Exercise 2.22 – Illinois Bank & Lisle Furniture Company (Total Cash Paid)
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the amount, percent, and length of a note… determine the total cash paid at maturity.
Given the amount, percent, and length of a note… determine the total cash paid at maturity.
Given information regarding a bond that was issued along with an amortization table… determine the cash borrowed, cash repaid, cash interest, and the interest expenses.
Given the purchase price, survey fees, demolition costs, property taxes, paving costs, fence costs, lights costs, and sign costs… determine the cost of the land.
Given beginning inventory, purchases, and ending inventory… determine the cost of goods sold.
Given sales revenue, inventory, and purchases… calculate gross profit.
Given the shares issued, par value, shares repurchased, and shares reissued… determine the issued shares and outstanding shares.
Given information regarding a bond that was issued… determine the amount of discount amortization.
Given the beginning inventory, purchases, sales, and gross profit percent… determine the cost of goods available along with calculating the cost of goods sold.
Given a data table with shares, par value, paid-in capital, retained earnings, treasury stock, and equity along with additional information… record journal entries while determining the effect on stockholders’ equity.
Given a purchase price and appraisal values… determine how much of the purchase price should be allocated to the cost of the land.