Prepare the journal entry to record the issuance of bonds

Assignment Help Financial Accounting
Reference no: EM131206495

Slocombe Company sold $5,400,000, 9%, 15-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on December 31. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, 2014.

Reference no: EM131206495

Questions Cloud

Use differential analysis to arrive at decision : Pretend you are a manager of Ford Motor Company. You have been asked to determine whether a product (one of your choosing) should be manufactured in-house or outsourced to another vendor. Discuss the relevant costs you would consider for this decisio..
Maximum depreciation deducton : Alice purchases a rental house on august 22, 2014, for a cost of $174,000. of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the cost of the land. what is alice's maximum depreciat..
Labor data for making one gallon of finished product : Labor data for making one gallon of finished product in Tang Company are as follows: (1) Price—hourly wage rate $13.75, payroll taxes $0.52, and fringe benefits $1.54. (2) Quantity—actual production time 1.21 hours, rest periods and cleanup 0.34 hour..
Compute estimates for standard cost and budgeted cost : Perez Company uses both standards and budgets. For the year, estimated production of Product X is 547,200 units. Total estimated cost for materials and labor are $1,203,840 and $1,586,880. Compute the estimates for (a) a standard cost and (b) a budge..
Prepare the journal entry to record the issuance of bonds : Slocombe Company sold $5,400,000, 9%, 15-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on December 31. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, ..
Discount amortization under the straight-line method : Devon Harris Company sells 9% bonds having a maturity value of $2,719,000 for $2,424,968. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Set up a schedule of interest expense and discount a..
Contract rate-effective rate-bond discount-bond premium : Match each description below to the appropriate term (contract rate, effective rate, bond discount, bond premium, bond, bond indenture, principal):
Fifo method to calculate ending inventory : Moss Co. uses the FIFO method to calculate ending inventory. Assuming 300 units are not sold, the cost of goods sold is:
Assuming the land has net salvage value of zero : On July 23 of the current year, Dakota Mining Co. pays $6,009,360 for land estimated to contain 8,232,000 tons of recoverable ore. It installs machinery costing $1,811,040 that has a 10-year life and no salvage value and is capable of mining the ore ..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Cost flow assumptions

Cost flow assumptions - FIFO and LIFO using a periodic system. Mower Blowers coy started business on Jan 20, 2009. Products sold were snow blowers and lawn mowers. Each product sold for $350

  Is mcdonough products financial position better or worse

For the analysis of financial position, compute McDonough Products' (a) Current ratio and (b) Debt ratio. Compare these ratios with the industry averages. Is McDonough Products' financial position better or worse than the average for the industry?

  1 the activity method of depreciation ais a variable charge

1. the activity method of depreciation a.is a variable charge approach. b.assumes that depreciation is a function of

  Describe how the accounting equation is impacted

Describe how the Accounting Equation is impacted

  Q1 a minister receives an annual salary of 16000 in

q1. a minister receives an annual salary of 16000 in addition to the use of a church parsonage with an annual rental

  International accounting standards are unusable from an

international accounting standards are unusable from an investors viewpoint and make global allocation of capital more

  Used to establish budgets and track actual performance

Foreign exchange rates are used to establish budgets and track actual performance. Of the various exchange rate combinations which do you favor? Why? Is your view the same when you add local inflation to the budgeting process?

  On january 1 2010 sycamore co issued 7 5 year bonds with a

on january 1 2010 sycamore co. issued 7 5 year bonds with a face amount of 5 million dollars. the market yield for

  Calculate predetermined overhead allocation rates

Ridgewood, Co. estimated the following annual hours and costs. Calculate predetermined overhead allocation rates using each of the four possible allocation bases provided.

  Use the regression equation to predict annual profit

Use the least-squares method to derive the linear regression equation describing the relationship between R&D expenditure and annual profit.

  Determine the number of pounds of chemical x

Determine the number of pounds of Chemical X purchased. and evaluate the standard cost per pound of Chemical X.

  Prepare a statement of cash flows for year ending december

Prepare a statement of cash flows for the year ending December 31, Year 4 using the indirect method. What conclusions could you arrive at regarding the cash position of the firm?

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!

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