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Questions and Answers of
Cost Accounting
Ellsworth Enterprises borrowed $425,000 on an 8%, interest-bearing note on September 30, 2020. Ellsworth ends its fiscal year on December 31. The note was paid with interest on March 31,
On December 10, 2019, Kool-Air Solutions agreed to manufacture and supply 800 refrigerators used by Vandelay Industries. Vandelay deposited $150 per unit upon signing the 3-year purchase agreement,
Montague Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Montague offers a 6-month warranty on all repairs. The following data are available
Consider the following information taken from Chicago Water Slide's (CWS's) financial statements:Also, CWS's operating cash flows were $25,658 and $29,748 in 2019 and 2018, respectively.Note: Round
On January 1, 2021, Distel Company borrowed $102,700 by issuing 3-year, 9% bonds with a face amount of $100,000. Interest is paid annually on December 31.Required:Prepare an amortization table using
Edmonton-Alston Corporation issued 5-year, 9.5% bonds with a total face value of $700,000 on January 1, 2020, for $726,000. The bonds pay interest on June 30 and December 31 of each year.Required:1.
Sonoma Company, issued 5-year, 8.6% bonds with a total face value of $750,000 on January 1, 2020, for $711,450. The bonds pay interest on June 30 and December 31 of each year.Required:1. Prepare an
On January 1, 2020, Peacock Products borrowed $447,000 by issuing 3-year, 8% bonds with a face amount of $400,000. Interest is payable annually on December 31.Required:Prepare an amortization table
Dalton Company issued 5-year, 7.5% bonds with a total face value of $900,000 on January 1, 2020, for $950,000. The bonds pay interest on June 30 and December 31 of each year.Required:1. Prepare an
Pennington Corporation issued 5-year, 8.6% bonds with a total face value of $700,000 on January 1, 2021, for $680,000. The bonds pay interest on June 30 and December 31 of each year.Required:1.
Describe how recent rule changes will require leases to be accounted for beginning in 2019.
Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,
Obtain Marriott's 2016 10-K through the ''Investor Relations'' portion of Marriott's website. (do a web search for Marriott investor relations). Once at the Investor Relations part of the website
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.Required:1. Look at Under Armour's and
In June 2020, Front Row Entertainment had the opportunity to expand its venue operations by purchasing five different venues. To finance this purchase, Front Row issued $1,500,000 of 6%, 5-year bonds
1. In 2019, Drew Company issued $200,000 of bonds for $189,640. If the stated rate of interest was 6% and the yield was 6.73%, how would Drew calculate the interest expense for the first year on the
Anne Corp. issued $600,000, 5% bonds. Required: Prepare the necessary journal entries to record the issuance of these bonds assuming the bonds were issued (a) at par, (b) at 102, and (c) at 92.
M. Nickles Company issued $1,500,000 of bonds for $1,487,200. Interest is paid semiannually. Required: 1. Prepare the necessary journal entry to record the issuance of the bonds. 2. Is the yield
On January 1, 2019, Brock & Co. issued $600,000 of bonds payable at par. The bonds have a 9% stated rate, pay interest on March 31, June 30, September 30, and December 31, and mature on December 31,
Refer to the information for Drew Company below. On January 1, 2020, Drew Company issued $350,000, 5-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on
Refer to the information for Drew Company below. On January 1, 2020, Drew Company issued $350,000, 5-year bonds for $320,000. The stated rate of interest was 7% and interest is paid annually on
Refer to the information for Ironman Steel below. On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on
Refer to the information for Ironman Steel below. On January 1, 2020, Ironman Steel issued $1,300,000, 8-year bonds for $1,340,000. The stated rate of interest was 7% and interest is paid annually on
Refer to the information for Sicily Corporation below. Sicily Corporation issued $300,000 in 5% bonds (payable on December 31, 2029) on January 1, 2020, for $257,363. Interest is paid on June 30 and
Refer to the information for Sicily Corporation below. Sicily Corporation issued $300,000 in 5% bonds (payable on December 31, 2029) on January 1, 2020, for $257,363. Interest is paid on June 30 and
Refer to the information for Crafty Corporation above. Crafty Corporation issued $475,000 of 5%, 7-year bonds on January 1, 2020, for $448,484. Interest is paid annually on December 31. The market
