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1.On January 1, 2013, Essence Communications issued $800,000 of its 10 year, 8% bonds for $700,302. The bonds were priced to yield 10%. Interest is payable semiannually on June 30 and December 31. Essence Communications records interest at the effective rate and elected the option to report these bonds at their fair value.On December 31, 2013, the market interest rate for bonds of similar risk and maturity was 9%. The bonds are not traded on an active exchange.Required:1. Using the information provided, estimate the fair value of the bonds at December 31, 2013.2. Prepare the journal entry to record interest on June 30, 2013 (the first interest payment).3. Prepare the journal entry to record interest on December 31, 2013 (the second interest payment).4. Prepare the journal entry to adjust the bonds to their fair value for presentation in the December 31, 2013, balance sheet.
prepare the asset section of the classified balance sheet listing the current assets in order of their liquidity. taken
Provide reasoning and examples for how accounting software
rio coffee shoppe sells two coffee drinks a regular coffee and a latte. the two drinks have the following prices and
At the beginning of 2010 Stand Still Industries had $1,200 of raw materials in inventory. By December 31 they had $1,500 of raw materials inventory. During the year, the company purchased $183,000 of materials; of which it paid $175,500 and the ba..
On decmber 31, supplies costing 7,000 are on hand. Prepare the adjusting journal entry on decmeber 31. In separate t-accounts for each account, enter the unadjused balances, post the adjusting journal entry and report the adjusted balance.
Determine the present value of $500,000 to be received in three years, using an interest rate of 12%, compounded annually, as follows: a. By successive divisions. Round answer to the nearest dollar.
The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. is listed below in general ledger order. Transfer these accounts and balances and prepare an Income statement, Balance Sheet, and Statement of Retained Earnings all ..
a cash-strapped young professional offers to buy your car with four equal annual payments of 3000 beginning two years
During 2014, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.
In dos we have limit of _______ blocks per cluster.
how do you record this transaction?may 18 issues 30000 additional shares of 2 common stock for 75 per share.may 25
Calculate the annual income of the company using (1) the percentage-of-completion method and (2) the completed-contract method.
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