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On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on
On December 31, 2010, Irey Co. has $2,000,000 of short-term notes payable due on February 14, 2011. On January 10, 2011, Irey arranged a line of credit with County Bank which allo…
On December 31, 2010, Palli Company finished consultation services and accepted
On December 31, 2010, Palli Company finished consultation services and accepted in exchange a promissory note with a face value of $240,000, a due date of December 31, 2013, and a…
On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9
On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9-year useful life with Silver Leasing Co. The lease payments are made by Reagan annually, beginning…
On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9
On December 31, 2010, Reagan, Inc., signed a lease for some equipment having a 9-year useful life with Silver Leasing Co. The lease payments are made by Reagan annually, beginning…
On December 31, 2010, Stable Company sold a piece of equipment that was purchase
On December 31, 2010, Stable Company sold a piece of equipment that was purchased on January 1, 2005. The equipment originally cost $820,000 and has an estimated useful life of ei…
On December 31, 2010, before the books were closed, the management and accountan
On December 31, 2010, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three depreciable assets. Depreciable as…
On December 31, 2010, before the books were closed, the management and accountan
On December 31, 2010, before the books were closed, the management and accountants of Madrasa Inc. made the following determinations about three depreciable assets. **Depreciable …
On December 31, 2010, the American Bank enters into a debt restructuring agreeme
On December 31, 2010, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The Bank agrees to restructur…
On December 31, 2010, the Williams Company had the following liabilities: Trade
On December 31, 2010, the Williams Company had the following liabilities: Trade accounts payable $140,000 11% note payable, maturing in equal installments of $30,000    per year o…
On December 31, 2010, the stockholders\' equity section of Arndt, Inc., was as f
                    On December 31, 2010, the stockholders' equity section of Arndt, Inc., was as follows:                                      Common stock, par value $10; author…
On December 31, 2011, B Corp. sold a machine to Royal and simultaneously leased
On December 31, 2011, B Corp. sold a machine to Royal and simultaneously leased it back for one year. Pertinent information at this date follows: Sales price $720,000 Carrying amo…
On December 31, 2011, Daggett Company issued $850,000 of ten-year, 9% bonds paya
On December 31, 2011, Daggett Company issued $850,000 of ten-year, 9% bonds payable for $800,232, yielding an effective interest rate of 10%. Interest is payable semiannually on J…
On December 31, 2011, Hurly Co. performed environmental consulting services for
On December 31, 2011, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $282,700 zero-interest-bear…
On December 31, 2011, Hurly Co. performed environmental consulting services for
On December 31, 2011, Hurly Co. performed environmental consulting services for Cascade Co. Cascade was short of cash, and Hurly Co. agreed to accept a $282,700 zero-interest-bear…
On December 31, 2011, Hurston Inc. borrowed $3,000,000 at 12% payable annually t
On December 31, 2011, Hurston Inc. borrowed $3,000,000 at 12% payable annually to finance the construction of a new building. In 2012, the company made the following expenditures …
On December 31, 2011, L, Inc. had a $1,500,000 note payable outstanding, due Jul
On December 31, 2011, L, Inc. had a $1,500,000 note payable outstanding, due July 31, 2012. L borrowed the money to finance construction of a new plant. L planned to refinance the…
On December 31, 2011, Short Co. is in financial difficulty and cannot pay a note
On December 31, 2011, Short Co. is in financial difficulty and cannot pay a note due that day. It is a $750,000 note with $75,000 accrued interest payable to Bryan, Inc. Bryan agr…
On December 31, 2011, Thomas Henley, financial vice president of kingston corpor
On December 31, 2011, Thomas Henley, financial vice president of kingston corporation, signed a noncancelable three - year lease for an item of manufacturing equipment. The lease …
On December 31, 2011, Walden owned the following securities that are held as a l
On December 31, 2011, Walden owned the following securities that are held as a long-term investment. The securities are not held for influence or control of the investee.         …
On December 31, 2011, the stockholders’ equity section of Blackwell Co. was as f
On December 31, 2011, the stockholders’ equity section of Blackwell Co. was as follows: Common stock, par value $10; authorized, 60,000 shares; Issued and outstanding, 18,000 shar…
On December 31, 2012, Ainsworth, Inc., had 750 million shares of common stock ou
On December 31, 2012, Ainsworth, Inc., had 750 million shares of common stock outstanding. Twenty eight million shares of 5%, $100 par value cumulative, nonconvertible preferred s…
On December 31, 2012, Ainsworth, Inc., had 750 million shares of common stock ou
On December 31, 2012, Ainsworth, Inc., had 750 million shares of common stock outstanding. Twenty eight million shares of 5%, $100 par value cumulative, nonconvertible preferred s…
On December 31, 2012, Alexander Company had $1,235,900 of short-term debt in the
On December 31, 2012, Alexander Company had $1,235,900 of short-term debt in the form of notes payable due February 2, 2013. On January 21, 2013, the company issued 23,870 shares …