Refer to the information for Crafty Corporation below. Crafty Corporation issued $475,000 of 5%, 7-year bonds on January 1, 2020, for $448,484. Interest is paid annually on December 31. The market
Refer to the information for Cookie Dough Corporation below. Cookie Dough Corporation issued $850,000 in 9%, 10-year bonds (payable on December 31, 2030) on January 1, 2021, for $907,759. Interest is
Refer to the information for Cookie Dough Corporation below. Cookie Dough Corporation issued $850,000 in 9%, 10-year bonds (payable on December 31, 2030) on January 1, 2021, for $907,759. Interest is
Refer to the information for Charger Battery above. Charger Battery issued $200,000 of 11%, 7-year bonds on January 1, 2020, for $220,132. Interest is paid annually on December 31. The market rate of
Refer to the information for Charger Battery above. Charger Battery issued $200,000 of 11%, 7-year bonds on January 1, 2020, for $220,132. Interest is paid annually on December 31. The market rate of
Red Corporation had $1,750,000 in total liabilities and $3,000,000 in total assets as of December 31, 2020. Of Red's total liabilities, $600,000 is long-term.Required:Calculate Red's debt to assets
On January 1, 2020, Garner Hot Rods issued $2,000,000 of 6%, 10-year bonds. Interest is payable semiannually on June 30 and December 31. Required: What is the issue price if the bonds are sold to
On January 1, 2021, Callahan Auto issued $900,000 of 9%, 10-year bonds. Interest is payable semiannually on June 30 and December 31.Required:What is the issue price if the bonds are sold to yield 8%?
Scott Corp. provides contracted home staging services to real estate agencies and their clients. Scott issued the following bonds in the current year: a. 1,500 bonds with $1,000 face value which the
Natalie Corp. provides medical supplies to hospitals located in Western Washington and Oregon. This year, Natalie Corp. issued 8,000 bonds with a $1,000 face value. The nominal rate for each bond is
APL Enterprises required an infusion of cash in order to purchase a large piece of equipment. To finance its equipment purchase, APL issued $3,600,000 of 8% bonds payable. Required: Prepare the
H. Simpson Company is an entertainment company located in Springfield, IL. H. Simpson recently issued $200,000 of bonds to finance large expenditures for an upcoming television production. H. Simpson
On January 1, 2020, Desmond & Co. issued 5,000 bonds with a $1,000 par value at 100. The bonds have an 8% stated rate, pay interest on June 30 and December 31, and mature on December 31,
On January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at $30,000 less than the face value of the bonds. The stated rate of interest
Use the information from Brief Exercise 9-49.On January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at $30,000 less than the face
On January 1, 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External markets value the bonds at $630,000 more than face value. The stated rate of interest on Solomon's bonds
Use the information from Brief Exercise 9-51.On January 1, 2020, Solomon Crafts issued 60,000 8-year bonds with $1,000 face value. External markets value the bonds at $630,000 more than face value.
Refer to the information for Roman Corporation below.Roman Corporation decided to issue long-term debt in order to pay off its short-term obligations.On January 1, 2021, Roman issued $900,000 in 7%
Refer to the information for Roman Corporation below. Roman Corporation decided to issue long-term debt in order to pay off its short-term obligations. On January 1, 2021, Roman issued $900,000 in 7%
Refer to the information for Crafty Corporation on the previous page.Crafty Corporation received $472,088 of cash upon issuance of 500 $1,000 par value bonds. Each bond has a stated rate of 5% and
Refer to the information for Crafty Corporation on the previous page. Crafty Corporation received $472,088 of cash upon issuance of 500 $1,000 par value bonds. Each bond has a stated rate of 5% and
Refer to the information above for Haley Industries.Haley Industries issued $120,000 of 11%, 7-year bonds on January 1, 2020, with a $5,842 premium. Interest is paid annually on December 31. The
Refer to the information above for Haley Industries. Haley Industries issued $120,000 of 11%, 7-year bonds on January 1, 2020, with a $5,842 premium. Interest is paid annually on December 31. The
Topple Corporation leases skyscrapers in cities throughout the world to large corporations. Topple's cost of debt financing is 9%, its cost of equity is 12%, and its tax rate is
Crackle Company instituted an aggressive plan to lower its cost of financing over the next decade. Currently Crackle's cost of debt financing is 8%, its cost of equity financing is 14%, and its
