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On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
a. the issuance of the bonds on March 1, Year 1
b. the payment of interest on June 30, Year 1
c. the payment of interest on December 31, Year 1
During the past year, a company completed the following transactions related to the acquisition of property and the construction thereon of a new factory:
Prepare the journal entries necessary to record the transactions above using the appropriate dates. Prepare the adjusting entries necessary at Dec. 31, 2007 in order to properly report interest expense related to the above transactions. Assume stra..
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
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Distinguish between accounting treatment for available for sale equity securities and trading equity securities with example.
Identify the authoritative literature that provides guidance on the zero-interest-bearing note. Use some of the examples to explain how the standard applies in this setting.
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The books of Conchita Corporation carried the following account balances as of December 31, 2010. Prepare the journal entries required for the dividend declaration and payment assuming that they occur simultaneously.
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
Examine how the SOX framework can prevent business model fraud in financial accounting and managerial accounting.
Determine if you should open the retail shop in this vacant space. Include the break-even transactions, CM%, and the break-even dollar amount. Explain your answer (include rationale if your answer is yes or no).
The governing body of the Order decided that it was no longer feasible to operate the convent, which had been built about sixty years ago, so it was advertised locally for sale.
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