User Account

All Pages

Assume that the company closes its books on december

Assignment Help Accounting Basics
Reference no: EM13922009

Jayroe Company was started when it issued bonds with $300,000 face value on January 1, 2013. The bonds were issued for cash at 103. They had a 15 year term to maturity and an 6 percent annual interest rate. Interest was payable annually. Jayroe immediately purchased land with the proceeds (cash received) from the bond issue. Jayroe leased the land for $36,000 cash per year. On January 1, 2016, the company sold the land for $310,000 cash. Immediately after the sale, Jayroe repurchased its bonds (repaid the bond liability) at 104. Assume that no other accounting events occurred in 2016.

Required: 

Prepare an income statement, statement of changes in equity, balance sheet and statement of cash flows for each of the 2013, 2014, 2015, and 2016 accounting periods. Assume that the company closes its books on December 31 of each year. Prepare the statements using a vertical statements format.

Reference no: EM13922009

Questions Cloud

Affectional attraction to the same gender : A person's ________ is her or his erotic, romantic, and affectional attraction to the same gender, to the opposite gender, or both.
There such a thing as emerging adulthood : Read Issue 14, Is There Such a Thing as "Emerging Adulthood"?, in the Taking Sides text. What does the term 'emerging adulthood' refer to? Do you support the concept of 'emerging adulthood' and should it be considered a developmental stage? Explai..
Explain clearly why average worker may be choosing to work : Explain clearly and concisely why the average worker may be choosing to work more in 2001 and carefully label your graph.
Explain logic behind derivation of aggregate demand curve : Explain the logic behind the derivation of the Aggregate Demand (AD) curve. In particular, explain in detail the mechanism by which a change in price level (P) causes a change in each of the components of the aggregate demand.
Assume that the company closes its books on december : Prepare an income statement, statement of changes in equity, balance sheet and statement of cash flows for each of the 2013, 2014, 2015, and 2016 accounting periods.
Evaluate of the current market situation : Evaluate of the current market situation, Identify objectives of this communication program and develop an Integrated Marketing Communication program using at least two of the tools.
Explain the reason for this welfare loss : By using an appropriate diagram show that the imposition of a unit tax on a particular good or service causes a welfare loss. Explain the reason for this welfare loss.
Reduction in the depletion region width means : [T] [F] A reduction in the depletion region width means that the diode has been reversed biased. 2. [T] [F] To forward bias a diode, a positive potential must be supplied to the n-type region of the diode.
Determine the contribution margin in dollars : Determine the contribution margin in dollars, per unit, and as a ratio.Using the contribution margin technique, compute the break-even point in dollars and in units.Compute the margin of safety in dollars and as a ratio.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the cost of the 35,000 units

Calculate the cost of the 35,000 units completed and transferred out and the 30,000 units, 40% complete, in the ending Work in process

  In reviewing the december 31 2011 inventory schaefer

in reviewing the december 31 2011 inventory schaefer discovered errors in its inventory-taking procedures that have

  The first step in creating the master budget is the sales

the first step in creating the master budget is the sales budget. describe this budget and the information it includes.

  Manufacturing cost per unit

Assuming the company uses variable costing, calculate Polk's manufacturing cost per unit for 2012. (Round answer to 2 decimal places, e.g.10.50.)

  Why can auditors no longer be involved in helping

Why can auditors no longer be involved in helping their audit clients establish accounting information systems?

  How much is suspended under the at-risk rules

Several years ago, Joy acquired a passive activity. Until 2006, the activity was profitable. Joy's at-risk amount at the beginning of 2006 was $250,000. The activity produced losses of $100,000 in 2006, $80,000 in 2007, and $90,000 in 2008. During..

  Which of the following types of dividends are paid from a

1 which of the following is taxable?a. refunds of state income tax claimed in the prior year as an itemized deductionb.

  Which of the following would result in the decrease in cash

which of the following would result in a decrease in cash flow and a use of cash?a. a decrease in notes payableb. an

  Annual maintenance costs is 35customerrecord-keeping and

verizon spends an average of 400 to acquire a customer.annual maintenance costs is 35customer.record-keeping and

  Production of 1000 units selling at 20 having a variable

production of 1000 units selling at 20 having a variable cost 12 and fixed cost 10000. depreciation expenses is

  Rugby rocks inc had a retained earnings balance of 12000 at

rugby rocks inc. had a retained earnings balance of 12000 at december 31 2012. the company had an average income of

  Find value of t and develope appropriate testable hypothesis

Calculate the "t" value and set up the posting as required. Develope an appropriate research question. Develope an appropriate testable hypothesis based on the research question.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd