Reference no: EM131725853

Question 1 - Alpha Corporation issued $100,000 of 10%. ten-year bonds on January 1. 2016, for $101,500. Interest is paid midway on January 1. The premium is amortized by the straight-line method. On April 1, 2019, Alpha retired the bonds at 104 plus accrued interest. Use this information to prepare the General Journal entry to record the retirement & accrued interest payment of the bond.

Question 2 - Alpha Company purchased a $1,000, 5 years, 6% bond on July 1, 2015 for $960. Interest Is paid annually on June, 30. The straight line method of amortization is used for both premiums & discounts. Use this information to prepare the General Journal entry (without explanation) for the June 30, 2016. If no entry is required then write 'No Entry Required."

Question 3 - On August 1, 2017, Alpha Company retired a $10,000 bond at 105. On July 31, 2017 Alpha had accrued the interest payment for $250. At the date of retirement, the unamortized discount on the bonds was $400. Use this information to prepare the General Journal entry to record the retirement & accrued interest payment of the bond.

Question 4 - On January 1, 2016, Alpha Corporation had 100,000 shares of common stock outstanding. On April 15, the board declared a $0.30 per share dividend to be paid to stockholders of record on May 4. The dividend was distributed on May 15. Use this information to prepare the General Journal entries (without explanation) for April 15 & May 15. If no entry is required then write No Entry Required:

Question 5 - The following are selected accounts for the Alpha Dog Company after all fiscal Year December 31, 2016, adjusting entries & closing entries have been posted. All balances are normal.

On December 31, 2016, Common Stock was authorized 50,000 shares and Preferred Stock was authorized 5.000 shares. Prepare only the Stockholder's Equity section of the Classified Balance Sheet for the year end. Be sure to use a good format, dollar signs and single underlines were required. There are a few extra lines in the formatted input answer form to allow for acceptable balance sheet format variations.

Question 6 - Immediately following an acquisition, the Alpha Company's balance sheet included cash $50,000, investment in subsidiary $250,000, plant assets $450,000, and liabilities $150,000. The wholly owned subsidiary (Bravo-Zulu Company) had cash $75,000, plant assets $145,000, and liabilities $60,000. All balances are normal. There are no other assets or liabilities, and the given values for the subsidiary are also equal to their fair values. Use this information to determine the dollar value of Alpha Company's:

1. Goodwill

2. Total Assets before Consolidation

3. Total Liabilities after Consolidation

4. Total Assets after Consolidation

Question 7 - Alpha Corporation has one class of common stock with a par value of S5. There is no Treasury Stock balance as of January 1, 2017. On January 1, 2017 Alpha had a $75,000 balance in its Common Stock account. On October 1, 2017 Alpha issued an additional 2,500 shares of common stock for $14,400. There is no class of preferred stock outstanding during FY 2017. Use this information to determine the Net Income or (Net Loss) for Alpha if it reports an earnings per share of $4.80.

Question 8 - At fiscal year end, December 31, 2017, Alpha Corporation had total stockholders' equity of $10,500,000. There is only one class of common stock and no preferred stock On January 1, 2017 the Common Stock account was value at $500,000. On July 1, 2017, Alpha issued 15,000 additional shares of its S5 par common stock for $15 per share. Use this information to determine the book value as of end of the FY 2017. (Round your answer to the nearest penny.)

Question 9 - At fiscal year end, December 31, 2017, Alpha Corporation had total stockholders' equity of $2,000,000. On FY 2017 year end, Alpha Corporation had Common Stock account of $1,000,000 of S10 par value common stock and Preferred Stock account of $100,000 of $100 par value. There was no treasury stock. The preferred stock was noncumulative and had a call price of $110. Use this information to determine the book value of Common Stock as of end of the FY 2017: (Round your answer to the nearest penny.)

Question 10 - Alpha company purchased a $1,000, 6%, 6-year bonds at 97 and was held to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment?

Alpha company purchased a $1,000, 6%, 6-year bonds at 103 and was held to maturity. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment?

Question 12 - Alpha company purchased a 51,000, 5%, 5-year bonds at 97 and was held to motility. The straight line method of amortization is used for both premiums & discounts. What is the net cash received over the life of the bond investment?