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On may 1, 2008 Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2008, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.
Prepare the journal entry to record the issuance of the bonds.
Prepare the adjusting entry to record the accrual of interest on December 31, 2008.
Show the balance sheet presentation on December 31, 2008.
Grand Marais city's fiscal year ends on June 30. Jasper uses encumbrance accounting. On May 6, a purchase order was approved and issued for supplies in the amount of $5,000. Grand Marias received these supplies on June 2, and the $5,000 invoice wa..
If an officer is not actually paid his salary but the salary is shown as accrued for 2010, for a C Corp, is the total accrued amount for that officer included on Schedule E or only what the officer is actually paid in 2010?
Cactus does not make any distributions during 2008, but had $200,000 of ordinary income. In 2009, ordinary income was $100,000 and distributions were $100,000. What is Tex's ordinary income for 2009?
Which of the following methods of determining bad debt expense does not properly match expense against revenue?
Which countries would you predict have the highest and lowest opportunity cost associated with a strong military?
Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 15 percent.
Circle Corporation makes a product that sells for $400 per unit. The variable costs to make this product are $220 per unit. Fixed costs total $750,000 for the year. Circle currently sells 5,000 units each year.
Computer Parts, Inc., a manufacturer of computer chips, employs activity-based costing. The following budgeted data for each of the activity cost pools is provided below for the year 2010.
Pierce had no restrictions on the use of the advance rental payments and renders no services connection with the rental income. What amount of gross income should Pierce report on its 2009 tax return?
What is Governmental Accounting Standards and what are Financial Accounting Standards Board. What are the objectives of the GASB and the FASB. What are their similarities and what are their differences.
At present she is buying these products in amounts such that the marginal utilites from the last units purchased of the two products are 80 and 70 units, respectively. Is she buying the utility-maximizing combination of bread & milk? How should sh..
One stockholder owned 550 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholder's shares immediately before and after the stock dividend of February 5.
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