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In January 1, Year 2017, Kennard Co. issued $2,000,000, 5%, 10-year bonds, with interest payable on June 30 and December 31 when the market rate of interest for similar bonds was 6%. Use the following format and round figures to the nearest dollar.
1. Actual proceeds received from the issuance of the bonds.
2. Amortization schedule for Year 1 and Year 2 using the effective interest rate method.
Date Cash Paid Interest Expense Amortization Bond Carry Value
3. Show how this bond would be reported on the balance sheet at December 31, Year 2.
Keith has a capital balance of $50,000 and Jim has a capital balance of $35,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill?
Prepare the entry to record the interest expense at October 1, 2014. Assume that accrued interest payable was credited when the bonds were issued.
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An employee earns $5,800 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%.
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The firm is interested in knowing how the project will perform if the sales forecast for Years 4 and 5 of the project are revised such that there is a 50 percent chance that the sales will be 1,400 units and a 50 percent chance they will be 2,500 ..
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Bradford Company budgeted 4,750 pounds of material costing $6.5 per pound to produce 2,375 units. The company actually used 12,000 pounds that cost $6.6 per pound to produce 3,500 units. What is the direct materials quantity variance?
Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units. What is the break-even point in unit sales? What is the break-even point in dollar sales? What is the margin of safety in dollars? What i..
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