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On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plus accured interest . The journal entry Stanton will record on June 30, 2010, will include:
a- a credit to interest revenue for 2,000
b- a debit to cash for 3000
c- a debit to cash for 2000
d- a credit to interest receivable for 1000
Bloomfield Bakers accounts for its investment in Clor Confectionary under the equity method. Bloomfield carried the Clor investment at $150,000 and $165,000 at December 31m 2010 and 2011, respectively.
Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:
When discussing planned detection risk (PDR) and the audit risk model, which of the following statements is not true?
Standlar Company makes wireless speakers. The standard model price is $360 and variable expenses are $210. The deluxe model price is $500 and variable expenses are $300.
This is the data table about my city that I live in 1990 and 2000 and difference 1990 2000 Difference-What information from this table do you find to be most interesting? Give 2 to 4 sentences of explanation.
Prepare the journal entry for the issuance when the market price of the common shares is $ 168 each and market price of the preferred is 210 each. (Round to nearest dollar.)
The Acme Company has an $8,000,000 balance in accounts receivable. Their CPA believes that there are very few misstatements. Which of the following would the CPA use to audit the account?
Explain the accounting alternatives that Bonanza Trading Stamps, Inc. should consider for the recognition of its revenues and related expenses.
Suppose you are studying two hardware lease proposals. Option 1 costs $4,000,but requires that the entire amount be paid in advance.
The balance sheet also shows $90 million in accounts payable, $120 million in notes payable, $300 million in long-term debt, $50 million in preferred stock, $180 million in retained earnings, and $800 million in total common equity. If the company..
If the firm issued no stock during the year, the dividends issued were $100, what's the net income over the period?
There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.
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