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Tudor Company acquired $500,000 of Carr Corporation bonds for $487,706.69 on January 1, 2013. The bonds carry an 11% stated interest rate, pay interest semiannually on January 1 and July 1, were issued to yield 12% and are due January 1, 2016.
Required:
1. Prepare an investment interest income and discount amortization schedule using:
a. straight-line method
b. effective interest method
2. Prepare the July 1, 2015 journal entries to record the interest income under both methods.
In 2011,Bodily Corporation reported $300,000 pretax accounting income.The income tax rate that year was 30%.Bodily had an unused $120,000 net operating loss carry forward from 2009 when the tax payable rate was 40%. Bodily income tax payable for 2..
For the tax year, Susan had salary income of $19,000. In addition, she reported the following capital transactions: Long-term capital gain $2,000; Short-term capital gain $4,000; Long-term capital loss -$7,000; Short-term capital loss -$3,000. The..
Which of the following journal entries should be made to close the Encumbrances account at the end of the fiscal year?
At the beginning of 2009, Baldwin Corporation bought an automobile for $36,000 by issuing a note payable. The automobile has a six-year life and is depreciated using the straight-line method. To determine net cash flow from operating activities fo..
In addition, some of CJP's facilities could be rented to a third party for $15,000 per year. What are the relevant costs for the "make" alternative?
5% on the first day of the current fiscal year, 1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for 1,225,000, Present entries to record the following transactions for the current fiscal year:
What are the rational of recognising costs as expenses at the time of project sale? Which are the accounting factors that sometimes keep reported operating results from reflecting the change in the value of a company?
Discuss how the authoritative literature addresses comprehensive income. Define three classifications within net income and give an example of each. Define three classifications within other comprehensive income and give an example of each.
A company provides services on account during the current year totaling $400,000. By the end of the year, $350,000 of this amount had been received on account from customers for services provided in the prior years. Determine the amount of operati..
Assume that you are considering the purchase of a 15-year bond with an annual coupon rate of 9.5%. The bond has face value of $1,000 and makes semiannual interest payments. If you require an 11.0% nominal yield to maturity on this investment, what..
You have been employed as an enty-level management accountant for a little year. You suspect that your immediate supervisor is invloved in a significant fraud involving diverting of company assets to personal use.
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
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