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Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on December 31. Prepare the following journal entries:
a. April 1, 2009, to record the issuance of the bonds.
b. September 30, 2009, to pay interest and to amortize the bond premium.
c. March 31, 2029, to pay interest, amortize the bond premium, and retire the bonds at maturity (make two separate entries).
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
Hanson Company uses a periodic inventory system. For 2012, its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000. What was the amount of Hanson's cost of goods sold for 2012?
Which would be a non-fraudulent earnings management scheme?
Evaluate the equivalent units of production for each cost element in the Creation Dep. for the month just ended. Find out the average cost per equivalent unit for each cost element.
Discuss contingencies and how they're reported on financial statements. What conditions should be met before a contingency can be charged against income?
Fluent an investor in stocks and bonds wanted to increase his portfolio but wanted to minimize his tax liability on the income from the bonds. He is presented with the following alternative investments: US Series EE bonds, bonds for industrial dev..
The existence of a material weakness led to an adverse opinion in the internal control audit report of a publicly traded company. Which of the following statements is correct if management believes that it has remediated the weakness?
Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be elimi..
Palmerin Corporation is preparing its cash budget for November. The budgeted beginning cash balance is $30,000. Budgeted cash receipts total $167,000 and budgeted cash disbursements total $171,000. The desired ending cash balance is $50,000.
What is the highest price that you would be willing to pay for an insurance policy that fully insures you in the event that your house burns down?
By how much must the assets be reduced to bring the TATO to the industry average, holding sales constant?
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