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1. (Issuance of Bonds between Interest Dates, Straight-Line, Retirement) Presented below are selected transactions on the books of Simonson Corporation. May 1, 2010 Bonds payable with a par value of $900,000, which are dated January 1, 2010, are sold at 106 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2020. (Use interest expense account for accrued interest.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the amortization of the proper amount of premium. (Use straight-line amortization.) Jan. 1, 2011 Interest on the bonds is paid. April 1 Bonds of par value of $360,000 are called at 102 plus accrued interest, and retired. (Bond premium is to be amortized only at the end of each year.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the proper amount of premium amortized.
Fleming Company has the following items: write-down of inventories, $240,000; loss on disposal of Sports Division, $370,000; and loss due to an expropriation, $226,000. Ignoring income taxes, what total amount should Fleming Company report as extr..
1.On December 12, 2013, an investment costing $80,000 was sold for $100,000. The total of the sale proceeds was credited to the investment account.
george dick an employee of plum corporation drove his car a total of 17.966 miles during 2008. of the total miles
the cost accountant determined 2700000 of the communication networks costs were fixed and should be allocated based on
The Nut House, Inc., sells three types of nuts: almonds, cashews, and walnuts. Ten thousand cans of nuts were sold in 2011, and the amount of walnuts sold were twice as much as the number of cans of cashews, whereas almond sales were one-half the amo..
Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company.
clyde had work for many years as the chief executive of red industries and had also been a major shareholder. clyde and
phil owns a ranch business and uses four-wheelers to do much of his work. occasionally though he and his boys will go
The balance at bank was N20,000,000 on 5th May 1985. All the shares were subscribed and allotted. Application and Allotment money were received on 10th and 20th May1985. Show the necessary entreis in the books of Jossy Company Plc.
bellingham suit co. has received a shipment of suits that cost 200 each. if the company uses cost-plus pricing and
1. Record the transactions in the general journal. Explanations are not required. 2. Prepare the stockholders' equity section of Mundo Health Food's balance sheet at December 31, 2012.
Equipment with a cost of $150,000 has an accumulated depreciation of $100,000. What is the historical cost of the equipment?
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