Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
On March 31, 2007, Hanson Corporation sold $5,000,000 of its 8%, 10-year bonds for $4,807,500 including accrued interest. The bonds were dated January 1, 2007. Interest is paid semiannually on January 1 and July 1. On April 1, 2011, Hanson purchased 1/2 of the bonds on the open market at 99 plus accrued interest and canceled them. Hanson uses the straight-line method for amortization of bond premiums and discounts.
(a) What was the amount of the gain or loss on retirement of the bonds?
(b) Prepare the journal entry needed at April 1, 2011 to record retirement of the bonds. Assume that interest and premium discount amortization have been recorded through January 1, 2011. Record interest and amortization on only the bonds retired.
(c) Prepare the journal entry needed at July 1, 2011 to record interest and premium or discount amortization.
At the end of the year, actual direct labor-hours for the year were 17,400 hours, manufacturing overhead for the year was overapplied by $13,850, and the actualmanufacturing overhead was $294,130. The predetermined overhead rate for the year must ..
Britney is beneficiary of an $150,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in five yearly installments of $32,000 or may take the $150 lump sum. She elects to take the lump sum payment. What ..
In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
what are the two most common types of pension plans? how do they work? what are the advantages and disadvantages? the pros and corns of each type and pros and corns from employee perspective if any.
Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012.
What is the purpose of the Statement of Cost of Goods Manufactured?
Compute the cumulative effect of the change in accounting principle from weighted-average to FIFO inventory pricing.
A $142 petty cash fund has cash of $24 and receipts of $121. Which of the following would be the credit in the journal entry to replenish the account?
The measurement date for shares issued to employees in share option plans accounted for using the fair-value method is:
A company's income statement showed the following: net income, $124,000; depreciation expense, $30,000; and gain on sale of plant assets, $14,000. Calculate the net cash provided or used by operating activities
Which of the following statements is true regarding an intercompany sale of land?
Jennie purchased 50 percent of the shares of SJ Corporation, a calendar year S corporation, for $7,000. She also guaranteed a corporate loan of $6,000. For 2011, SJ Corporation had an operating loss of $22,000. What is the amount of SJ Corporation..
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd