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Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fiscal year, Robbins Company issued $7,200,000 of 4-year, 12% bonds to finance its operations of producing and selling home improvement products. Interest is payable semiannually. The bonds were issued at a market (effective) interest rate of 13%, resulting in Robbins Company receiving cash of $6,980,807. Hide a. Journalize the entries to record the following: Sale of the bonds. First semiannual interest payment. (Amortization of discount is to be recorded annually.) Second semiannual interest payment. Amortization of discount at the end of the first year, using the straight-line method. (Round to the nearest dollar.) For a compound transaction, if an amount box does not require an entry, leave it blank.
daguio corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year the total
finished goods inventoy at the end of nov was 1500 units. ending finished goods inventory is equal to 25 percent of the
The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.What is the total direct labor variance for (1) the cutting department?
haven corporation issued 700000 of 10-year bonds payable at par in 2005. during 2009 haven paid 50000 interest and an
The sale, including the cost of the merchandise sold - the credit memorandum, including the cost of the returned merchandise,
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
on 7109 abc company sold inventory to xyz company for 300000. the terms of the sale were downpayment of 75000 and three
selzik company makes super-premium cake mixes that go through two processing departments blending and packaging. the
Kim made a gift to Sam of a passive activity (adjusted basis of $50,000, suspended losses of $20,000, and a fair market value of $80,000). No gift tax resulted from the transfer.
Very simple and high level, an S corp or an LLC
optic matrix inc. manufactures and assembles automobile instrument panels for both yokohama motors and detroit motors.
Sara owns a sole proprietorship and Phil is the sole shareholder of a C (regular) corporation. Each business sustained a $9,000 operating loss and a $2,000 capital loss for the year. Evaluate how these losses will affect the taxable income of the ..
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