Spring 2025-11639-202510-ACC204-04 - Accounting Principles II
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On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0% and the bond selling price was $4,194,222. The bond issuance should be recorded as:
Jordan’s net income for the year ended December 31, Year 2 was $205,000. Information from Jordan’s comparative balance sheets is given below. Compute the cash received from the sale of its common stock during Year 2.
| At December 31 | Year 2 | Year 1 |
|---|---|---|
| Common Stock, $5 par value | $ 520,000 | $ 468,000 |
| Paid-in capital in excess of par | 968,000 | 871,000 |
| Retained earnings | 708,000 | 600,000 |
On February 15, Jewel Company buys 6,800 shares of Marcelo Corporation at $28.65 per share. The stock is classified as a stock investment with insignificant influence. This is the company’s first and only stock investment. On March 15, Marcelo Corporation declares a dividend of $1.17 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corporation stock on November 17 of the current year for $29.42 per share. The fair value of the remaining 3,400 shares is $29.62 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corporation is:
Nike owns equipment that cost $100,700 with accumulated depreciation of $68,800. Nike asks $36,800 for the equipment but sells the equipment for $34,200. Compute the amount of gain or loss on the sale.
On February 15, Jewel Company buys notes of Marcelo Corporation for $200,310. The investment is classified as long-term available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. The journal entry to record the purchase on February 15 is:
Use the following information and the indirect method to calculate the net cash provided or used by operating activities:
| Net income | $ 85,600 |
|---|---|
| Depreciation expense | 12,300 |
| Gain on sale of land | 7,800 |
| Increase in merchandise inventory | 2,350 |
| Increase in accounts payable | 6,450 |
A company issued 8%, 15-year bonds with a par value of $450,000 that pay interest semiannually. The market rate on the date of issuance was 8%. The journal entry to record each semiannual interest payment is:
A company issued 80 shares of $100 par value common stock for $9,000 cash. The journal entry to record the issuance is:
The following data were reported by a corporation:
| Authorized shares | 28,000 |
|---|---|
| Issued shares | 23,000 |
| Treasury shares | 7,500 |
The number of outstanding shares is:
The accountant for Sysco Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:
| Net income for the year | 315,000 |
|---|---|
| Cash dividends declared for the year | 59,000 |
| Cash dividends payable at the beginning of the year | 13,400 |
| Cash dividends payable at the end of the year | 16,100 |
What is the amount of cash dividends paid that should be reported in the financing section of the statement of cash flows?
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