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McCool Corporation wholesales repairs products to equipment manufactures. On April 1, 2010, McCool Corporation issued $30,000,000 of five year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,446,500. Interest is payable semiannually on April 1 and October 1. Journalize the entries to record the following:
a. Sale of bonds on April 1, 2012. b. First interest payment on October 1 , 2012 and amortization of bond premium for six months, using the straight line method. (Round to the nearest dollar.)c. Explain why the company was able to issue the bonds for $32,446,500 rather than for the face amount of $30,000,000.
Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $23,000 payable on the first day of work or a signing bonus of $26,000 payable after one year of employment.
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.
Analyze the agency's compensation for employees. Provide a rationale on what the costs and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. In your forecast, (a) discuss the effects of the increase ..
Based on your readings and review of utilitarianism, categorical imperative, veil of ignorance and Aristotles Golden Mean, write a 3-4 page paper, double-spaced, applying each of the philosophies to the following ethical scenario using the IRAC me..
List some Accounting Information system (AIS) and Management information system.
What are some typical types of transactions that appear in the financing section of the statement of cash flows?
Last year, Loon sold an appreciated asset for $600,000 (basis of $200,000). Payment for one half of the sale of the asset was made this year. How much of Wendy's distribution will be taxed as a dividend?
The market price of a bond issued at a discount is the present value of its principal (face) amount at the market (effective) rate of interest:
Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for non controllable items than for controllable items.
Calculate the total drill and blast cost based on the blasting costs
Create a cost-benefit analysis to evaluate the project
V Company's product has a labor standard of 2 hours per unit. For 2011, it estimates its production will be 200,000 units (400,000 DLHs). It budgets total overhead at $900,000, which results in a fixed overhead rate of $1.50 per hour.
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