On the first day of its fiscal year, Pedro Dynamite Co. issued $11,000,000 of the five-year, 9% bonds, semiannually. The bonds were issued at an effective rate of 12%, and received proceeds cash of $9,785,645. Compute the amount of the bond interest ..
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Firm OCS sold business equipment with a $20,000 initial cost basis and $7,315 accumulated tax depreciation. In each of the following cases, compute OCS’s recaptured ordinary income and Section 1231 gain or loss on sale. (Leave no cell blank. Enter "0..
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The 2014 records of Thompson Company showed beginning inventory, $21,000; cost of goods sold, $29,000; and ending inventory, $23,000. The cost of purchases for 2014 was:
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Emerald Corporation is required to change its method of accounting for Federal income tax purposes. The change will require an adjustment to income to be made over three tax periods. Jonas, the sole shareholder of Emerald Corporation, wants to better..
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Purpose the journal entries needed in the Capital Projects Fund to account for the above transactions. Manage closing entries.
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Harwell Company manufactures automobile tires. On July 15, 2016, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts.
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Modder Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of $600,000. Calculate each of the following value..
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On January 1, 2014, Fishbone Corporation purchased 350 of the $1,000 face value, 8%, 10-year bonds of Walters Inc. The bonds mature on January 1, 2024, and pay interest annually beginning January 1, 2015. Fishbone purchased the bonds to yield 12%. Ho..
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Assume the company employs the units of production method of depreciation
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Industrial Electronics, Inc. This case has been selected to give you experience in using cost accounting as the basis of a compensation system. You will have to evaluate an existing system, a proposed system, and comment on the strengths and weakness..
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Division A’s cost accounting records show that the cost of its product is $151 per unit—$118 in variable costs and $33 in fixed costs. The market price of the product, $162, barely covers Division A’s cost of production plus its selling and administr..
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Daisy Childs has decided to start an? e-tail business which will sell doggie treat dispensers. Daisy will sell each unit for? $60, and will purchase the units from a foreign supplier for? $20 each. Import duties are? 10% the amount paid to the foreig..
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