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On January 1, 2010, Jacob issues $800,000 of 9%, 13-year bonds at a price of 96
On January 1, 2010, Jacob issues $800,000 of 9%, 13-year bonds at a price of 96 On January 1, 2010, Jacob issues $800,000 of 9%, 13-year bonds at a price of 96 On January 1, 2010,…
On January 1, 2010, Korsak, Inc. established a stock appreciation rights plan fo
On January 1, 2010, Korsak, Inc. established a stock appreciation rights plan for its executives. It entitled them to receive cash at any time during the next 4 years for the diff…
On January 1, 2010, Lindsey Company issued 10-year, $3,100,000 face value, 6% bo
On January 1, 2010, Lindsey Company issued 10-year, $3,100,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 19 shares of Lindsey common stock. Lindsey's net …
On January 1, 2010, Maplewood Corporation had the following balances in its stoc
On January 1, 2010, Maplewood Corporation had the following balances in its stockholders' equity accounts: Common stock, $100,000 (10,000 shares of $10 par value stock); contribut…
On January 1, 2010, Mehan, Incorporated purchased 15,000 shares of Cook Company
On January 1, 2010, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan a l 5% ownership of Cook. On January 1, 2011 Mehan purchased an additiona…
On January 1, 2010, Mehan, Incorporated purchased 15,000 shares of Cook Company
On January 1, 2010, Mehan, Incorporated purchased 15,000 shares of Cook Company for $150,000 giving Mehan a 15% ownership of Cook. On January 1, 2011 Mehan purchased an additional…
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 4,400 shares of …
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 4,400 shares of …
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2
On January 1, 2010, Metco, Inc., had issued an outstanding 574,600 shares of $2 par value common stock. On March 15, 2010, Metco, Inc., purchased for its treasury 4,400 shares of …
On January 1, 2010, Osborn Company sold 12% bonds having a maturity value of $83
On January 1, 2010, Osborn Company sold 12% bonds having a maturity value of $838,000 for $901,532.80, which provides the bondholders with a 10% yield. The bonds are dated January…
On January 1, 2010, Powell Company purchased a building and machinery that have
On January 1, 2010, Powell Company purchased a building and machinery that have the following useful lives, salvage value, and costs. Building, 25-year estimated useful life, $6,0…
On January 1, 2010, Ritt Corp. purchased 80% of Shaw Corp\'s $10 par common stoc
On January 1, 2010, Ritt Corp. purchased 80% of Shaw Corp's $10 par common stock for $975,000. On this date, the carrying amount of Shaw's net assets was $1,000,000. The fair valu…
On January 1, 2010, Sands Company had Accounts Receivable $54,200 and Allowance
On January 1, 2010, Sands Company had Accounts Receivable $54,200 and Allowance for Doubtful Accounts $3,700. Sands Company prepares financial statements annually and uses a perpe…
On January 1, 2010, Sands Company had Accounts Receivable $56,900 and Allowance
On January 1, 2010, Sands Company had Accounts Receivable $56,900 and Allowance for Doubtful Accounts $4,070. Sands Company prepares financial statements annually and uses a perpe…
On January 1, 2010, Weiser Corporation had the following stockholders\' equity a
On January 1, 2010, Weiser Corporation had the following stockholders' equity accounts. Common Stock ($5 par value, 200,000 shares issued and outstanding) $1,000,000. Paid in capi…
On January 1, 2010, Werth Corporation had these stockholders\' equity accounts.
On January 1, 2010, Werth Corporation had these stockholders' equity accounts. Common Stock ($10 par value, 80,000 shares issued and outstanding) $800,000 Paid-in Capital in Exces…
On January 1, 2010, Wetzel Company sold property for $200,000. The note will be
On January 1, 2010, Wetzel Company sold property for $200,000. The note will be collected as follows: $101,800 in 2010, $61,800 in 2011, and $36,400 in 2012. The property had cost…
On January 1, 2010, Wetzel Company sold property for $200,000. The note will be
On January 1, 2010, Wetzel Company sold property for $200,000. The note will be collected as follows: $101,800 in 2010, $61,800 in 2011, and $36,400 in 2012. The property had cost…
On January 1, 2010, Wolf Corp. issued 1,000 of its 8%, $1,000 bonds for $1,050,0
On January 1, 2010, Wolf Corp. issued 1,000 of its 8%, $1,000 bonds for $1,050,000. These bonds were to mature on January 1, 2020, but were callable at 102 any time after December…
On January 1, 2010, Yadier Inc. had the following stockholders\' equity account
On January 1, 2010, Yadier Inc. had the following stockholders' equity account balances. Common Stock, no-par value (496,000 shares issued) $1,488,000 Common Stock Dividends Distr…
On January 1, 2010, Yeargan Company obtained an $88,000, seven year 5% installme
On January 1, 2010, Yeargan Company obtained an $88,000, seven year 5% installment note from Farmers Bank. The note requires annual payments of $15,208, with the first payment occ…
On January 1, 2010, the Accumulated Depreciation—Machinery account of a particul
On January 1, 2010, the Accumulated Depreciation—Machinery account of a particular company showed a balance of $370,000. At the end of 2010, after the adjusting entries were poste…
On January 1, 2010, the ledger of Glennon Company contained these liability acco
On January 1, 2010, the ledger of Glennon Company contained these liability accounts. Accounts payable $42,500 Sales Taxes Payable 6,600 Unearned service revenue 19,000 During Jan…
On January 1, 2010, the ledger of Glennon Company contained these liability acco
On January 1, 2010, the ledger of Glennon Company contained these liability accounts. Accounts payable $49,020 Sales Taxes Payable 7,316 Unearned service revenue 26,330 During Jan…
On January 1, 2010, the ledger of Glennon Company contained these liability acco
On January 1, 2010, the ledger of Glennon Company contained these liability accounts. Accounts payable $49,020 Sales Taxes Payable 7,316 Unearned service revenue 26,330 During Jan…
