All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

On December 31, 2020, KEC Environmental Corp. borrowed $100,000 by signing a four-year, 5% installment note. The note requires four equal payments of accrued interest and principal on December 31 of
Use the data in Exercise 14-23 to prepare journal entries that Sack Port Ventures Inc. would make to record the loan on December 31, 2020, and the four payments starting on December 31, 2021, through
On December 31, 2020, Sack Port Ventures Inc. borrowed $90,000 by signing a four-year, 5% installment note. The note requires annual payments of accrued interest and equal amounts of principal on
Trilium Gold Inc.’s December 31, 2020, adjusted trial balance shows the following:Account Description Balance*Bonds payable, convertible ........................................ $1,050,000Premium
Computalog Inc. showed the following on its December 31, 2020, balance sheet: Required 1. Assuming the bonds are convertible into 400,000 common shares, journalize the conversion on January 1,
a. Calculate the debt to equity ratio for 2019 and 2020, for the following three separate companies. b. Comment on whether the ratio for each has improved or weakened from a risk perspective.
Solar Energy Inc. issued a $900,000, 5%, five-year bond on October 1, 2020. Interest is paid annually each October 1. Solar?s year-end is December 31. Required Using the amortization schedule
Refer to the amortization schedule prepared in Exercise 14-18. Assume a November 30 year-end. Required Part 1 Record the following entries: a. Issuance of the bonds on October 1, 2020 b. Adjusting
On October 1, 2020, Best Biopharma Inc. issued an $850,000, 11%, seven-year bond. Interest is to be paid annually each October 1. Required a. Calculate the issue price of the bond assuming a market
Refer to the amortization schedule prepared in Exercise 14-16. Assume a November 30 year-end. Required Part 1 Record the following entries: a. Issuance of the bonds on October 1, 2020 b. Adjusting
On January 1, 2020, the Pareto Company borrowed $80,000 in exchange for an interest-bearing note. The note plus interest compounded at an annual rate of 8% is due on December 31, 2022. Calculate the
On October 1, 2020, Ross Wind Energy Inc. issued a $1,500,000, 7%, seven-year bond. Interest is to be paid annually each October 1. Required a. Calculate the issue price of the bond assuming a
Point North Inc. issued bonds on September 1, 2020, with a par value of $150,000. The bonds mature in 15 years and pay 8% annual interest in two semiannual payments. On the issue date, the annual
On January 1, 2020, Ultra Vision Corp. issued $1,200,000 of 20-year 8% bonds that pay interest semiannually on June 30 and December 31. Assume the bonds were sold at(1) 98;(2) 102.Journalize the
Refer to the amortization schedule prepared in Exercise 14.11. Dejour Energy Inc. has a November 30 year-end.RequiredPart 1Record the following entries:a. Issuance of the bonds on October 1, 2020b.
Peerless Carpet Corp. leased a machine on January 1, 2020, under a contract calling for six annual payments of $60,000 on December 31, 2020 through 2025. The machine becomes the property of the
Laporte Engineering Company leased a machine on January 1, 2020, under a contract calling for four annual payments of $30,000 on December 31, 2020 through 2023. The machine becomes the property of
On October 1, 2020, Dejour Energy Inc. issued a $680,000, 7%, seven-year bond. Interest is to be paid annually each October 1.Requireda. Calculate the issue price of the bond assuming a market
On May 31, 2020, Iceflow Technologies Inc. borrowed $400,000 from a bank by signing a four-year installment note bearing interest at 14%. The terms of the note require equal semiannual payments each
On November 1, 2020, Yardley Distributors Inc. issued a $740,000, 5%, two-year bond. Interest is to be paid semiannually each May 1 and November 1.Requireda. Calculate the issue price of the bond
Dimensional Media Inc. has a December 31 year-end. It showed the following partial amortization schedules regarding its two bond issues: Required Answer the following for each bond issue: a. Were
On November 30, 2020, Calla Resources Ltd. borrowed $100,000 from a bank by signing a four-year installment note bearing interest at 12%. The terms of the note require equal payments each year on
Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding two bond issues: Required Answer the following for each bond issue: a. Were the
SweetFish Corp. issued bonds with a par value of $820,000 and a five-year life on May 1, 2020. The contract interest rate is 7%. The bonds pay interest on October 31 and April 30. They were issued
On February 1, 2020, Fireside Corp. issued a $900,000, 5%, two-year bond. Interest is payable quarterly each May 1, August 1, November 1, and February 1.RequiredPart 1a. Calculate the bond issue
On March 1, 2020, Quinto Mining Inc. issued a $600,000, 8%, three-year bond. Interest is payable semiannually beginning September 1, 2020.RequiredPart 1a. Calculate the bond issue price assuming a
Huskey Mining Corporation issued bonds with a par value of $105,000 on January 1, 2020. The annual contract rate on the bonds is 9%, and the interest is paid semiannually. The bonds mature after
Westgate Motor Homes Inc. issued bonds with a par value of $680,000 and a five-year life on January 1, 2020. The bonds pay interest on June 30 and December 31. The contract interest rate is 8%. The
Calculations Marketing Inc. issued 8.5% bonds with a par value of $450,000 and a five-year life on January 1, 2020, for $459,125. The bonds pay interest on June 30 and December 31. The market
Mindsetta Music Inc. issued bonds on March 1, 2020, with a par value of $300,000. The bonds mature in 15 years and pay 8% annual interest in two semiannual payments. On the issue date, the annual
Refer to the amortization schedule prepared in Problem 14-6A. Assume Lake Arrowhead Investors Inc. has a January 31 year-end.RequiredPart 1Record the following entries:a. Issuance of the bonds on
Refer to the amortization schedule prepared in Problem 14-6A. Assume Shebandowan Investors Inc. has a January 31 year-end.RequiredPart 1Record the following entries:a. Issuance of the bonds on June
On June 1, 2020, Lake Arrowhead Investors Inc. issued a $570,000, 9%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020.Requireda. Calculate the issue price of the bond
On June 1, 2020, Shebandowan Investors Inc. issued a $4,900,000, 7%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020.Requireda. Calculate the issue price of the bond
On October 1, 2020, Eastern Timber Inc. has available for issue $840,000 bonds due in four years. Interest at the rate of 4% is to be paid quarterly. Calculate the issue price if the market interest
Part 1On April 1, 2020, Shelter Bay Inc. has available for issue $900,000 bonds due in four years. Interest at the rate of 10% is to be paid quarterly. Calculate the issue price if the market
Part 1On April 1, 2020, ET Inc. has available for issue $820,000 bonds due in four years. Interest at the rate of 4.50% is to be paid quarterly. Calculate the issue price if the market interest rate
Refer to the amortization schedule prepared in Problem 14-3A. Assume JetCom Inventors Inc. has a January 31 year-end.RequiredPart 1Record the following entries:a. Issuance of the bonds on June 1,
Extra Gold Corporation had a $1,270,000, 6% bond available for issue on September 1, 2020. Interest is to be paid quarterly beginning November 30. All of the bonds were issued at par on October 1.
On September 1, 2020, Messner Corp. issued a $400,000, 15%, four-year bond. Interest is payable semiannually beginning March 1, 2021.Requireda. Calculate the bond issue price assuming a market
On June 1, 2020, JetCom Inventors Inc. issued a $540,000, 12%, three-year bond. Interest is to be paid semiannually beginning December 1, 2020.Requireda. Calculate the issue price of the bond
On March 1, 2020, Jagger Metal Corp. issued 9% bonds dated January 1, 2020. The bonds have a $902,000 par value, mature in 20 years, and pay interest semiannually on June 30 and December 31. The
Answer the following questions by referring to the 2017 financial statements for each of Spin Master and WestJet in Appendix II.1. How much of Spin Master’s total assets are financed by debt? by
Wind-Electric Corp. issued $940,000 of bonds that pay 9.7% annual interest with two semiannual payments. The date of issuance was January 1, 2020, and the interest is paid on June 30 and December 31.
Banjo Education Corp. issued a 4%, $150,000 bond that pays interest semiannually each June 30 and December 31. The date of issuance was January 1, 2020. The bonds mature after four years. The market
On January 1, 2020, British Software Ltd. issued $466,000 of 20-year, 10.5% bonds that pay interest semiannually on June 30 and December 31. The bonds were sold to investors at their par value.a. How
5-Star Adventures Inc. financed its $1,000,000 expansion by issuing on January 1, 2020, a 5%, 10-year bond dated the same day with annual interest payments to be made each December 31. The market
ZedCon Inc. intends to raise $10,000,000 for the purpose of expanding operations internationally. Two options are available: ? Plan 1: Issue $10,000,000 of 5% bonds payable due in 2030, or ? Plan 2:
Goth Inc. issued a group of bonds on January 1, 2020, that pay interest semiannually on June 30 and December 31. The par value of the bonds is $100,000, the annual contract rate is 10%, and the
Queen Energy Inc. issued bonds on January 1, 2020, that pay interest semiannually on June 30 and December 31. The par value of the bonds is $270,000, the annual contract rate is 10%, and the bonds
On January 1, 2020, Winston Mining Corp. had 580,000 common shares issued and outstanding. On April 30, it issued an additional 220,000 shares, and on October 1 it repurchased and cancelled 100,000
The income statement for Weatherford International Inc.?s year ended December 31, 2020, was prepared by an inexperienced bookkeeper. As the new accountant, your immediate priority is to correct the
The Data Group Inc. had the following balances in its equity accounts at December 31, 2019:Common shares, unlimited shares authorized;200,000 shares issued and outstanding ...........................
The equity section from the December 31, 2020 balance sheet of Kentucky Corporation appeared as follows: The following transactions occurred during 2021 (assume the retirements were the first ever
Bellevue Ltd. reported profit of $860,000 for its year ended December 31, 2020. Calculate earnings per share given the following additional information at December 31, 2020:Preferred shares, $2
The following table shows the balances from various accounts in the adjusted trial balance for UniLink Telecom Corp. as of December 31, 2020: Required 1. Assuming that the company?s income tax rate
Pet Boutique Corp. reported $2,952,010 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $203,000. On January 1, 2020, Pet Boutique had 104,000 and
Bandara Gold Inc.’s equity section on the October 31, 2020, balance sheet showed the following information:Common shares, unlimited shares authorized,600,000 shares issued and outstanding
Which of the following represents a valid reason for issuing a share dividend:a. Directors use share dividends to keep the market price of shares affordableb. Issuing share dividends conserves cash
Henderson Armour Inc. issued a $652,000, 14% 10-year bond on October 1, 2020, for cash of $697,701. Interest is to be paid quarterly. The annual market rate of interest is 12.75%. Assume a year-end
Bonanza Graphics Inc. issued a $200,000, 8%, three-year bond on November 1, 2020, for cash of $194,792. Interest is to be paid quarterly. The annual market rate of interest is 9%. Assume a year-end
Maier Investment Corporation issued $700,000 of 6%, six-year bonds for $735,902 on July 1, 2020, the day the bonds were dated. The market interest rate was 5%. Interest is paid semiannually beginning
Bellevue Marketing Corp. issued $600,000 of 6%, four-year bonds for $579,224 on July 1, 2020, the day the bonds were dated. The market interest rate on this date was 7%. Interest is paid quarterly
Assume that on January 1, 2020 Barb?s Wildlife Rescue issues a $1,000, 5-year, 5% (coupon rate) bond with semiannual interest payments that yields a market adjusted interest rate of 6%. Use the
On February 1, 2020, Swiss Travel Corp. issued $750,000 of 11%, eight year bonds. Interest is to be paid quarterly. Calculate the issue price of the bonds if the market interest rate was:a. 6%b.
On August 1, 2020, Billboard Inc. issued $520,000 of 10%, seven-year bonds. Interest is to be paid semiannually. Calculate the issue price of the bonds if the market interest rate was:a. 12%b. 10%c.
Purity Vegetable Corp. issued $200,000 of 6% bonds on November 1, 2020, at par value. The bonds were dated October 1, 2020, and pay interest each April 1 and October 1. Record the issue of the bonds
On March 1, 2020, JenStar Hydroponics Inc. issued at par an $80,000, 6%, three-year bond. Interest is to be paid quarterly beginning May 31, 2020. JenStar?s year-end is July 31. A partial payment
Curtis Ltd. issued $100,000 of 8% bonds at face value on October 1, 2020. Interest is paid each March 31 and September 30. If Curtis’s tax rate is 40%, what is the annual after-tax borrowing
A $15,000 bond with a contract interest rate of 6% was issued on March 1, 2020. Calculate the cash paid on the first interest payment date if interest is paid:a. Annuallyb. Semiannuallyc. Quarterlyd.
The initial ZooShare community bond offering highlighted in the chapter opening vignette offered investors a 11.5–12.5% return. Why would the initial ZooShare bond offering provide investors with
Refer to the annual report for Spin Master presented in Appendix II. Note 15 includes details that the company reports secured debt separately from unsecured debt as well as interest rates on their
Describe two alternative payment patterns for installment notes.
