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On January 1, 2010, Kentwood Company issued bonds with a face value of $800,000. The bonds carry a stated interest of 7% payable each January 1 and July 1.
a. Prepare the journal entry for the issuance assuming the bonds are issued at 97.
b. Prepare the journal entry for the issuance assuming the bonds are issued at 102
Top management has decided the transfers between the two divisions should be at $19. Compute the effect of the transfer on the net income for the Battery Division, Automotive Division, and the total company
Write down a memo to Stacey describing the tax consequences of incorporation. As part of your memo analyze the possibility of having the corporation issue common and preferred stock and debt for shareholders’ property and money.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
What is meant by the statement, "Assets are listed in order of liquidity"? Give an example using the typical current assets section of a balance sheet.
You are required to prepare a flowchart describing the general process and information flows at Top Notch T-Shirt Printing.
Provide an example of financial institutions, and state what role they play in securities markets.
How has the 2007-09 Global Financial Crisis affected the procedures of global economic governance?
On the first day of the current fiscal year, $1,000,000 of 10-year, 7% bonds, with interest payable semiannualy were sold for $1,050,000. Present entries to record the following transactions for the current fiscal year:
Include tests of transactions after the balance sheet date as well as tests of transactions during the year under audit. Show
American leases various types of equipment and property, primarily aircraft and airport facilities. The future minimum lease payments required under capital leases
Evaluate the inventory turnover ratio for 2010 by using the LIFO and FIFO cost-flow assumption methods.
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
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