Question - On January 1, Grissom Inc. issued 10-year, 4% bonds payable with a par value of $500,000, and received $490,000 in cash proceeds. The market rate of interest at the date of issuance was 4.5%. The bonds pay int ...
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Question - Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs (1) $157,100 $196,400 $213,800 Insurance expense (2) 810 810 810 ...
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Question - On September 1, Kennedy Company loaned $120,000, at 10% annual interest, to a customer. Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are onl ...
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Question - Gemmex Inc. is a consulting company that specializes in systems design and implementation. The following transactions are recorded by Gemmex during July, its first month of operations. July 1: Issued common sh ...
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Question - Grouper Inc. issues $2,085,900 of 9% bonds due in 12 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 10%. What amount will Grouper receive when it issu ...
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Question - Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2017, and May 31, 2018. The income from operations for the fiscal y ...
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Question - The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 40,000 Sales Discounts 20,000 Sales Returns and Allowances 7,000 C ...
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Question - Arnold Company's raw material purchases during January, its first month of operations, were as follows: Quantity Cost per unit Total Costs 1/2 1,200 pounds 2.20 2,640 1/8 2,200 pounds 2.25 4950 1/15 2,800 poun ...
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Question - Poe, Inc. had the following bank reconciliation at March 31, year 2: Balance per bank statement, 3/31/Y2 $46,500 Add deposit in transit 10,300 56,800 Less outstanding checks 12,600 Balance per books, 3/31/Y2 $ ...
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Question - 1. You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you ...
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