Monthly Archives: September 2017

Olympic Sports has two issues of debt outstanding

Olympic Sports has two issues of debt outstanding. One is an 8% coupon bond with a face value of $36 million, a maturity of 15 years, and a yield to maturity of 9%. The coupons are paid annually. The other … Continue reading

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Calder Corporation manufactures and sells one product.

Calder Corporation manufactures and sells one product. The following information pertains to the company’s first year of operations: Variable costs per unit: Direct Materials……………………….. $92 Fixed costs per year: Direct Labor…………………………… $720,000 Fixed manufacturing overhead……… $3,264,000 Fixed selling and administrative…….. … Continue reading

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Jamie Johnson auto repair shop maintenance cost mixed

Jamie Johnson auto repair shop maintenance cost mixed and varies most directly with labor hours worked. The following data have been gathers recent operations: Hours of activities……Maintenance Costs January 480 4200 February 320 3000 March 400 3600 April 300 5800 … Continue reading

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Arnez Company’s annual accounting period ends on December 31, 2017

Arnez Company’s annual accounting period ends on December 31, 2017. The following information concerns the adjusting entries to be recorded as of that date. Record the adjusting entry related to the company’s insurance. An analysis of the company’s insurance policies … Continue reading

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American Greetings Corporation manufactures and sells greeting cards

Exercise 6-21 Performing ratio analysis using real-world data American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following data were … Continue reading

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Tank Ltd is considering undertaking the purchase of a new piece

Tank Ltd is considering undertaking the purchase of a new piece of equipment that is expected to increase pre-tax income(EBITDA) by $7,000 each year for the next 5 years. It costs $30,000 to purchase today and for tax purposes must … Continue reading

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Beryl’s Iced Tea currently rents a bottling machine for $50,000 per​ year

Beryl’s Iced Tea currently rents a bottling machine for $50,000 per​ year, including all maintenance expenses. It is considering purchasing a machine​ instead, and is comparing two​ options: A. Purchase the machine it is currently renting for $160,000. This machine … Continue reading

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BUSI 2001 Assignment 1 – AIS, Cash, Accounts Receivable

BUSI 2001 – Intermediate Accounting 1 – Fall 2017 Assignment 1 – AIS, Cash, Accounts Receivable Problem 1 The balance in the prepaid insurance account at December 31, 20×4 of $166,000 consists of three insurance policies: Policy Effective Date Expiry … Continue reading

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The transactions of Spade Company appear below

The transactions of Spade Company appear below. Kacy Spade, owner, invested $17,750 cash in the company in exchange for common stock. The company purchased office supplies for $515 cash. The company purchased $9,816 of office equipment on credit. The company … Continue reading

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(Tree Diagrams) Wayne and Kai keep playing chess until one of them

1. (Tree Diagrams) Wayne and Kai keep playing chess until one of them wins two games in a row or one of them wins three games (not necessarily in a row). (a) In what percentage of all possible cases does … Continue reading

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