On January 1, 2010, the ledger of Painless Software Company contains the followi
On January 1, 2010, the ledger of Painless Software Company contains the following liability accounts. Accounts Payable $42,500 Sales Taxes Payable 5,800 Unearned Service Revenue …
On January 1, 2010, when the market interest rate was 9 percent, Seton Corporati
On January 1, 2010, when the market interest rate was 9 percent, Seton Corporation completed a $210,000, 8 percent bond issue for 196,521. The bonds were dated January 1, 2010, pa…
On January 1, 2011 ACME Company purchased a building for $45million. ACME deprec
On January 1, 2011 ACME Company purchased a building for $45million. ACME depreciates the building using straight line for financial accounting and uses MACRS for its tax return. …
On January 1, 2011 ACME Company purchased a building for $45million. ACME deprec
On January 1, 2011 ACME Company purchased a building for $45million. ACME depreciates the building using straight line for financial accounting and uses MACRS for its tax return. …
On January 1, 2011 ACME Company purchased a building for $45million. ACME deprec
On January 1, 2011 ACME Company purchased a building for $45million. ACME depreciates the building using straight line for financial accounting and uses MACRS for its tax return. …
On January 1, 2011 ACME Company purchased a building for $45million. ACME deprec
On January 1, 2011 ACME Company purchased a building for $45million. ACME depreciates the building using straight line for financial accounting and uses MACRS for its tax return. …
On January 1, 2011 ACME Company purchased a building for $45million. ACME deprec
On January 1, 2011 ACME Company purchased a building for $45million. ACME depreciates the building using straight line for financial accounting and uses MACRS for its tax return. …
On January 1, 2011 Big Company purchased 90% of Small company for $2,700,000. On
On January 1, 2011 Big Company purchased 90% of Small company for $2,700,000. On January 1, Small had the following balance sheet Assets: Cash 500,000 Inventory 500,000 Equipment …
On January 1, 2011 The ACME Company made two investments: A) Purchased 200 of th
On January 1, 2011 The ACME Company made two investments: A) Purchased 200 of the 2,000,000 shares of HAL for $20,000 B) Purchased 400 of the 1,000 shares of GZK for $40,000. At t…
On January 1, 2011 a businessman had cash assets of $200,000 as capital. $60,000
On January 1, 2011 a businessman had cash assets of $200,000 as capital. $60,000 worth of raw materials in his firm. He owed $100,000 in accounts payable and had $10,000 in accoun…
On January 1, 2011, $937,000, 5-year, 10% bonds, were issued for $908,890. Inter
On January 1, 2011, $937,000, 5-year, 10% bonds, were issued for $908,890. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line…
On January 1, 2011, $937,000, 5-year, 10% bonds, were issued for $908,890. Inter
On January 1, 2011, $937,000, 5-year, 10% bonds, were issued for $908,890. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line…
On January 1, 2011, Albert invested $10,000 at 6 percent interest per year for t
On January 1, 2011, Albert invested $10,000 at 6 percent interest per year for three years. The CPI on January 1, 2011, stood at 100. On January 1, 2012, the CPI (times 100) was 1…
On January 1, 2011, Argentina Corporation had the following stockholders\' equit
On January 1, 2011, Argentina Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 75,000 shares issued and outstanding) $1,500,000 Paid-in Ca…
On January 1, 2011, Aspen Company acquired 80 percent of Birch Company\'s outsta
On January 1, 2011, Aspen Company acquired 80 percent of Birch Company's outstanding voting stock for $288,000. Birch reported a $300,000 book value and the fair value of the nonc…
On January 1, 2011, Blanton Company\'s Valuation Allowance for Trading Investmen
On January 1, 2011, Blanton Company's Valuation Allowance for Trading Investments account has a debit balance of $22,500. On December 31, 2011, the cost of the trading securities …
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is de
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. La…
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is de
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. La…
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is de
On January 1, 2011, Borstad Company purchased equipment for $1,150,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. La…
On January 1, 2011, Boston Company completed the following transactions (use a 9
On January 1, 2011, Boston Company completed the following transactions (use a 9 percent annual interest rate for all transactions a. Borrowed $103,000 for nine years. Will pay $9…
On January 1, 2011, Cannon Enterprises issues bonds that have a $2,150,000 par v
On January 1, 2011, Cannon Enterprises issues bonds that have a $2,150,000 par value, mature in 20 years, and pay 6% interest semiannually on June 30 and December 31. The bonds ar…
On January 1, 2011, Club Company issued 10% bonds, dated January 1, 2011, with f
On January 1, 2011, Club Company issued 10% bonds, dated January 1, 2011, with face amount of $20 million. The bonds matue in 2020 (10 years). For bonds of similar risk and maturi…
On January 1, 2011, Courier Inc. purchased new equipment that had a total cost (
On January 1, 2011, Courier Inc. purchased new equipment that had a total cost (including shipping and installation) of $89,000. The equipment is expected to have a useful life of…
On January 1, 2011, F Corp. issued 2,000 of its 10%, $1,000 bonds for $2,080,000
On January 1, 2011, F Corp. issued 2,000 of its 10%, $1,000 bonds for $2,080,000. These bonds were to mature on January 1, 2021, but were callable at 101 any time after December 3…
On January 1, 2011, F Corp. issued 3,600 of its 8%, $1,000 bonds for $3,710,000.
On January 1, 2011, F Corp. issued 3,600 of its 8%, $1,000 bonds for $3,710,000. These bonds were to mature on January 1, 2021, but were callable at 101 any time after December 31…