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On June 30, 2014, Griffin, Inc. sold $3,000,000 (face value) of bonds. The bonds are dated June 30, 2014, pay interest semiannually on December 31 and June 30, and will mature on June 30, 2017. The following schedule was prepared by the accountant for Griffin, Inc. for 2014. Semi-Annual Interest to Interest Unamortized Bond Interest Period be Paid Expense Amortization Amount Carrying Value $75,000 $2,936,625 1 $120,000 $131,625 $11,625 63,375 1,936,625 Instructions On the basis of the above information, answer the following questions. (Round your answer to the nearest dollar or percent.) 1. What is the stated interest rate for this bond issue? 2. What is the market interest rate for this bond issue? 3. What was the selling price of the bonds as a percentage of the face value? 4. Prepare the journal entry to record the sale of the bond issue on June 30, 2014. 5. Prepare the journal entry to record the payment of interest and amortization on December 31, 2014.
Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of the following is closest to the present value of the project?
Susan sweets is a 40 percent shareholder in acclaim inc. a theatrical supplies company. She transfers a fully depreciated car with a value of $2,000 to the corporation, dut does not receive any consideration for it.
Explain in narrative form the flow of direct materials, direct labor, and factory overhead costs throught the ledger accounts.
Corresponds to CLO 2(c) Ruben Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $7.50 each, and the variable cost to manufacture them was $2.25 per unit.
Production for the current period was assigned a $200,000 standard direct labor cost. What is the actual total direct labor cost for the current period?
Assume that the revenues for the year were $830,000. Compute the expenses incurred for the year.
If paid the total amount owing of $6858 to ATO via my National Australia Bank Visa Card. A Credit card fee of $45 (equivalent to 0.0065%) was charged by the ATO in relation to this payment. Is this $45 credit card fee deductible?
Reported net income of $670,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2011?
Greg, a cash method of accounting taxpayer, owns 100 shares of Parker Corporation stock with a basis of $20,000. Greg receives two liquidating distributions of $8,000 on March 3 of last year, and $8,000 on August 8 of this year. The amount of the ..
Brain Drain is about to launch a new product. Depending on the success of the new product, there are three possible outcomes for value next year-What is Brain's total value with leverage?
Flood damage in the Brush Creek area averages $7,000 annually. Civil engineers with floodplain expertise have designed a series of small dams to restrain the flow. They will cost $25,000 and will involve annual maintenance charges of $500.
An enterprise that holds a variable interest in variable interest entity is required to consolidate assets, liabilities, revenues and expenses, and the non-controlling interest of that entity if:
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