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XYZ Company is building a new hockey rink at a cost of $1,500,000. It received a down payment of $500,000 from local businesses in support of the project and now needs to borrow $1,000,000 to complete the project. It therefore decides to issue $1,000,000 of 10%, 5 year bonds. The bonds sold for $926,395. These bonds were issued on January 1, 2011 and pay interest semi annually on July 1 and January 1. The yield on the bond is 12%
1. Prepare the journal entries for the issuance of the bonds, and any related bond cost (if entry is required) for march 1, 20112. Prepare the bond amortization schedule up until January 1, 2012 using the effective interest method. The year end date for the company is December 31. Prepare journal entries as required3. Assume that on July 1, 2014 XYZ retires all the bonds at 97. Record the entry of the sale
Production for the current period was assigned a $200,000 standard direct labor cost. What is the actual total direct labor cost for the current period?
Estimate the average concentration of methylene chloride. Look up the TL V or the 1WA for methylene chloride and consider how the: evaporation might be performed.
The amount of H2O2 in 15.8g of hair bleach was determined by titration with a standard potassium permagnate soln. MnO4-(aq)+H2O2(aq)--Mn2+(aq)+O2
What is the probability that a student will complete the exam in more than 60 minutes but less than 75 minutes?
Suppose that nominal accounts are not closed out at the end of the fiscal period. Explain how this affects account data for the next fiscal period. Use a company or industry to help explain your answer.
Eighty percent of the premium applies to manufacturing operations and 20% applies to selling and administrative activities. Illustrate what amounts should be considered product and period costs respectively for the first year of coverage?
Why would you select the percentage of sales method for calculating doubtful accounts instead of the percentage of receivables method?
The Ricardo trust is a simple trust that correctly uses the calendar year for tax purposes. Its income beneficiaries (Lucy and Ethel) are entitled to the trust's annual accounting income in shares of one-half each.
Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.
The following is an exercise that will help you with the poetry and figures of speech test.Remember to look up the definitions of the words you don't understand.
Is Margaret's behavior regarding the cost information she provided to Susan unethical? Explain your answer.
Outdoor expo provides guided fishing tours. The company charges $200 per person but offers a 10% for parties of four or more. Consider the following transactions during the month of May.
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,193,000 and will take 3 years to complete. The contract price was $3,043,000. The following information pertain..
Would outsourcing the payroll function increase or decrease Duck Associates' operating income? how should each of the factors affect Tan's decision if she wants to do what is best for Duck Associates and act ethically?
Manning Imports is contemplating an agreement to lease equipment to a customer for five years. Manning normally sells the asset for a cash price of $100,000. Assuming that 8% is a reasonable rate of interest.
What amount of the bond issue proceeds should Evan record as an increase in equity?
You read in the wall street journal that 30 day US treasury bills are currently yielding 8%. your brother in law, a broker, a broker at Kyoto Securities, has given you the following estimates of current interest rate premiums:
On November 28, 2010, she sold 48 shares, which could not be specifically identified, for $576 and on December 8, 2010, she sold another 25 shares of $188, What was her recognized gain or loss?
What are the five basic principles of cash management that a company can follow in order to improve its chances of having adequate cash?
Glen and Michael are equal partners in Trout Enterprises, a calendar year partnership. During the year, Trout Enterprises had gross income of $400,000 and operating expenses of $220,000.
An increase in net operating income (NOPAT) will cause which of the following?
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
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