On December 31, 2012, Alexander Company had $1,238,800 of short-term debt in the
On December 31, 2012, Alexander Company had $1,238,800 of short-term debt in the form of notes payable due February 2, 2013. On January 21, 2013, the company issued 25,290 shares …
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3
On December 31, 2012, Berclair Inc. had 200 million shares of common stock and 3 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding. On March 1…
On December 31, 2012, Brisbane Company had 100,000 shares of common stock outsta
On December 31, 2012, Brisbane Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 201…
On December 31, 2012, Central Freight reported an allowance for uncollectible ac
On December 31, 2012, Central Freight reported an allowance for uncollectible accounts of $15,300. During 2013, Central wrote off $17,000 in accounts receivable. Included in the w…
On December 31, 2012, Donovan, Inc had outstanding 400,000 shares of common stoc
On December 31, 2012, Donovan, Inc had outstanding 400,000 shares of common stock and 42,500 shares of 8% cumulative preferred stock (par $10). February 28, 2013, issued an additi…
On December 31, 2012, Donovan, Inc had outstanding 400,000 shares of common stoc
On December 31, 2012, Donovan, Inc had outstanding 400,000 shares of common stock and 42,500 shares of 8% cumulative preferred stock (par $10). February 28, 2013, issued an additi…
On December 31, 2012, Dow Steel Corporation had 650,000 shares of common stock a
On December 31, 2012, Dow Steel Corporation had 650,000 shares of common stock and 35,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…
On December 31, 2012, Dow Steel Corporation had 690,000 shares of common stock a
On December 31, 2012, Dow Steel Corporation had 690,000 shares of common stock and 39,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…
On December 31, 2012, Dow Steel Corporation had 700,000 shares of common stock a
On December 31, 2012, Dow Steel Corporation had 700,000 shares of common stock and 40,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …
On December 31, 2012, Dow Steel Corporation had 700,000 shares of common stock a
On December 31, 2012, Dow Steel Corporation had 700,000 shares of common stock and 40,000 shares of 10%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow …
On December 31, 2012, Dow Steel Corporation had 800,000 shares of common stock a
On December 31, 2012, Dow Steel Corporation had 800,000 shares of common stock and 50,000 shares of 8%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow i…
On December 31, 2012, Evan Company had 100,000 shares of common stock outstandin
On December 31, 2012, Evan Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2013, E…
On December 31, 2012, Heffner company had 100,000 shares of common stock outstan
On December 31, 2012, Heffner company had 100,000 shares of common stock outstanding. On February 28, 2013, Heffner purchased 24,000 shares of common stock on the open market as t…
On December 31, 2012, Lanigan Company prepaid the premium of $6,000 cash for ins
On December 31, 2012, Lanigan Company prepaid the premium of $6,000 cash for insurance coverage during January 2013. Which of the following would be the correct entry to record th…
On December 31, 2012, Lowell Inc. signs a contract with the state of Texas Depar
On December 31, 2012, Lowell Inc. signs a contract with the state of Texas Department of Transportation to manufacture a bridge over the Merrimack. Lowell Inc. anticipates the con…
On December 31, 2012, Mass Construction Inc. signs a contract with the state of
On December 31, 2012, Mass Construction Inc. signs a contract with the state of Massachusetts Department of Transportation to manufacture a bridge over the Merrimack. Mass Constru…
On December 31, 2012, Nolte Co. is in financial difficulty and cannot pay a note
On December 31, 2012, Nolte Co. is in financial difficulty and cannot pay a note due that day. It is a $1,800,000 note with $180,000 accrued interest payable to Piper, Inc. Piper …
On December 31, 2012, Ogallala Associates owned the following securities, held a
On December 31, 2012, Ogallala Associates owned the following securities, held as a  long-term investment. The securities are not held for influence or control of the investee.   …
On December 31, 2012, Santana Company has $7,109,200 of short-term debt in the f
On December 31, 2012, Santana Company has $7,109,200 of short-term debt in the form of notes payable to Golden State Bank due in 2013. On January 28, 2013, Santana enters into a r…
On December 31, 2012, Spartan outdoors received a 3%, $100,000, 3 year note from
On December 31, 2012, Spartan outdoors received a 3%, $100,000, 3 year note from a customer for services it rendered during 2012. The note pays interest annually and the market in…
On December 31, 2012, the American Bank enters into a debt restructuring agreeme
On December 31, 2012, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructur…
On December 31, 2012, the American Bank enters into a debt restructuring agreeme
On December 31, 2012, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructur…
On December 31, 2012, the Bennett Company had 115,000 shares of common stock iss
On December 31, 2012, the Bennett Company had 115,000 shares of common stock issued and outstanding. On July 1, 2013, the company sold 21,000 additional shares for cash. Bennett's…
On December 31, 2012, the Bennett Company had 115,000 shares of common stock iss
On December 31, 2012, the Bennett Company had 115,000 shares of common stock issued and outstanding. On July 1, 2013, the company sold 21,000 additional shares for cash. Bennett's…