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X corp issued a $100,000 5 year bond, stated interest rate on bond at 10% on January 1,2010. Interest is paid annually at the end of the year. the market interest rate was 7%. 1. Determine the issuance price of the bond on January 1,2010. Record the entry in the accounting equation. 2. Record entry in accounting equation when bond interest is paid on December 31,2010.3. Show how bonds would be presented on balance sheet on December 31,2011. Two years from issuance. 4. Show the entry in the accounting equation when the bonds mature in 5 years.
Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect cont..
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
How would the company's aftertax cash inflow be affected if (a)it donated the land or (b) it sold the land for $110,000? How would its net income be affected?
Discuss the four elements of the budgeting cycle. What are the human aspects of budgeting? Do you have a budget for personal expenses? Does it work?
Calculate the cash dividends required to be paid for each of the following preferred stock issues: The semiannual dividend on 6% cumulative preferred, $50 par value, 30,000 shares authorized, issued, and outstanding.
Why do intercompany balances exist within the financial records of the separate companies? How are these reciprocals eliminated on a consolidation worksheet?
On June 30, 2012, Carmack Company concludes that a customer's $3,750 receivable(created in 2011) is uncollectible and that the account should be written off. What effect will this action have on Carmack's 2012 net income? Explain.
A corporation has 50,000 shares of $28 par value stock outstanding that has a current market value of $160. If the corporation issues a 4-for-1 stock split, the market value of the stock will fall to approximately
Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2011.
You are considering an investment in the common stock of Keller Corp. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00).
Visit a local movie theater and check out both its concession area and its showing areas. The manager of a theater must confront questions such as: How much return do we earn on concessions?
In December 2010, Gomez Company's manager estimated next year's total direct labor cost assuming 50 persons working an average of 2,000 hours each at an average wage rate of $15 per hour. The manager also estimated the following manufacturing over..
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