Whitten Corporation's balance sheet shows the following amounts: current assets, $200,000; current liabilities, $80,000; bonds payable, $155,000; and lease obligations, $25,000. Total stockholders'
Valiant Corporation has $1,800,000 in total liabilities, $800,000 of which are current. Valiant has $400,000 of cash and cash equivalents, $300,000 of other current assets, and $2,000,000 in
Trevor Corporation had $2,900,000 in total liabilities and $4,300,000 in total assets as of December 31, 2019. Trevor calculates that 40% of assets are designated as current, while $500,000 of
On January 1, 2020, Ruby Inc. issued 3,000 $1,000 par value bonds with a stated rate of 6% and a 10-year maturity. Interest is payable semiannually on June 30 and December 31. Required: What is the
On January 2, 2020, Nelson Construction issued 3,500 of $1,000 par value bonds with a stated rate of 8%, maturing in 10 years. Interest is payable semiannually on June 30 and December
Dash Enterprises is planning to issue 1,500 bonds, each having a face amount of $1,000. Required: 1. Prepare the journal entry to record the sale of the bonds at par. 2. Prepare the journal entry to
Kiwi Corporation issued at par $350,000, 9% bonds on January 1, 2020. Interest is paid annually on December 31. The principal and the final interest payment are due on December 31, 2021. Required: 1.
Kerwin Company borrowed $10,000 on a 2-year, zero coupon note. The note was issued on January 1, 2020. The face amount of the note, $12,544, is to be paid at maturity on December 31, 2021.Required:1.
Swiss Inc. sold 15-year bonds with a total face amount of $2,000,000 and a stated rate of 6%. The bonds sold for $2,090,000 on January 1, 2020, and pay interest semiannually on June 30 and December
On January 1, 2020, Harrington Corporation sold $425,000 of 15-year, 11% bonds. The bonds sold for $395,000 and pay interest semiannually on June 30 and December 31. Required: 1. Prepare the journal
On January 1, 2020, Perry Manufacturing issued bonds with a total face amount of $3,000,000 and a stated rate of 9%. Required: 1. Calculate the interest expense for 2020 if the bonds were sold at
Cagney Company sold $200,000 of bonds on January 1, 2020. A portion of the amortization table follows.Required:1. Determine the stated interest rate on these bonds.2. Calculate the interest expense
For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bonds were sold on January 1, 2020, for $420,000.Required: 1. Prepare the entry to recognize the
Panamint Candy Company prepared the following amortization table for $300,000 of 5-year, 9% bonds issued and sold by Panamint on January 1, 2021, for $285,000:Required: 1. Prepare the entry to
Richter Corporation sold $1,000,000 face value of bonds at 104 on January 1, 2020. These bonds have a 7% stated rate and mature in 4 years. Interest is payable on June 30 and December 31 of each
Johnson Company sold for $90,000 a $102,400, 2-year zero coupon bond on January 1, 2020. The bond matures on December 31, 2021. Required: 1. Prepare the entry to record the issuance of the bond. 2.
Dodge City Products borrowed $100,000 cash by issuing a 36-month, $120,880 zero coupon note on January 1, 2021. The note matures on December 31, 2023. Required: 1. Prepare the entry to recognize the
Jones Manufacturing sold $900,000 of 15-year, 7% notes for $822,186. The notes were sold January 1, 2020, and pay interest semiannually on June 30 and December 31. The effective interest rate was 8%.
On January 1, 2019, Hawthorne Corporation issued for $155,989, 5-year bonds with a face amount of $150,000 and a stated (or coupon) rate of 9%. The bonds pay interest annually and have an effective
Cagney Company sold $200,000 of bonds on July 1, 2018. A portion of the amortization table appears below.Required: 1. Indicate the stated interest rate on these bonds. 2. Calculate the effective
MacBride Enterprises sold $200,000 of bonds on January 1, 2020. A portion of the amortization table appears below.Required: 1. Indicate the stated annual interest rate on these bonds. 2. Calculate
Refer to the information for Dandy Candy below. Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of
Refer to the information for Dandy Candy on the below. Dandy Candy bought a delivery vehicle for $45,000 by issuing an 8% installment note on January 1, 2021. Dandy will make 12 monthly payments of
Dean Plumbing issues $1,000,000 face value, noninterest-bearing bonds on January 1, 2021. The bonds are issued at 65 and mature on December 31, 2024. Required: Assuming the straight-line amortization
Stinson Corporation's cost of debt financing is 6%. Its tax rate is 30%. Required: Calculate the after-tax interest rate.
