2.99 See Answer

Question: Oxford Inc. issues $4 million, 5-year,


Oxford Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium.
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2014.
(b) Prepare the journal entry to record interest expense and bond premium amortization on December 31, 2014, assuming no previous accrual of interest.



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> Anheuser-Busch InBev is attempting to reduce its water usage. How could a company manager use a process cost summary to determine if the program to reduce water usage is successful?

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> Assume that Apple produces a batch of 1,000 iPhones. Does it account for this as 1,000 individual jobs or as a job lot? Explain (consider costs and benefits).

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> Azule Co. manufactures in two sequential processes, cutting and binding. The two departments report the information below for a recent month. Determine the ending balances in the Work in Process Inventory accounts of each department. Cutting Binding

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> The Plastic Flowerpots Company has two manufacturing departments, molding and packaging. At the beginning of the month, the molding department has 2,000 units in inventory, 70% complete as to materials. During the month, the molding department started 18

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> Refer to the information in QS 20-10. Assign costs to the assembly department’s output—specifically, the units transferred out to the painting department and the units that remain in process in the assembly department

> Why must a company use predetermined overhead rates when using job order costing?

> Refer to the information in QS 20-10. Calculate the assembly department’s cost per equivalent unit of production for materials and for conversion for November. Use the FIFO method. Information from QS 20-10: The Carlberg Company has t

> Nestlé reports beginning raw materials inventory of 3,815 and ending raw materials inventory of 3,499 (both numbers in millions of Swiss francs). Assume Nestlé purchased 13,860 and used 14,176 (both amounts in millions of Swiss francs) in raw materials d

> The Carlberg Company has two manufacturing departments, assembly and painting. The assembly department started 10,000 units during November. The following production activity unit and cost information refers to the assembly department’s

> Refer to the information in QS 19-11. During the month, the jobs used direct labor as shown below. Jobs 1 and 3 are not finished by the end of March, and Job 2 is finished but not sold by the end of March. (1) Determine the amounts of direct materials, d

> Compute cost of goods sold for 2015 using the following information. Finished goods inventory, Dec. 31, 2014 ... Work in process inventory, Dec. 31, 2014 ... Work in process inventory, Dec. 31, 2015 ... Cost of goods manufactured, 2015 Finished good

> Prepare the 2015 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials..... Direct labor ... $190,500 ... 63,150 Factory overhead costs... 24,000 Work in process, Dec. 31, 2014. 157,600 Work in p

> Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased.... Raw materials used in production. $124,800 .... 74,300 Direct labor used..... Total factory overhead Work in process inventory, b

> A review of the notes payable files discovers that three years ago the company reported the entire $1,000 cash payment (consisting of $800 principal and $200 interest) toward an installment note payable as interest expense. This mistake had a material ef

> The following information is available for Morgan Company and Parker Company, similar firms operating in the same industry. Write a half-page report comparing Morgan and Parker using the available information. Your discussion should include their ability

> For each ratio listed, identify whether the change in ratio value from 2014 to 2015 is usually regarded as favorable or unfavorable. Ratio 2015 2014 Ratio 2015 2014 I. Profit margin.... 2. Debt ratio.... 3. Gross margin.... 9% 8% 5. Accounts receiva

> How does inventory turnover provide information about a company’s short-term liquidity?

> Describe the managerial accountant’s role in business planning, control, and decision making.

> Suppose Canwest Global Communications Corp. reported net cash used by operating activities of $104,539,000 and sales revenue of $2,867,459,000 during 2014. Cash spent on plant asset additions during the year was $79,330,000. Calculate free cash flow.

> Flowers Corporation reported net cash provided by operating activities of $412,000, net cash used by investing activities of $250,000, and net cash provided by financing activities of $70,000. In addition, cash spent for capital assets during the period

> Loveland Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $388,000, the company redeemed the bonds at 99. Prepare the entry to record the redemption of the bonds.

> Dilley Corporation issues $300,000 of bonds for $315,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) show how the bonds would be reported on the balance sheet at the date of issuance.

> Loveland Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $388,000, the company redeemed the bonds at 99. Prepare the entry to record the redemption of the bonds.

> Dilley Corporation issues $300,000 of bonds for $315,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) show how the bonds would be reported on the balance sheet at the date of issuance.

> Suppose during 2014, 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 $7,368,000. In addition, cash spent for fixed assets during the

> SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in millions) was taken from the company’s 2014 annual report: net sales $44,597, net income $393, beginnin

> Troutman Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record

> Pringle Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.

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

> Gast Corporation has 200,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market price per share is $17. The dividend shares are issued on December 31. Prepare the entries for the declaration a

> Range Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2014.

> Saddle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2014.

> Data for Susan Braun are presented in BE10-5. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. Data for Susan Braun: Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of

> Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Susan works 47 hours. Susan’s federal income tax withholding is $95, and she has no voluntary deductions. C

> Washburn University sells 3,500 season basketball tickets at $80 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and (b) the revenue recognized after playing the first home game.

> The T-accounts for Equipment and the related Accumulated Depreciation— Equip. for Coldsmith Company at the end of 2014 are shown here. In addition, Coldsmith Company’s income statement reported a loss on the disposal

> Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.

> Oxford Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Prepare the jou

> Verlin Company issues $2 million, 10-year, 7% bonds at 99, with interest payable on December 31. The straight-line method is used to amortize bond discount. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Prepare t

> Presented here are long-term liability items for Evenson Inc. at December 31, 2014. Prepare the long-term liabilities section of the balance sheet for Evenson Inc. Bonds payable (due 2018) ……………………………………………. $700,000 Notes payable (due 2016) ……………………………

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> Data for Susan Braun are presented in BE10-5. Prepare the employer’s journal entry to record payroll taxes for the period. Ignore unemployment taxes. Data for Susan Braun: Susan Braun’s regular hourly wage rate is $16, and she receives an hourly rate of

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> Bluestem Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the entry to record sales taxes payable and sales.

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> Using the data in Question 17, what are (a) the total cost of work in process and (b) the cost of goods manufactured?

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> Ratzlaff Company issues €2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1. Instructions: (a) Prepare the journal entry to record the sale of these bonds on January 1, 2014. (b) Assuming instead that the above bonds sold

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> Suppose Columbia Sportswear Company had accounts receivable of $299,585,000 at January 1, 2014, and $226,548,000 at December 31, 2014. Assume sales revenue was $1,244,023,000 for the year 2014. What is the amount of cash receipts from customers in 2014?

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> Romine Company issued $350,000 of 8%, 20-year bonds on January 1, 2014, at face value. Interest is payable annually on January 1. Instructions: Prepare the journal entries to record the following events. (a) The issuance of the bonds. (b) The accrual of

2.99

See Answer