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On January 1, 2012, Loop Raceway issued 590 bonds, each with a face value of $1,
On January 1, 2012, Loop Raceway issued 590 bonds, each with a face value of $1,000, a stated interest rate of 7% paid annually on December 31, and a maturity date of December 31,…
On January 1, 2012, Magilla Inc. granted stock options to officers and key emplo
On January 1, 2012, Magilla Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company's $10 par common stock at $29 per share. The …
On January 1, 2012, Meredith Corporation purchased 20% of the common shares of P
On January 1, 2012, Meredith Corporation purchased 20% of the common shares of Pirates Company for $438,000. During the year, Pirates earned net income of $175,200 and paid divide…
On January 1, 2012, Morgan Company acquires $350,500 of Nicklaus, Inc., 9% bonds
On January 1, 2012, Morgan Company acquires $350,500 of Nicklaus, Inc., 9% bonds at a price of $333,370. The interest is payable each December 31, and the bonds mature December 31…
On January 1, 2012, P Company acquires an 80 percent interest in S Company. The
On January 1, 2012, P Company acquires an 80 percent interest in S Company. The cost of the acquisition which is for cash in the open market, is $700,000. The value of the noncont…
On January 1, 2012, P Company purchased 95% of the outstanding common stock of S
On January 1, 2012, P Company purchased 95% of the outstanding common stock of S Company for $160,000. At that time, Sessions' stockholders' equity consisted of common stock, $120…
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with…
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with…
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The fo
On January 1, 2012, Palmer Company leased equipment to Woods Corporation. The following information pertains to this lease. 1. The term of the noncancelable lease is 6 years, with…
On January 1, 2012, Peet Development Company paid $325,000 in cash for a parcel
On January 1, 2012, Peet Development Company paid $325,000 in cash for a parcel of land to be used as the new office building site. During March, the company petitioned the city c…
On January 1, 2012, Pele Company purchased the following two machines for use in
On January 1, 2012, Pele Company purchased the following two machines for use in its production process. Machine A The cash price of this machine was $38,000. Related expenditures…
On January 1, 2012, Richards Inc. had cash and common stock of $63,420. At that
On January 1, 2012, Richards Inc. had cash and common stock of $63,420. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased…
On January 1, 2012, Rupp Co. borrowed $150,000 cash from Central Bank by issuing
On January 1, 2012, Rupp Co. borrowed $150,000 cash from Central Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments i…
On January 1, 2012, Saa Corporation had the following stockholders\' equity acco
On January 1, 2012, Saa Corporation had the following stockholders' equity accounts. Common Stock (no par value, 92,000 shares issued and outstanding) $1,372,300 Retained Earnings…
On January 1, 2012, Stewart Corporation had 1,000,000 ordinary shares outstandin
On January 1, 2012, Stewart Corporation had 1,000,000 ordinary shares outstanding. On March 1, the corporation issued 150,000 new shares to raise additional capital. On July 1, th…
On January 1, 2012, Surreal Manufacturing issued 600 bonds, each with a face val
On January 1, 2012, Surreal Manufacturing issued 600 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually on December 31, and a maturity date…
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company\'s capi
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company's capital stock for $660,000 in cash and other assets. Nephew had a book value of $790,000 and the 20 perc…
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capit
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $686,400 in cash and other assets. Nephew had a book value of $825,000 and the 20 perc…
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capit
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $672,000 in cash and other assets. Nephew had a book value of $806,000 and the 20 perc…
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capit
On January 1, 2012, Uncle Company purchased 80 percent of Nephew Company’s capital stock for $680,000 in cash and other assets. Nephew had a book value of $828,000 and the 20 perc…
On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it
On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it installed in a rented factory. It is depreciating the machinery over 12 years by the straight-line…
On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it
On January 1, 2012, Vallahara Company purchased machinery for $650,000, which it installed in a rented factory. It is depreciating the machinery over 12 years by the straight-line…
On January 1, 2012, Valley Power Company overhauled four turbine engines that ge
On January 1, 2012, Valley Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engin…
On January 1, 2012, Water World issues $26 million of 8% bonds, due in 9 years,
On January 1, 2012, Water World issues $26 million of 8% bonds, due in 9 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use…
On January 1, 2012, Woodson Inc. purchased a machine that cost $500,000 and had
On January 1, 2012, Woodson Inc. purchased a machine that cost $500,000 and had a residual value of $50,000. The machine is expected to produce 360,000 units of cheese and is esti…
On January 1, 2012, a machine was purchased for $170,100. The machine has an est
On January 1, 2012, a machine was purchased for $170,100. The machine has an estimated salvage value of $11,340 and an estimated useful life of 5 years. The machine can operate fo…
On January 1, 2012, a machine was purchased for $180,000. The machine has an est
On January 1, 2012, a machine was purchased for $180,000. The machine has an estimated salvage value of $12,000 and an estimated useful life of 5 years. The machine can operate fo…
On January 1, 2012, the National Furniture Company adopted the dollar-value LIFO
On January 1, 2012, the National Furniture Company adopted the dollar-value LIFO method of computing inventory. An internal cost index is used to convert ending inventory to base …
On January 1, 2012, the Von Schoppe Company purchased a delivery truck for $20,0
On January 1, 2012, the Von Schoppe Company purchased a delivery truck for $20,000. The truck had an estimated useful life of six years and a salvage value of $2,000. On September…
On January 1, 2012, the ledger of Kindt Com pony contained the ability accounts.