Rising Stars Academy provided the following information on its 2019 balance sheet and statement of cash flows:Required:1. Calculate the following ratios for Rising Stars:(a) Debt to equity,(b) Debt
On January 1, 2020, University Theatres issued $500,000 face value of bonds. The stated rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in 15
Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020:Required: Prepare the current liabilities and long-term debt
Augustine Corporation borrowed $150,000 from the J.P Morgan Chase Bank on June 1, 2019, on a 3-year, 6.4% note. Interest is paid annually on May 31. Required: 1. Record the borrowing transaction in
On January 1, 2020, Sisek Company borrowed $800,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $792,800 was received when the note WAS
Girves Development Corporation has agreed to construct a plant in a new industrial park. To finance the construction, the county government issued $5,000,000 of 10-year, 4.75% revenue bonds for
On January 1, 2020, Athena Corporation borrowed $110,000 cash on a $155,000, 24-month 0% note. Athena uses the straight-line method of amortization. Required: 1. Record the borrowing in Athena's
On January 1, 2021, Georgetown Distributors borrowed $2,180,000 by issuing 4-year, zero coupon bonds. The face value of the bonds is $3,000,000. Georgetown uses the straight-line method to amortize
Craig Corporation's accounting records reveal the following account balances after adjusting entries are made on December 31, 2019:Long-term liabilities Required: Prepare the current liabilities and
Griddley Company borrowed $200,000 from the East Salvador Bank on February 1, 2019, on a 3-year, 8.6% note. Interest is paid annually on January 31. Required: 1. Record the borrowing transaction in
On January 1, 2020, Benton Corporation borrowed $1,000,000 with 10-year, 8.75% notes, interest payable semiannually on June 30 and December 31. Cash in the amount of $985,500 was received when the
Cook Construction has agreed to construct a factory in a new industrial park. To finance the construction, the county government issued $6,500,000 of 10-year, 4.75% revenue bonds for $6,950,000 on
Eastern Inc.'s equity includes 8%, $25 par preferred stock. There are 100,000 shares authorized and 45,000 shares outstanding. Assume that Eastern declares and pays preferred dividends
At the end of 2019, Haley Corporation had the following equity accounts and balances:Common stock, $10 par ................................... $800,000Additional paid-in capital-common stock
Fusion Payroll Service began 2019 with 1,200,000 authorized and 375,000 issued and outstanding $5 par common shares. During 2019, Fusion entered into the following transactions:a. Declared a $0.30
At the end of 2019, Stanley Utilities Inc. had the following equity accounts and balances:Common stock, $1 par ....................................... $4,500,000Additional paid-in capital-common
Thompson Payroll Service began in 2019 with 1,500,000 authorized and 820,000 issued and outstanding $8 par common shares. During 2019, Thompson entered into the following transactions:a. Declared a
Describe the effect of a cash versus a stock dividend on a company's stockholders' equity?
Shea Company has 100,000 shares of 6%, $50 par value, cumulative preferred stock. In 2018, no dividends were declared on preferred stock. In 2019, Shea had a profitable year and decided to pay
RVR Enterprises shows net income of $100,000 for 2019 and retained earnings of $500,000 on its December 31, 2019 balance sheet. During the year, RVR declared and paid $60,000 in dividends. What was
Donahue Corporation is authorized by its charter from the State of Illinois to issue 2,000 shares of 7% preferred stock with a par value of $30 per share and 125,000 shares of common stock with a
Plymouth Company issues 150,000 shares of common stock (par value $3) for $19 per share on June 30, 2019. Required: Prepare the journal entry to record this transaction?
Castalia Inc. issued shares of its $0.80 par value common stock on September 4, 2019, for $8 per share. The Additional Paid-In Capital-Common Stock account was credited for $612,000 in the journal
On January 20, 2019, Spring Hope Corporation repurchases 2,600 shares of its outstanding common stock for $9 per share. On April 3, 2019, Spring Hope sells 700 shares of treasury stock for $13 per
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