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Question - McCartney Corporation had the following bond transactions during the fiscal year 2018:
On January 1: issued ten $20,000 bonds at 101. The 5-year bonds are dated January 1, 2018. The contract interest rate is 5%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.
On July 1: McCartney Corporation issued $500,000 of 5%, 10-year bonds. The bonds dated January 1, 2018 were issued at 88, and pay interest on July 1 and January 1. Straight-line amortization method is used.
On October 1: issued 10-year bonds $10,000 face value bonds, for $10,985 cash. The bonds have a stated rate of 6%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.
Requirements: Prepare the general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2018.
ABC Unlimited Comp. makes decorative throw pillows for home use. Prepare the production budget. Assume that company anticipates selling 240,000 units in April
XYZ Company had 200,000 shares of common stock outstanding on December 31, 2015. On July 1, 2016, XYZ issued an additional 52,000 shares for cash.
Charitable contributions: $4,900. What are Charles' itemized deductions for AMT purposes? What is the amount of the AMT adjustment
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Required: Prepare a production budget for the month of April 30, 2017.
It is futher estimated that the home delivery use of the trucks would be allocated 45% of the existing $6,500 fixed vehicle costs. What is the differential delivery cost per month for expanding into the home delivery market?
A fire destroys all of the merchandise of Bridgeport Company on February 10, 2017. What is the approximate inventory on February 10, 2017
Prepare a single-step income statement for Allen for 2004. Allen has 100,000 shares of stock outstanding.
Benston (1982, p. 102), in an analysis of corporate social accounting and reporting (CSAR), says: "The social responsibility of accountants can be expressed.
Jon completed a cost-volume-profit analysis for AVI Company for the next year. What will be the impact on the company in the future
what are the total assets and net income for this problem?prepare a cost of goods sold budget for lifetyme publishers
When should an entry be made to remove the cost and the accumulated depreciation from the accounts?
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