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Benson Industries, Inc. issued $5,000,000 of 8% debentures on May 1, 2004 and received cash totaling $4,436,315. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2012. The firm uses the effective interest method of amortizing discounts and premiums. The bonds were sold to yield an effective interest rate of 10%.
Calculate the total dollar amount of discount or premium amortization during the first year (5/1/04 through 4/30/05) these bonds were outstanding. (Show computations and round to the nearest dollar.)
An oxygen tank contains oxygen at a pressure of 70 kPa. When the pressure drops to 36 kPa, the temperature increases from 300 K to 350 K. If the initial volume is 9 L, what is the final volume?
In the month of November, Hickcox Company Inc. wrote checks in the amount of $9,072. In December, checks in the amount of $11,987 were written. What is amount of outstanding checks at the end of November?
Doug purchased a new factory building on January 15, 1987, for $4,000,000. On March 1, 2009, the building was sold. Determine the cost recovery deduction for the year of the sale assuming he did not use the MACRS straight-line method.
Discuss how the authoritative literature addresses comprehensive income. Define three classifications within net income and give an example of each.
You assemble the following information for Dillon Department Store, which computes its inventory under the dollar-value LIFO method.
175g of water was heated from 15c to 88c. how many calories were absorbed by the water
Slash-and-burn agriculture has been practiced for millennia in tropical countries throughout the world. In this form of agriculture, some timber may be harvested from tropical forests prior to their conversion to agricultural use, but most of the ..
Customers bought 5 times as many boxes of light bulbs as switch plates. How many of each did Light Bright Warehouse sell?
What mass of helium gas is needed to pressurize a 112.0 L tank to 262 atm at 25°C?
Why does the GAAP not allow a company to use the percentage of sales and the percentage of receivables methods at the same time?
Mary, a U.S. citizen owned 25% of the stock of Floran Corporation, an electing S corporation. At the time of her death, the Floran stock may go to all the following without affecting the S election except
Prepare the journal entry to record Fogelberg's transaction, under the following conditions. (Round answers to 0 decimal places, e.g. $38,487. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit ac..
Compare and contrast the Fair-Value Method (FAS 115) covered in your Intermediate Accounting courses (touched on in our textbook) and Equity Method. When should you use each method and why? What are some of the limitations of the Equity Method? (T..
(a) Determine the total estimated uncollectibles. (b) Prepare the adjusting entry at March 31, 2007, to record bad debts expense. (c) Discuss the implications of the changes in the aging schedule from 2006 to 2007
The following costs were incurred in August: Direct materials $37,000 Direct labor 14,000 Manufacturing overhead 38,000 Selling expenses 10,000 Administrative expenses 28,000 Conversion costs during the month totaled:
Compare target costing and cost-plus pricing. When is each the most appropriate method to use? Provide an example of each.
which is the rate users pay to providers. For debt, we call this price the interest rate. For equity, we call this price the cost of equity. Discuss the four most fundamental factors affecting the cost of money.
Setting discount rates are too high due to fear of future rates tends to bias decisions against making strategic investments.
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
Arnold purchased interests in two limited partnerships 6 years ago. During 2010, Arnold had income of $22,000 from one of the partnerships. He had a loss from the other partnership of $32,000, salary income of $35,000 and dividend income of $2,000..
Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?
Branwin Corporation sold 7,200 units of its product at a price of $35.60 per unit. Total variable cost per unit is $17.55, consisting of $10.50 in variable production cost and $7.05 in variable selling and administrative cost. Compute contribution..
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