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Q: Kathleen Cole Inc. acquired the following assets in January of 2012

Kathleen Cole Inc. acquired the following assets in January of 2012. The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes...

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Q: On January 1, 2014, Bensen Company leased equipment to Flynn

On January 1, 2014, Bensen Company leased equipment to Flynn Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with no renewal option. T...

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Q: Lahey Corp. has three defined benefit pension plans as follows.

Lahey Corp. has three defined benefit pension plans as follows. How will Lahey report these multiple plans in its financial statements?

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Q: Aamodt Music sold CDs to retailers and recorded sales revenue of $

Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. During 2014, retailers returned CDs to Aamodt and were granted credit of $78,000. Past experience indicates that the normal r...

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Q: Use the information from BE17-1 but assume the bonds are

Use the information from BE17-1 but assume the bonds are purchased as an available-for-sale security. In BE17-2 Garfield Company purchased, as a held-to-maturity investment, $80,000 of the 9%, 5-year...

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Q: Rockland Corporation earned net income of $300,000 in 2014

Rockland Corporation earned net income of $300,000 in 2014 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are conver...

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Q: Explain how the conversion feature of convertible debt has a value (

Explain how the conversion feature of convertible debt has a value (a) to the issuer and (b) to the purchaser.

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Q: Madrasah Corporation issued its financial statements for the year ended December 31

Madrasah Corporation issued its financial statements for the year ended December 31, 2014, on March 10, 2015. The following events took place early in 2015. (a) On January 10, 10,000 shares of $5 par...

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Q: Data for the Vince Gill Company are presented in E23-3

Data for the Vince Gill Company are presented in E23-3. In E23-3 Instructions Prepare the operating activities section of the statement of cash flows using the direct method.

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Q: Presented below are income statements prepared on a LIFO and FIFO basis

Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2013. The company presently uses the LIFO method of pricing its inve...

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