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Horton Enterprises issued $100,000, 10-year, 6% bonds payable on 1/1. Interest is payable each 6 months 1/1 and 7/1. The discount or premium is amortized using the straight line method.
Journalize the issuance at par value.
Journalize the selling price of $90,000 when the market rate is 7 %.
Journalize the selling price is $105,000 when the market rate is 5.5%.
Which condition results in the most interest expense? Why (explain in detail)?
Identify the shortcomings in the payroll procedures used in the payroll department of the Galena plant and suggest corrective actions.
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses and Equity Method. When should you use each method and why?
Mancini Corporation sells a single product. Budgeted sales for the year are anticipated to be 640,000 units, estimated beginning inventory is 98,000 units, and desired ending inventory is 80,000 units. The quantities of direct materials expected t..
Zephre Company reported net income for the year of $56,000. Depreciation expense for the year was $12,000. During the year, accounts receivable increased by $4,000, inventory decreased by $6,000, accounts payable increased by $3,000, and accrued e..
Select an accounting scandal from the listing provided in class.
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
Prepare a computation and allocation schedule for the difference between book value of equity aquired and the value implied by the pruchase price.
Criticize the positions taken by Pherson and Collier, and express your own opinion about the similarities and differences that should exist in understanding internal control and assessing control risk for different-sized companies.
Explain some common internal controls that a company might have in place. What are they designed to protect? What are the reporting requirements regarding internal controls in the Sarbanes-Oxley Act?
bull create a scenario where using the high-low method results in flawed decisions for pricing or performance
What is the significance of current assets vs. long-term assets? Would they affect your ability to obtain a loan or sell your business? Explain.
A corporation issues $100,000, 10%, 5-year bonds on January 1, 2007, for $95,800. Interest is paid annually on January 1. If the corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be ..
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