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On Jan 1, Joplin City issued 10% serial bonds at par to finance streetlights in an area recently incorporated in the city limits. The face amount of the bonds is $1,200,000; interest and principal is payable annually on January 1, and bonds are to be retired in equal amounts over 6 years from collections from assessments against property affected.
REQUIRED:
a. Record the journal entry at year end to recognize the matured portion of the bond and to recognize interest due
b. On Jan 1, year two, record the journal entry to pay the first year's installment plus interest on the bond.
In its first year of operations, Harden Con. earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. The company also prepaid $3,750 cash for ..
In November, the Universal Solutions Division of Keaffaber Corporation had average operating assets of $480,000 and net operating income of $46,200. The company uses residual income, with a minimum required rate of return of 11%,
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Fraud is a major concern in the business world.In a few paragraphs, explain the difference between an intentional misstatement of financial statements and misappropriation of assets.
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What property interest did Dollars & Sense register under the Torrens system and how did it acquire that interest?
You have decided to buy a perpetual bond. The bond makes one payment at the end of every year forever and has an interest rate of 5%. If the bond initially costs $1000, what is the payment every year?
How much is debt service funds for payments of principal over the life of the bonds? How do you report the other?
Hometown Bank is determining the price for its newest mini debit card. The card can be used at any retail outlet with a swipe reader. No PIN number or signature is required.
compare the tax consequences to the shareholder and the distributing corporation of the following three kinds of
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