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On December 31, 2009, the Leslie Company held an investment in bonds of Kaufmann Company which it categorized as being held to maturity. At that time, the 8%, $100,000 face value bonds had a carrying value of $107,023.56 and were being amortized using the effective interest method based on a yield of 7%. Interest on these bonds is paid annually each December 31. On December 31, 2010, after recording the interest earned, the Leslie Company decided to reclassify the Kaufmann bonds to its available for sale category in anticipation of a major restructuring. At that time, the ending quoted market price for the bonds was 105.Required:Prepare the journal entries on December 31, 2010, to record the interest earned and the reclassification.
on may 1 carter inc. factored 800000 of accounts receivable with rapid finance on a without recourse basis. under the
fastball delivery company acquired an adjacent lot to construct a new warehouse paying 30000 and giving a short-term
1.nbs inc. is a technology consulting firm focused on website development and integration of internet business
taurus tools has developed a new kitchen utensil. the firm has conducted significant market research and estimated the
The cost incurred in storage is 5% of purchase price per unit and 4% are insurance charges and 2% are expenses on misc. heads related to holding the compound. Annual usage is 5000 kg. Buffer stock maintained is 200 kg and average lead time is 5 da..
1. Prepare all appropriate journal entries relative to uncollectible accounts and bad debt expense. 2. Show the year-end balance sheet presentation for accounts receivable.
Use the three divisional income statements in the Pinnacle_Financials Excel file on the Web site to prepare a common-size income statement for each of the three divisions for all three years.
On November 8, 2006, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and was sold to Wood for $89,000. From the perspective of the combination, when is the gain on the sale of the land realized?
a small mill town in georgia has a clothing factory that employs about 35 of the working population. many years ago a
Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity in the right-hand margin.
the file lsquosuv contains the overall miles per gallon mpg of 2010 family suvs.a compute the mean median and the
aa hardware uses the lifo method to value its inventory. inventory at the beginning of the year consisted of 25000
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