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On January 1, 2014, Crystal Corporation issued a $100,000 10-year bonds at 11%. Interest is paid annually on December 31. The bonds were sold for $94,349 and the yield is 12%.
Required
1. Prepare an amortization schedule that determines interest at the effective interest rate.
2. Prepare an amortization schedule by the straight-line method.
3. Prepare the journal entries to record interest expense on December 31, 2016, by each of the two methods.
Fabrice Corp. requires a minimum $6,200 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly).
Truck #3 has a list price of $16,000. It is acquired in exchange for a computer system that Shabbona carries in inventory. The computer system cost $12,000 and is normally sold by Shabbona for $15,200. Shabbona uses a perpetual inventory system.
The gross margin that the company would disclose on an absorption-costing income statement is:
Yearly anutomobile inspections are required for residents of the state of Pennsylvania.Suppose that 18% of all inspected cars in Pennsylvania have problems that need to be corrected.
Is Granger Stokes using budgets as a planning and control tool?
What is the budgeted factory labor costs for July? What amount would appear in the July selling, general, & administrative expense budget?
What are the equivalent units of production with respect to direct labor at the end of the month, assuming the weighted average method is utilized?
Helping Hands uses an accrual basis accounting. For which of the events above should an expense be recorded in May? Ineach case, how much expense should be recorded? If an eventdoes not involve an expense, specify why not.
On May 11, 2009, Jarnigan Co. determined that Terry Freye's account was uncollectible and wrote off $1,100. On June 12, 2009, Frye paid the amount previously written off. Prepare the journal entries on December 31, 2008, May 11, 2009, and June 12,..
The auditor gives an audit opinion on the fair presentatation of the financial statements and associates his or her name with it when, on the basis of adequate evidence, the auditor concludes that the financial statements are unlikely to mislead:
Vulcan Company is a monthly depositor whose tax liability for march is $2,505.
What is the percentage of the misstatement in (a) to the reported income of $1,030,000,000? Round to one decimal place.
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