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On March 1, 2005, Andrews Corporation issued $900,000, 8%, 5-year bonds dated January 1, 2005, for $834,500, including accrued interest. The bonds pay semi-annual interest on January 1 and July 1 and mature on January 1, 2010. The company uses the straight-line method of amortization and has a calendar year end.Instructions1.Prepare a journal entry to record the sale of the bond.2.Record the semi annual payment of interest and amortization of the discount or premium.3.Record the accrued bond interest and amortization on December 31, 20054.Record the bond interest payment on January 1 20065.Record the purchase of $540,000 of the bonds at the call of 104, on January 1,2007
A corporation issues $2,000 Shares of common stock for $32,000. The stock has a stated value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for
Describe the discrepancy between Diamond Foods, Inc.'s description of payments to walnut growers and what the farmers themselves say the payments are for
Briefly discuss the economic, political, educational, family, and marital systems of a country of your choice. When doing business in the chosen country, what kind of social hierarchies and social interactions should you be aware of?
During the year 2010, the corporation earned $600,000 after deducting all expenses. The tax rate was 30%. Compute the proper earnings per share for 2010.
In 2012, Shera invested $20,000 in a cattle-feeding partnership that used nonrecourse notes to purchase $100,000 of feed, which was used to feed the cattle and expensed. If Shera's share of the expense was $30,000, what is the most that Donald can..
Janie graduates from high school in 2012 and enrolls in college in the fall. her parents pay $4,000 for her tutiion and fees and assuming janie's parents have agi of 170,000, what is the american opportunity credit they can claim for janie?
Modern Mother Magazine has received cash subscriptions on April 1, 2009 in the amount of $3,600,000 for the next three years. Their year-end is December 31, 2009.
A physical inventory on December 31 shows 2,000 units on hand. Holliday sells the units for $12 each. The company has an effective tax rate of 20%. Holliday uses the periodic inventory method. If the company uses FIFO, what is the gross profit for..
Your report should be in the form of a two page memo that discusses the regulations and how they will apply to your hiring process. You may select any Locality or State you wish ensuring compliance with Equal Employment Opportunity laws.
Assume the same facts except that loon's long-term capital gain is $100,000 (instead of $60,000. Compute Loon's taxable income for the year.
Is it possible to deviate from Generally Accepted Accounting Principles (GAAP) and the accounting cycle and still prepare financial statements? What are some possible consequences of this course of action?
In business, there is a tension between the principals (stockholders) and agents (managers). The managers may choose policies that increase short-term profitability (and their bonuses) at the expense of long-term profitability.
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