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On December 31, 2003, Sloan Corporation issued $ 1,000,000, 10%, 5-year bonds for $ 700,000. The par value of each bond is $ 1,000. The stated interest rate on the bond is 10% payable annually on December 31 of each year, beginning December 31, 2004. The bonds will mature 5 years from the date of issue (December 31, 2008).
(d) Provide the journal entry to record the issuance of the bonds. Show computations.
(e) Provide the journal entry that Sloan should make on December 31, 2004, assuming straight line amortization.
(f) Show how the bond liability and the related accounts will appear on the Balance Sheet of Sloan on December 31, 2004.
Major influences of competitors, costs, and customers on pricing decisions are factors of: (a) supply and demand (b) activity-based costing and activity-based management
Sun estimates the fair value of the recourse liability at $100,000. What would be recorded as a gain (loss) on the transfer of receivables?
Manufacturing overhead is allocated to products based on the number of machine hours required. In a year when 20,000 machine hours were anticipated, costs were budgeted at $125,000.
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
Juanita, who is single, is in an automobile accident in 2012 and her car sustains $6,200 in damages. Because both drivers received tickets in the accident, Juanita does not expect to recover any of the loss from her insurance company.
Spectre Chemicals produces Zaloff in a two department process. Information on the two departments for March and April, 2011 are as follows
Your meeting with the CEO and other officers of the distance learning investment company will last for 35 minutes. You must get them to buy into your idea or the project will fade away.
The Pima and Southern Railroad (PSRR) is a small railroad operating in rural Arizona. It exists by carrying freight to remote areas of the southwest. This year the PSRR needs to replace a 30-mile section of its track. The PSRR has bids from a cont..
Assess the importance of free cash flow in a growth company. Provide a brief scenario of a specific type of business that would benefit from free cash flow.
Sales taxes amount to $400 and the company paid an extra $300 to have a special horn installed. What should be the recorded cost of the van?
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information: The budgeted net income for November is
Using a traditional costing system based upon direct labor hours, compute the unit product costs for flims and flams as well as contribution margin per unit.
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