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Bing Corporation issued 20-year, 10% bonds with a face (par) value of $1,000,000 on January 1, 2008. The bonds pay interest semiannually on June 30 and December 31 of each year starting on June 30, 2008 At the time the bonds were issued, the market rate of interest for similar indebtedness was 12%.
1. Determine the price of the bonds at the time they were issued.
2. Assume the bonds were issued at a price of $850,000. Determine the amount of interest expense to be reported on June 30, 2008, December 31, 2008, and June 30, 2009.
3. Determine the book value of the bonds issued in requirement 2 after the interest payment at June 30, 2009.
The human resources department costs are allocated using the direct method and based on the number of employees, and the total amount of costs for the department is $187,000.
A government's Statement of Revenues, Expenditures and Changes in Fund Balances reflected proceeds of bonds in the amount of $1,000,000. That statement also reflected expenditures for debt service in the amount of $3,000,000, including $2,600,000 ..
What portion of the $320,000 should be shown as a current and long-term liability, respectively, in Beyer's December 31, 2010 balance sheet?
Jones' legal counsel believes the following will happen in relationship to these incidents:
Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. On July 1, 2011 Quirk retired $150,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.
Which one of the following would be the same total amount on a flexible budget and a static budget if the activity level is different for the two types of budgets?
If Department K had 2,000 units, 45% completed, in process at the beginning of the period, 12,000 units were completed during the period, and 1,200 units were 40% completed at the end of the period, what was the number of equivalent units of produ..
On February 28, 2009, Dow sold 60,000 common shares. In keeping with its long-term share repurchase plan, 2,000 shares were retired on July 1. Dow's net income for the year ended December 31, 2009, was $2,100,000. The income tax rate is 40%.
Journalize May transactions. post entries to general ledger, Prepare trail balance ,Prepare income statement, owners' equity statement and balance sheet.
Prepare a memo to Susan Apple, a tax partner for whom you are working, with the recommended treatment for the disputed income.
Target Costing. Baker Plumbing Fixtures is developing a preplumbed acrylic shower unit. The team developing the product includes representatives from marketing, engineering, and cost accounting.
If annual overhead costs are expected to be $750,000 and direct labor costs are expected to be $1,000,000, then:
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