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On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receiving cash of $500,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date. Be sure to include the year in the date for (a) and (c). Refer to the Chart of Accounts for exact wording of account titles.
Wheels Center (MMWC) provides two meals per day. The town of Millbridge pays MMWC $32 per week for each person a week. Each person received 14 meals for the week. MMWC services a maximum of 9,600 meals per day. It costs MMWC an average of $36,000 per..
If Earnings Before Interest and Taxes (EBIT) is $93,000, calculate Operating Cash Flow if Sales is $350,000, Cost of Goods Sold (COGS) is $140,000, Fixed costs is $43,000, Selling, General, Administrative Expenses (SGA) are $28,000, Depreciation is $..
Calculate the EVA for the Adams Division. Calculate the EVA for the Jefferson Division. Is each division creating or destroying wealth?
Amy Monroe wants to create a fund today that will enable her to withdraw $25,780 per year for 8 years, with the first withdrawal to take place 4 years from today. If the fund earns 10% interest, how much must Amy invest today?
Sue Smiley has performed $500 of CPA services for a client but has not billed the client as of the end of the accounting period. what adjusting entry must Sue make?
Kate Connor, a teacher at Meadow Middle School, is in charge of ordering the T-shirts to be sold for the school’s annual fund-raising project. The T-shirts are printed with a special Meadow School logo. If the school receives actual sales orders for ..
Bob owns a collection agency. He purchases uncollected accounts receivables from other businesses at 60% of their face value and then attempts to collect these accounts. During the current year, Bob collected $60,000 on an account with a face value o..
Computerised Accounting Information System Phase - Prepare a big envelope which can secure all your documents and your MYOB date file CD
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2013, assuming Pulido will continue to use the asset in the future.
Herman retired last year and will receive annuity payments for life from his employer's qualified retirement plan of $30,000 per year starting this year. During his years of employment, Herman contributed $130,000 to the plan. Based on IRS tables, hi..
Smith-Kline Company maintains inventory records at selling prices as well as at cost.
Compute the physical units of production and compute equivalent units of production for materials and for conversion costs.
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