[MGLIZ]

I have to create the entries and I have no clue how to do them and I am freaking out because this homework is timed please help me please.

[Curlyben]

What do YOU think ?
While we're happy to HELP we won't do all the work for you.
Show us what you have done and where you are having problems..

[MGLIZ]

On October 1, German Company borrows $120,000 from Northwest Bank by signing a 2-month, 5%, interest-bearing note.

Prepare the necessary entries for October 1, October 31, November 30, and December 1.

[MGLIZ]

Hogan Company issued $500,000, 8%, 10-year bonds on January 1, 2007, at 96 1/2. Interest is payable annually on January 1. Hogan uses the straight-line method of amortization and has a calendar year end.

Prepare the necessary journal entries for January 1 and December 31, 2007.

[MGLIZ]

Moore Company issued $1,000,000 of 4%, 20-year bonds at 99 1/2. Interest is paid annually and the straight-line method is used for amortization.

a. What amount was received for the bonds?

b. What is the amount of discount amortized each year?

c. How much interest is expensed each year?

d. How much interest is paid each year?

e. What is the carrying value of the bonds after the first interest payment?

[MGLIZ]

The following are selected accounts and balances from the records of Furry Corporation on June 30, 2007.

Common Stock, 75,000 shares authorized, 50,000 shares issued... $500,000

Paid-in Capital in Excess of Par Value-Common Stock... $150,000

Preferred Stock, $100 par value, 8%, 10,000 shares authorized... $300,000

Retained Earnings... $250,000

Treasury Stock (10,000 common shares)... $150,000

Paid-in Capital in Excess of Par Value-Preferred Stock... $30,000

a. What is the par value per share of Common Stock?

b. How many shares of Common Stock are outstanding?

c. How many shares of Preferred Stock are issued?

d. What was the average issuance price of Common Stock?

e. What was the average purchase price of Common Stock held for the treasury?

f. What is the total value of Paid-in Capital?

g. What is the total value of Stockholders’ Equity?

[MGLIZ]

On January 1, 2007, Woofield Corporation had 60,000 shares of $1 stated value common stock issued and outstanding. In addition to common stock, Fender also had issued 3,000 shares of 5%, $200 par, non-cumulative preferred stock. During the year, the following transactions occurred.

Feb. 1 Issued 5,000 shares of common stock for $40,000.

Mar. 5 Issued 1,000 shares of preferred stock for $240 per share.

May 15 Purchased 3,000 shares of common stock for the treasury for $6 per share.

Jun. 1 Declared a cash dividend of $0.50 per share of common stock to stockholders of record on June 15 to be paid on June 25.

Dec. 15 Declared the annual cash dividend to preferred stockholders to be paid on Dec. 31.

Dec. 31 Close out the net income for the year which amounted to $175,000.

Prepare journal entries to record the above transactions. Make sure to include dates for all journal entries.

[MGLIZ]

What do YOU think ?
While we're happy to HELP we wont do all the work for you.
Show us what you have done and where you are having problems..

That is the thing I don't understand I know that some of it has to do with interest expense and notes payable but that is I got and most of the question on this assignment are the same and I'm really freaking out about it.

[MGLIZ]

The following information is available for Gunning Corporation for the year ended December 31, 2007:

Collection of principal on long-term loan... $35,000
Acquisition of equipment for cash... 10,000
Proceeds from the sale of long-term investment... 27,000
Issuance of common stock... 20,000
Depreciation expense... 25,000
Redemption of bonds payable... 24,000
Payment of cash dividends... 14,000
Net income... 35,000

In addition, the following information is available from the comparative balance sheet for Gunning at the end of 2007 and 2006:

... 2007... 2006
Cash... $102,000... $14,000
Accounts Receivable... 25,000... 15,000
Prepaid Insurance... 19,000... 13,000
Total current assets... $146,000... $42,000

Accounts payable... $ 30,000... $19,000
Salaries payable... 6,000... 7,000
Total current liabilities... $ 36,000... $26,000

Prepare Gunning’s statement of cash flows for the year ended December 31. 2007, using the indirect method.