Questions from Financial Accounting

Q: The board of directors of Canterbury Plus authorized the issue of $

The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 201...

Q: On February 28, 2018, Dolphin Corp. issued 10%,

On February 28, 2018, Dolphin Corp. issued 10%, 20-year bonds payable with a face value of $2,100,000. The bonds pay interest on February 28 and August 31. The company amortizes bond discount using th...

Q: Conroy Financial paid $530,000 for a 20% investment

Conroy Financial paid $530,000 for a 20% investment in the common stock of Maverick, Inc. For the first year, Maverick reported net income of $270,000, and at year-end declared and paid cash dividends...

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

1. Journalize the following transactions of Laporte Communications, Inc.: 2. At December 31, 2018, after all year-end adjustments have been made, determine the carrying amount of Laporteâ€...

Q: The notes to the Thorson Ltd. financial statements reported the

The notes to the Thorson Ltd. financial statements reported the following data on December 31, Year 1 (end of the fiscal year): Thorson amortizes bond discounts using the effective-interest method a...

Q: On December 31, 2018, Herndon Corporation issues 6%, 10

On December 31, 2018, Herndon Corporation issues 6%, 10-year convertible bonds payable with a face value of $1,000,000. The semiannual interest dates are June 30 and December 31. The market interest...

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

The accounting records of Brigham Foods, Inc., include the following items at December 31, 2018: Requirements: 1. Show how each relevant item would be reported on the Brigham Foods classified balance...

Q: The partners who own Jefferson Rafts Co. wished to avoid the

The partners who own Jefferson Rafts Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Jefferson Rafts, Inc. The charter from the state...

Q: Lima Corp. has the following stockholders’ equity information: Lima’s charter

Lima Corp. has the following stockholders’ equity information: Lima’s charter authorizes the company to issue 4,000 shares of 11% preferred stock with par value of $200 and 700,000 shares of no-par co...

Q: Seasonal Outdoor Furniture Company included the following stockholders’ equity on its year

Seasonal Outdoor Furniture Company included the following stockholders’ equity on its year-end balance sheet at March 31, 2019: Requirements: 1. Identify the different issues of sto...