User Account

All Pages

Prepare journal entries

Assignment Help Accounting Basics
Reference no: EM132692130

Question - A Company was authorized to issue 12% 10-year bond with face amount of P 7,000,000 on January 1, 2020 (authorization date). Interest on the bond is payable semiannually on June 30 and December 31 of each year. The bonds were sold to underwriters on Jan. 1, 2020 at 106. The entity amortizes discount or premium only at the end of the year using straight-line method.

Required - Prepare journal entries for 2020 and 2021 including adjustments at the end of the year. Use memorandum approach. Present the bonds payable in the statement of Financial Position on December 31, 2021?

Reference no: EM132692130

Questions Cloud

Update the cash receipts and cash payments journals : Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for May
New strategy and embrace responsibilities : How can Church & Dwight best influence their key marketing talent to support the new strategy and embrace their responsibilities?
What goal is organization trying to accomplish : What goal is the organization trying to accomplish? What processes or procedures will change after the training?
Determine the interest rate charged : You own a farm and grow seasonal products such as pumpkins, squash, and pears. Determine the interest rate charged for a $300,000 loan
Prepare journal entries : Prepare journal entries for 2020 and 2021 including adjustments at the end of the year. Use memorandum approach
Which of the accounts would be found on the income statement : Which of the accounts would be found on the income statement? Conner Corporation's adjusted trial balance included the items
Human and non-human capital interaction : Human and non-human capital interaction - examples of human and non-human capital interaction is the manufacturing industry. In the past, factories were filled
Journalize the august transactions for summit company : Journalize the August transactions for (1) Summit Company and (2) Beartooth Co. Refer to the Chart of Accounts of the appropriate company
Find and compare market capitalization and book value : Find and Compare market capitalization, book value, and future earnings methods (and your other chosen methods) with each other to include their advantages

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd