Entries by Grace Wahito

On January 1, 2017, Swifty Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years

March 3, 2020 in /by

On January 1, 2017, Swifty Co. borrowed and received $508,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature, Swifty agrees to supply the customer’s inventory needs for the loan period at lower than the market price. The appropriate rate at which to impute interest is 8%. (a)Prepare the journal entry to record […]

 

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The following information pertains to Parsons Co

March 3, 2020 in /by

The following information pertains to Parsons Co Preferred stock,cumulative Par value per share $100 Dividend rate 8% Shares outstanding 11,000 Dividends in arrears none Common stock: Par value per share $10 Shares issued 120,000 Dividends paid per share $2.10 Market price per share $49.00 Additional paid-in capital $480,000 Unappropriated retained earnings (after closing) $290,000 Retained […]

 

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Indigo Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ

March 3, 2020 in /by

Indigo Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ. Indigo Corp. has issued 20,500 units. Each unit consists of a $1,025 par, 12% subordinated debenture and 21 shares of $10 par common stock. The units were sold to outside investors for cash at $1,804 per unit. Prior to this sale, the 2-week ask price of […]

 

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Broussard Skateboard’s sales are expected to increase by 25% from $7.8 million in 2016 to $9.75 million in 2017

March 3, 2020 in /by

AFN equation Broussard Skateboard’s sales are expected to increase by 25% from $7.8 million in 2016 to $9.75 million in 2017. Its assets totaled $6 million at the end of 2016. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2016, current […]

 

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