Refer to the annual report for Telus presented in Appendix II. Where are the details regarding the composition of the $12,256,000 December 31, 2017, balance in longterm debt?
What obligation do issuing corporations have to bondholders?
Calculate the debt to equity ratio for Blue Line Studio Inc. Below is an excerpt from their balance sheet line items:• Current liabilities 342,000• Long-term debt 688,000• Total equity
Accounting standards require lessees to report the costs associated with a multi-year lease agreement under which of the following categories:a. A recurring expense over the life of the leaseb. As
When a bond is issued at a premium, period interest expense for the issuer is:a. Lower than the interest paid to the bondholdersb. The same amount as interest paid to the bondholdersc. Higher than
Bond interest expense for the issuing company is calculated using which of the following approaches:a. Multiply the stated value of the bond by the contract rate.b. Multiply the balance of the
Calculating the price of the bond using present value calculations is required due to which of the following considerations:a. The variance between supply and demand for bonds results in pricing
Assume interest is paid semiannually on the Hydro Electric Municipal bond in question 4. The total dollar value of bonds issued is $200,000. The first semiannual interest payment is:a. $8,000b.
Select the appropriate bond selling price based on the following scenario: the contract interest rate on a Hydro Electric Municipal $1,000 bond is 4% and the market interest rate is 7%.a. The bond
Which of the following features represent options for the bond issuer to make the bond more attractive for the purchaser:a. Convertible bondsb. Secured bondsc. Redeemable bondsd. All of the above.
Financial leverage is an important finance term that results from which of the following scenarios?a. When a company earns a higher rate of return through effectively managing borrowed funds than it
Which of the following terms does not refer to the stated coupon rate of the bond?a. Nominal Rateb. Market Ratec. Contract Rated. All of the above.
After returning from vacation, the accountant of Online Hearing Inc. was dismayed to discover that the income statement for the year ended December 31, 2020, was prepared incorrectly. All amounts
The following table shows the balances from various accounts in the adjusted trial balance for Decoma International Corp. as of December 31, 2020: Required 1. Assuming that the company?s income tax
The original income statements for ZoomMed Inc. presented the following information when they were first published in 2019, 2020, and 2021: The company also experienced some changes in the number
Selected information regarding the accounts of Infinity Minerals Corp. follows:Common shares, unlimited authorized, 50,000 sharesissued and outstanding, December 31, 2019
Holt Developments Ltd. put an asset in service on January 1, 2018. Its cost was $270,000, its predicted service life was six years, and its expected residual value was $27,000. The company decided to
Ice Industries Inc. showed the following equity account balances at December 31, 2019:Common shares, unlimited shares authorized,70,000 shares issued and outstanding
Use the data for GlenTel Inc. in Exercise 13-16 to present a multiple-step income statement for 2020. You need not complete the earnings per share calculations. Exercise 13-16 Indicate where each of
The following list of items was extracted from the December 31, 2020, trial balance of Future Products Corp. Using the information contained in this listing, prepare the company?s multiple-step
During 2020, GlenTel Inc. sold its interest in a chain of wholesale outlets. This sale took the company out of the wholesaling business completely. The company still operates its retail outlets.
A company reported $237,110 of profit for 2020. It also declared $36,000 of dividends on preferred shares for the same year. At the beginning of 2020, the company had 52,000 outstanding common
Barton Inc. changed the method of calculating depreciation on its equipment from straight-line to doubledeclining- balance during 2020. The cumulative effect of the change is an additional expense of
Kiwi Charter Corp. reported $1,445,710 of profit for 2020. On November 2, 2020, it declared and paid the annual preferred dividends of $155,000. On January 1, 2020, Kiwi had 80,000 and 240,000
Horticultural Products Inc. reported $928,470 profit in 2020 and declared preferred dividends of $74,600. The following changes in common shares outstanding occurred during the year. Calculate the
Liberty Ventures Inc. reported $209,840 profit in 2020 and declared preferred dividends of $34,400. The following changes in common shares outstanding occurred during the year: Calculate the
The equity sections from the December 31, 2019 and 2020, balance sheets of Synergy Acquisition Corporation appeared as follows: Required 1. How many shares were outstanding on each of the cash

Showing 1500 - 1600 of 4242

First
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Last

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App