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On July 1, 2002, Moon, Inc. issued 9% bonds in the face amount of $2,000,000, which mature on July 1, 2012. The bonds were issued for $1,878,000 to yield 10%, resulting in a bond discount of $122,000. Moon uses the effective interest method of amortizing bond discount. Interest is payable annually on June 30. At June 30, 2004, Moon's unamortized bond discount should be
a. $105,620.
b. $102,000.
c. $97,600.
d. $86,000.
Tom sells a business machine which he was owned for four years for $27,000. Tom purchased the machine for $42,000 and taken $18,000 in depreciation. How much and what type of gain will result from this sale?
Wilton, Inc. had net sales in 2012 of $1,400,000. At December 31, 2012, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for Doubtful Accounts $2,400 credit. Wilton estimates that ..
Jackson Sound produces amplifiers and mixing boards in a modern production facility. The company is well known for its quality products -each item is thoroughly tested before it leaves the plant.
A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?
Determine the amounts that should be debited to Land, to Buildings, and to Machinery and Equipment. Assume the benefits of capitalizing interest during construction exceed the cost of implementation.
Carson Inc., a retail establishment, expects sales of $500,000 of a particular item in March. Its gross profit percentage is 60 percent.
Prepare journal entries that should be recorded as a result of each of the above contingencies. If no journal entry is needed, briefly explain why.
Lana Powell has cumulative earnings of $106,700 at the end of September. In the 1st week in October she earns $2,000. The amount deducted for Social Security and Medicare from her check is: (Assume Social Security rate of 6.2% on $106,800 and Medi..
Calculate and write in general journal format any entries for accounts needing adjustment. Calculate and write in general journal format closing entries and post to "T" accounts. Complete an Income Statement and Balance Sheet for month end.
Conduct research on the selected securities (Ford and UPS) Analyze the organizations' 10K and investment reports, general economic data, and Federal Reserve data.
The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales.
May Inc., has one shareholder,Paula, whose basis in May's stock was $100,000 on 1/1/10. During 2010, May distributed $300,000 to Paula. What is the amount of the distribution that would be treated as a dividend by Paula?
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