave a creditor a 90-day. 8%

Huddart Company gave a creditor a 90-day. 8% note payable for $7.200 on December 16. a. Prepare the journal entry to record the year-end December 31st accounting adjustment Huddart must make. (Round t...

Q: For each of the following situations, indicate the liability amount.

For each of the following situations, indicate the liability amount. if any, which is reported on the balance sheet of Hirst. Inc., at December 31. 2018. a. Hirs t owes $110,000 at year-end 2018 for i...

Q: In January 2017, Microsoft Corporation issued $17 billion of bonds

In January 2017, Microsoft Corporation issued $17 billion of bonds in seven parts, with maturities ranging from 2020 to 2057. The bond issue was rated Aaa by Moody's. Two of the bond offerings are des...

Q: On January 1, 2019, two years before maturity, Easton

On January 1, 2019, two years before maturity, Easton Company retires $400,000 of its 8.5% bonds payable at the current market price of 102 (102% of the bond face amount, or $400,000 x 1.02 = $408,000...

Q: In its 2017 balance sheet, Pfizer, Inc., reports a

In its 2017 balance sheet, Pfizer, Inc., reports a value of $3,546 million as current portion of long term debt. In addition, Pfizer reports the following maturity schedule for its remaining $32,783 m...

Q: Indicate the proper financial statement classification (balance sheet or income statement

Indicate the proper financial statement classification (balance sheet or income statement) for each of the following accounts: a. Gain on Bond Retirement b. Discount on Bonds Payable c. Mortgage Notes...

Q: Cencosud SA is a leading Latin American retailer, with approximately US

Cencosud SA is a leading Latin American retailer, with approximately US$4. I 2 billion in short and long-term debt outstanding as of December 31, 2017. ln its 20-F filing with the Securities and Excha...

Q: Holthausen Corporation issued $400,000 of 11 %, 20-

Holthausen Corporation issued $400,000 of 11 %, 20-year bonds at 108 on January 1, 2013. Interest is payable semiannually on June 30 and December 31. Through January I, 2019, Holthausen amortized $4,1...