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On February 1, 2011, Wolf Inc. issued 10% bonds dated February 1, 2011, with a face amount of $200,000. The bonds sold for $239,588 and mature in 20 years. The effective interest rate for these bonds was 8%. Interest is paid semiannually on July 31 and January 31. Wolf's fiscal year is the calendar year. Wolf uses the effective interest method of amortization. Required:1. Prepare the journal entry to record the bond issuance on February 1, 2011.2. Prepare the entry to record interest on July 31, 2011.3. Prepare the necessary journal entry on December 31, 2011.4. Prepare the necessary journal entry on January 31, 2012.
jamar company purchased a depreciable asset for 225000. the estimated salvage value is 15000 and the estimated useful
Filer Manufacturing has 9.5 million shares of common stock outstanding. The current share price is $53 and the book value per share is $5.
timmer bachman founded the bachman corporation over 25 years ago. the companys genesis was the unique climbing
kiddy toy corporation needs to acquire the use of a machine to be used in its manufacturing process. the machine needed
Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.
ben big is a partner in the cleveland office of the national accounting firm of price brickhouse. he owns 1000 shares
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
Differentiate between accounting for restricted funds in nonprofits and governments. Examine some of the possible reasons GASB issued statement 54 clarifying the reporting and classification of funds for governmental accounting.
beta computers is experiencing financial difficulties attributed to declining sales of its mainframe computer systems.
on january 1, 2011, Sesame revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Prepare Sesame's enty to record 2011 depreciation expense.
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.
At the end of the year, Roger's share of partnership liabilities increased by $20,000. Roger's basis in the partnership interest at the end of the year is:
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