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Buckman Corporation issued bonds with a face value of $800,000 on April 1, 2008. The bonds pay interest semi-annually at a coupon rate of 10% per year and the due date of the bonds is April 1, 2014. The market rate is 8% per year.
a. Record the amortization of the premium/discount using the straight -line method.
b. Explain why the amounts for premium/ discount recorded under the two methods (straight-line versus effective interest) are different.
c. Record the retirement of the bonds on June 30, 2012 using the straight-line method.
Presented below are a number of accounting procedures and practices in Sanchez Corp. For each of such items, list the assumption, information characteristic, principle, or modifying convention that is violated.
What would be the flexible budget amounts at an activity level of 12,000 machine hours if indirect materials is a variable cost and factory rent was a fixed cost?
You have two investment opportunities. One will have a 10% rate of return on an investment of $500; the other will have an 11% rate of return on a principal of $700.
McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year?
Tom and Jerry are considering forming a partnership. Both taxpayers use the calendar year and are cash basis taxpayers. The partnership will not be a tax shelter.
On December 31, 2013, the child crisis center establishes an endowment fund with a $5 million gift of securities. Income from the endowment is to be used exclsuively to support a nutrition program.
Julia currently is considering the purchase of some land to be held as an investment. She and the seller have agreed on a contract under which Julia would pay $1,000 per month for 60 months, or $60,000 total.
Turquoise and Topaz Sisters had retained earnings of $15,000 on the balance sheet but disclosed in the footnotes that $2,000 of retained earnings was restricted for plant expansion and $1,000 was restricted for bond repayments.
The Nut House sells almonds, cashews, and pistachios. Pistachios outsell cashews by a margin of 2 to 1 cans. Almonds were half the sales of cashews in cans.
How much is Pod Company's ending work in process inventory for the year?
V decides to accept an out-of-court settlement of $150,000. The newspaper and its insurer are willing to allocate the $150,000 in any manner that V requests. How should V have the amount allocated?
Which of the following is a requirement of the Sarbanes-Oxley Act?
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