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On March 1, 2005, Andrews Corporation issued $900,000, 8%, 5-year bonds dated January 1, 2005, for $834,500, including accrued interest. The bonds pay semi-annual interest on January 1 and July 1 and mature on January 1, 2010. The company uses the straight-line method of amortization and has a calendar year end.Instructions1.Prepare a journal entry to record the sale of the bond.2.Record the semi annual payment of interest and amortization of the discount or premium.3.Record the accrued bond interest and amortization on December 31, 20054.Record the bond interest payment on January 1 20065.Record the purchase of $540,000 of the bonds at the call of 104, on January 1,2007
What assets qualify for interest capitalization? What assets do not qualify for interest capitalization?
On June 1, 2001, Janson Bottle Company sold $500,000 in long-term bonds for $428,800. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10% (use the 10%).
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.
What are the differences between substantive tests of transactions and tests of details of balances?
Discuss the allowance method and the direct write-off method of accounting for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Respond to at least two of your classmates' postings.
Prepare summary entries on the books of the consignor for these consignment sales transactions. Prepare summary entries on the books of the dealer consignee, assuming there is only one dealer involved. Prepare the parts of Tingey Industries' financia..
Scott Company's variable expenses are 72% of sales. The company's break-even point in dollar sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:
International Electronic Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally.
On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1. Prepare the journal entry for the issuance assuming the bonds are issued at 97.
At December 31, 2012, Vermont Industries reported three temporary differences between accounting and taxable income:
Using these data, state or compute for the year the following amounts , Direct materials puchased for this answer I put $410,00 but what is the credit entry then and what is the connection with the end and beginning of the year. confused here.
Do you need to develop your own internal GAAP to manage the company? Let's get creative and brainstorm. There's no right answer here, just the opportunity to begin exploring the fascinating topic of International Accounting.
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