On January 1, 2012, the ledger of Kindt Com pony contained the ability accounts.During January, the company's employees earned wages of >>74,560. Withholdings related to the…
On January 1, 2012, the ledger of Kindt Com pony contained the ability accounts.
On January 1, 2012, the ledger of Kindt Com pony contained the ability accounts.During January, the company's employees earned wages of >>74,560. Withholdings related to the…
On January 1, 2012, your brother\'s business obtained a 30-year amortized mortga
On January 1, 2012, your brother's business obtained a 30-year amortized mortgage loan for $250,000 at a nominal annual rate of 4.35%, with 360 end-of-month payments. The firm can…
On January 1, 2012, your brother\'s business obtained a 30-year amortized mortga
On January 1, 2012, your brother's business obtained a 30-year amortized mortgage loan for $250,000 at a nominal annual rate of 4.35%, with 360 end-of-month payments. The firm can…
On January 1, 2012. Pond Co. acquired 40% of the outstanding voting common share
On January 1, 2012. Pond Co. acquired 40% of the outstanding voting common shares of Ramp Co. for $700,000. On that date. Ramp reported assets and liabilities with book values of …
On January 1, 2012. the ledger of Montoya Company contains the following liabili
On January 1, 2012. the ledger of Montoya Company contains the following liability During January, the following selected transactions occurred. Sold merchandise for cash totaling…
On January 1, 2013 Jeans-R-Us Company awarded 15 million of its $1 par common sh
On January 1, 2013 Jeans-R-Us Company awarded 15 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. One th…
On January 1, 2013 Joseph, Inc. acquired 80% of Allen Company in exchange for $2
On January 1, 2013 Joseph, Inc. acquired 80% of Allen Company in exchange for $2,250,000 fair-value consideration. The total fair value of Allen Company was assessed at $2,400,000…
On January 1, 2013 the Happy Company issued 11% bonds, dated January 1 with a fa
On January 1, 2013 the Happy Company issued 11% bonds, dated January 1 with a face amount of $800,000. The bonds sold for $739,820 and mature in 20 years. For bonds of similar ris…
On January 1, 2013, Ace Inc. issued stock options for 210,000 shares to a divisi
On January 1, 2013, Ace Inc. issued stock options for 210,000 shares to a division manager. The options have an estimated fair value of $4 each. To provide additional incentive fo…
On January 1, 2013, Ameen Company purchased a building for $42 million. Ameen us
On January 1, 2013, Ameen Company purchased a building for $42 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting.…
On January 1, 2013, Ameen Company purchased a building for $45 million. Ameen us
On January 1, 2013, Ameen Company purchased a building for $45 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting.…
On January 1, 2013, Ameen Company purchased a building for $52 million. Ameen us
On January 1, 2013, Ameen Company purchased a building for $52 million. Ameen uses straight-line depreciation for financial statement reporting and MACRS for income tax reporting.…
On January 1, 2013, Applied Technologies Corporation (ATC) issued $660,000 in bo
On January 1, 2013, Applied Technologies Corporation (ATC) issued $660,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 8 percent. When the bonds wer…
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory meth
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $350,000. An internally generat…
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory meth
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $350,000. An internally generat…
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory meth
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $350,000. An internally generat…
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory meth
On January 1, 2013, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $295,000. An internally generat…
On January 1, 2013, Ballieu Company leases specialty equipment with an economic
On January 1, 2013, Ballieu Company leases specialty equipment with an economic life of 12 years to Anderson Company. The lease contains the following terms and provisions: The le…
On January 1, 2013, Baznik Company adopted a defined benefit pension plan. At th
On January 1, 2013, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resul…
On January 1, 2013, Belk, Inc. had outstanding 440,000 common shares (par $1) th
On January 1, 2013, Belk, Inc. had outstanding 440,000 common shares (par $1) that originally sold for $20 per share, and 4,000 shares of 10% cumulative preferred stock (par $100)…