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Swanson Corporation issued $8 million 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 interest, amortize the bond premium, and retire the bonds at maturity (make two separate entries).
The following control procedures are used at Sandwich Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control, and identify the control principle that is violated.
Which of the following would not be found on the Balance Sheet of a manufacturer?
Determine whether or not the measurement of net income for a merchandising company conceptually is the same for a service company.
Sepracor, Inc., a drug company, reported the following information. The company prepares its financial statements in accordance with GAAP.
Assume Jackson’s cash sales remain steady at $25,000 each quarter, credit sales are $600,000 in quarter 1, $520,000 in quarter 2, $480,000 in quarter 3, and $650,000 in quarter 4. What will Jackson’s cash collections from sales be for the quarter 3?
Investigate the steps involved in the preparation of an advance plan for the distribution of cash in a partnership liquidation to determine which step is the most difficult to execute correctly. Discuss possible ways to address the difficulties yo..
Casey owned stock in Jupiter Corporation that he donated to a university (a qualified charitable organization) on December 30, 2009. What is the amount of Casey's deduction assuming that he had purchased the stock for $10,000 on January 3, 2009, a..
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
What would the PMPM cost of the HMO be? What would have to be charged to the patient/employer if the HMO had administrative costs equaling 10 percent of its costs and it wanted a profit margin of 7 percent?
Variance analysis, material and labor Each unit of job Y703 has standard requirements of 5 pounds of raw material at a price of $100 per pound and 0.5 hour of direct labor at $12 per hour.
Which of the following is not one of the basic shareholders rights?
Cypress Corp., a calendar year corporation, purchased a $750,000 factory building in February, $240,000 of new machinery in April, $90,000 of new office furniture in August, $130,000 of used machinery in October, and $140,000 of new office furnitu..
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