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On February 1, 2015, Fugit Company sells merchandise on account to Armen Company
for $6,500. The entry to record this transaction by Fugit Company is
Answer:
There are three parties to a check: (1)_______________, (2)______________, and the
(3)______________.
Answer:
The cost of goods available for sale consists of the beginning inventory plus the cost of
goods purchased.
Answer:
Niebuhr Company issued $400,000 of bonds on January 1, 2015.
Instructions
•Prepare the journal entry to record the retirement of the bonds at maturity,
assuming the bonds were issued at 100.
•Prepare the journal entry to record the retirement of the bonds before maturity at
97. Assume the balance in Premium on Bonds Payable is $4,000.
•Prepare the journal entry to record the conversion of the bonds into 15,000 shares
of $10 par value common stock. Assume the bonds were issued at par.
•
Answer:
A comparative balance sheet for Rocker Company appears below:
Additional information:
1> Net income for the year ending December 31, 2015 was $35,000.
2> Cash dividends of $15,000 were declared and paid during the year.
3> Long-term investments that had a cost of $17,000 were sold for $14,000.
4> Sales for 2015 were $120,000.
Instructions
Prepare a statement of cash flows for the year ended December 31, 2015, using the
indirect method.
Answer:
