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1.Assume that $140,000 of Denham Springs school dostrict 8% bonds are sold on the bond issue date for $128,598 interest is payable semiannually, and the bonds mature in 15 years. The purchase price provides a return of 9% on the investments.
2.What entries would be made on the investor's books for the receipt of the first two interest payments, assuming premium or discount amortization on each interest date by (a) the straight line method and (b) the effective interest method
3.What entries would be made on Denham Springs school districts books to record the first two interest payments, assuming premium or discount amortization on each interest date by (a) straight line method and (b) the effective interest method
Should any of the overhead costs at year-end be added to Job W? If so, how much? Explain.
An alumnus donates securities to St. Aloysius College, a private college, and stipulates that the principal be held in perpetuity and income from the securities be used for faculty travel. Dividends received from the securities should be recognize..
The Mars Corporation issued 2,000 shares of its $10 par value common stock for $70,000. The Mars Corporation also incurred $1,500 of costs associated with issuing the stock.
What was the ending Stockholder's Equity balance for Bill's business?
Forecast the separate financial statements of Parent, Inc. Using Ms. Franklin's assumptions and Parent's 2008 financial statements, prepare pro forma 2009 financial statements for Parent, Inc., assuming that the acquisition is not attempted.
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. Journalize the transactions in the general journal.
In 2013, Sanford Corporation purchases and places in service $2,050,000 of equipment for its manufacturing business. What portion of the $2,050,000 may Sanford elect to treat as a Section 179 expense?
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..
Discuss which approach to substantive testing you believe to be the most effective and indicate why. Create a way other than using confirmations for an auditing team to substantiate account balances and how the firm should go about implementing th..
Analytical procedure are substantive procedures that may be used to provide evidence about specific accounts and classes of transactions.
Rons sells his business accounts receivable of $100,000 to Mike for $80,000 (80% of the face value of the accounts reveivable). Mike later determines that he will be able to collect only 9000, of a 10,000 receivable. Mike's basis in the 10,000 acc..
A system of accounting for production operations that uses a periodic inventory system is called a:
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