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Swanson Corporation issued $7,100,000 of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on December 31. Prepare the following journal entries:
a. April 1, 2009, to record the issuance of the bonds.
b. September 30, 2009, to pay interest and to amortize the bond premium.
c. March 31, 2029, to pay
Assuming that Little uses the straight-line method of amortization and that the bonds are appropriately classified as available-for-sale, what would the net carrying value of the bonds be shown as on Little's December 31, 2007, balance sheet?
Bayani Company is planning to sell 100,000 units for $3 a unit and will just breakeven at this level of sales. The contribution margin ratio is 40%. How much are the company's fixed costs?
Prepare journal entries to (1) establish the fund on January 1, (2) reim- burse it on January 8, and (3) both reimburse the fund and increase it to $500 on January 8, assuming no entry in part 2.
Identify two ways to finance the remaining $20,000 you will need, so you can pay all of the liabilities when they are due.
A cpa firm has audited the financial statements included in a form s-1 filed with the sec under the securities act of 1993. shortly thereafter, the company went bankrupt and a class action lawsuit was filed by the initial investors against the cpa..
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
The deferred income tax liability: a. Represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and tax accounting rules. b. Is a contingent liability.
Using your textbook and at least one scholarly source, compare cost flows among service, merchandising, and manufacturing enterprises, explaining how healthcare differs from the other enterprises
if the sales manager accepts a rush order that will result in higher than normal manufacturing costs, these additional costs are charged to the sales manager because the authority to accept or decline the rush order was given to the sales manager...
Prepare the incremental analysis for the decision to make or buy the lamp shades.
Which of the following would an auditor most likely use in determining the auditor's preliminary judgment about materiality?
Suppose the sorority encouraged its members to drive to the hotel and did not charter the buses. Further, a planned menu change will reduce the cost per meal by $2. If each member will still be charged $40, compute the contribution margin per pers..
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