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(Entries for Redemption and Issuance of Bonds) Matt Perry, Inc. had outstanding $6,000,000 of 11% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $9,000,000 of 10%, 15-year bonds (interest payable July 1 and January 1) at 98. A portion of the proceeds was used to call the 11% bonds (with unamortized discount of $120,000) at 102 on August 1.
Instructions
Prepare the journal entries necessary to record issue of the new bonds and the refunding of the bonds.
The company pays 50 percent of accountings payable in the month of purchase and the remaining 50 percent in the month subsequent purchase.
on june 15 2011 sanderson construction entered into a long-term construction contract to build a baseball stadium in
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,600; Cost of Goods Sold, $18,360; Income Tax Expense, $2,680; Prepare a multistep income state..
Identify several of the variable, mixed, and fixed costs that the Polaris services department is likely to incur in carrying out its services and how do you expect the costs identified in part 1 to change, if at all?
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Prepare a multistep income statement for Will's. Store Salaries Expense, Advertising Expense, Store Supplies Expense, and Depreciation Expense-Store Equipment are selling expenses.
How would his layoff impact the company's intangible assets? How would the BPR event be reflected in the company's financial statemen
Oldham Corporation bases its predetermined overhead rate on variable manufacturing overhead cost of $4.00 per machine-hour and fixed manufacturing overhead cost of $87,822 per period. If the denominator level of activity is 4,100 machine-hours, the f..
What was Mitsubishi's motivation for establishing such generous credit terms? What costs are involved? What are the accounting implications?
Prepare comparative retained earnings statements for Madrasa Inc. for 2013 and 2014. The company had retained earnings of $200,000 at December 31, 2012.
Maria, who is single, had the following items for 2010: Determine Maria’s adjusted gross income for 2010.
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