Financial Accounting questions and answers in August 2021

What was the amount of any discount or premium at the time the zero-coupon notes were originally issued?. Note 10: Borrowings Notes payable and short-term borrowings and the related average interest r...

Glade Company leases specialized computer equipment to customers under sales-type leases. The equipment has no residual value at the end of the lease term, and the leases do not contain bargain purcha...

Your supervisor has tasked you with evaluating several loans related to a new expansion project. Using the PVIFA table (table 9.4 in the textbook), determine the annual payment on a $365,900, 7% busin...

List four (4) different types of budgets used in the hospitality industry and explain their purpose. What information would you require to plan and prepare a budget for a new hospitality business? Exp...

Which of the following statements relating to a hospitality budget is not true? It is a detailed plan It is a management tool It provides many of the performance targets used in responsibility a...

The practical project involves two parts: I Part A is the preparation of a selection of consolidation journal entries for an economic entity comprising a parent and a subsidiary. In Part B is an expla...

For the following ordinary annuity, determine the size of the periodic payment. Future Value Present Value Payment Period Term of Annuity Interest Rate Conversion Period - $19,100.00 6 months 12?...

Pogacar and Carapaz are the only members of PogacarCarapaz CC. They have an equal interest in the corporation and distribute profits accordingly. The following information is extracted from the accoun...

Ramon and Mia want to invest $5,950 at the end of this year into an investment account. They plan to invest 8.8% more next year, and will continue to increase their contributions 8.8% from each year t...

The market for Gold & Copper Ltd opens for trading at 10 am. On a particular day the first trade of Gold & Copper's share occurs at 10.15 am and the price established in the market is $2 per s...

Novak Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $430000 and credit sales are $1720000. Management estimates that 5% of accou...

Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 31,000 dinars to be received on March 1, 2021. Icebreaker enters into a forward contr...

In December of 2020, RRI performed a renovation for Finley Fibbs, a lawyer. In return for the renovation, Finley provided 20 hours of legal service to RRI. Finley's regular billing rate is $250 per ho...

Dividends Per Share Seacrest Company has 15,000 shares of cumulative preferred 2% stock, $150 par and 50,000 shares of $5 par common stock. The following amounts were distributed as dividends: 20Y...

Fixed asset turnover ratio Select financial statement data for two recent years for Davenport Company are as follows: 20Y5 20Y4 Sales $1,668,000 $1,125,000 Fixed assets: Beginning of ye...