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Olstad Company issued $506,900 of 7%, 10-year bonds on January 1, 2012, at face value. Interest is payable annually on January 1.
(a) Prepare the journal entries to record the issuance of the bonds.
(b) Prepare the journal entries to record the accrual of interest on December 31, 2012
(c) Prepare the journal entries to record the payment of interest on January 1, 2013(d) Prepare the journal entries to record the redemption of the bonds at maturity, assuming interest for the last interest period has been paid and recorded.
The equipment was purchased several years ago for $70,500 and had accumulated depreciation of $52,900. What is reported under the operating activities section on the statement of cash flows?
Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold is $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700.
The cash equivalent price of the machine was $25,000. Due to an employee strike, Volmar could not install the machine immediately, and thus incurred $300 of storage costs. Costs of installation (excluding the storage costs) amounted to $800. The a..
The company expects to sell 10% of its merchandise for cash. Of sales on account, 58% are expected to be collected in the month of the sale, 38% in the month following the sale, and the remainder in the second month following the sale. Prepare a s..
Assume that this proposal is adopted, and that as a result sales in Store Q increase by $40,000. The new segment margin for Store Q should be:
Define variable and fixed costs. Comment on how these costs are used to estimate future requirements. Discuss how contribution margin is used by managers for decision making.
The journal entry to record the flow of costs into Department 2 during the period for direct materials is:
ramirez corporation sells two types of computer chips. the sales mix is 30 q-chip and 70 q-chip plus. q-chip has
Now compute the present value of the income stream from the gold mine at a discount rate of 5%, and at a discount rate of 3%
Coca cola Amatil conducted a campaign against Australia's adoption of IFRSs in 2004. The company lobbied against requirments that meant coca cola Amatil's balance sheet values would have to be written down by as much as $ 1.9 billion.
The cash disbursements for selling and administrative expenses on the August selling and administrative expense budget should be?
The existence of a material weakness led to an adverse opinion in the internal control audit report of a publicly traded company. Which of the following statements is correct if management believes that it has remediated the weakness?
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