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Ritter company issues $600,000 of 10%, 10-year bonds on januanry 1, 2008 at 102. Interest payable semiannually on july 1 and january 1. The company uses the straight-line method of amoritization.
1) Show the balance sheet presentation of the bonds at December 31, 2008.
2) Assume on July 1 2008, after paying interest, ritter calls bonds having a face value of $300,000. The call price is 101. Record the redemption of the bond.
The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?
What type of costing method is used by Crystal Glass? Does the method comply with GAAP? If not, what costing method should be used? What would net income be? Could the statements be misleading to the bank? Why or why not?
During the year, job 123 a firm fixed price contract for the production of 3,000 raincoats will be started and completed. Estimate the contract cost.
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The shareholders equity section of Rowen Company shows: Common stock $1,500,000; paid-in capital in excess of par value of $1,000,000;
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife's borrowing rate has declined; the fair ..
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George contributed $3,000 (food, shelter, and medical care) toward the support of his nephew, Andy, who lives with him. Andy earned $1,000 from a part-time job and received a $2,000 scholarship to attend a local university. Can George claim Andy a..
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
Auditors must be concerned with both generally accepted auditing standards and generally accepted accounting principles in performing an audit.
Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciat..
Treasury Stock Transaction-Nature corporation engaged in the folloiwing treasury transactions during current year. Complete three journal entries to record these treasury stock transactions.
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