User Account

All Pages

How much are the carrying amounts of the interest receivable

Assignment Help Accounting Basics
Reference no: EM132529981

Question - On January 1, 20x1, ABC Co. acquired 10%, $100,000 bonds for $94738. The bonds, together with accrued interests, are due on December 31, 20x3. The bonds are measured at amortized cost. The effective interest rate is 12%.

Required -

a. How much are the carrying amounts of the interest receivable on December 31, 20x1 and December 20x2, respectively.

b. Prepare the journal entries in 20x1 and 20x2.

Reference no: EM132529981

Questions Cloud

How many units will hastings budget to purchase in july : Hastings Co. sells widgets. How much cash outflow for purchases will Hastings budget for July? (Round to nearest dollar if not a whole number.)
What is the income tax expense in the income statement : This deferred income is expected to reverse for tax purposes in 2021. What is the income tax expense in the income statement for 2020 and 2021
Calculate the residual income of golden hospital : Calculate the residual income/EVA of Golden Hospital. (Enter negative answers preceding either - sign, e.g. -45 or in parentheses, e.g. (45).)
Evaluate online tutorials and online communities : Evaluate online tutorials and online communities in regard to helping users. Create an argument for approach you find to be the most effective and explain why
How much are the carrying amounts of the interest receivable : On January 1, 20x1, ABC Co. acquired 10%, $100,000 bonds for $94738. How much are the carrying amounts of the interest receivable on December
Calculate invested capital and roi for speedway mills : Calculate NOPAT, invested capital, and ROI for Speedway Mills. (Round ROI to 2 decimal places, e.g. 15.25%.)Speedway Mills division of Iowa Woolen Products.
Prepare a corrected income statement for the quarter : Prepare a corrected income statement for the quarter. Your statement should show in detail how the cost of goods sold is computed.
Describe the three principles of direct manipulation : Describe the three principles of direct manipulation and give examples as to how they are used in video game controls.
Determine the product margins for each product : Determine the product margins for each product. Determine the amount of overhead cost that would be assigned to each product using activity-based costing.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Entry to record the redemption problem

Carr Corporation retires its $100,000 face value bonds at 105 on January 1, following the payment of interest. The carrying value of the bonds at the redemption date is $103,745. The entry to record the redemption will include a:

  Match the terms with their correct definition

The debtor promises to pay the creditor a definite sum at a future date usually with interest.

  Why does a company perform ratio analysis what are the

why does a company perform ratio analysis? what are the turnover ratios? describe the formula for one turnover ratio

  Essential in developing oneself as a leader

Under which condition is a matrix organization not the best one? Finding a mentor is absolutely essential in developing oneself as a leader.

  Journalize the transactions

Nov. 28 Issued 2,800, $3 noncumulative preferred shares at $99 per share cash. Journalize the transactions

  How much gain or loss must devon recognize

Devon bought a business machine for $15,000. In later Year, she sold the machine for $12,800 when the total allowable depreciation is $8,500.

  Calculate the write-down on an individual basis

What is the amount of write-down (if any) required using IFRS? Calculate the write-down on an individual basis. Provide necessary journal entries for the write-down.

  For each of the following clearly indicate whether it is a

the heart-warming hotel is a four-star hotel located in the heart of downtown dallas tx. the vice president of the

  What are the purposes of accounting codes

What are the purposes of accounting codes? How are they used? What are some examples of codes used by manufacturing firms, accounting firms, and merchandising firms?

  Joe age 30 and jill age 27 smith have brought you the

joe age 30 and jill age 27 smith have brought you the following information regarding their income and expenses for the

  Blackmon manufacturing company makes a product that it

blackmon manufacturing company makes a product that it sells for 50 per unit. the company incurs variable manufacturing

  What is the recognized gain or loss on each type of stock

Assuming that Karen is unable to identify the particular lots that are sold with the original purchase, what is the recognized gain/loss on each type of stock

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd