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4. Assume that a bond is issued with the following characteristics: Date of bonds: Issued January 1, 2008; maturity date: January 1, 2013; face value: $200,000; face interest rate: 10 percent paid semiannually (5 percent per period); market interest rate: 8 percent (4 percent per semiannual period); issue price: $216,222; bond premium is amortized using the straight-line method of amortization. What is the amount of bond premium amortization for the June 30, 2008, adjusting entry? What is the carrying value of the bonds on June 30, 2009?
What is the purpose of closing the books? After closing, what is the amount of owner's equity that will be reported on the balance sheet?
Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..
Why would you use the percentage of sales method for calculating doubtful accounts as opposed to the percentage of receivables method?
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
What is Gigantic Corporation's net tax liability if its taxable income is $325,000 and it has a general business credit of $125,000?
The text book says that Maria owns 100% of stock with adjusted basis of $52,000 she recieves a cash distribution of $250,000 from the company when its earnings and profits are $100,000. What is Maria's dividend income?
Blaine Inc. shows the following data relating to its pension plan for 2011:
What do you think are some techniques a hospitality company could use to increase their network security? What do you think the consequences and impacts of a poor security policy or security plan have on a company?
What factors might occur during the season that would alter the volume sold and thus the break-even price Annie might charge?
In 2010, Tina Turnips gave property with an adjusted basis of $63,000 to Sally when the fair market value was $163,000. Gift taxes paid on the property were $30,000, and the taxable gift was $150,000. What is the adjusted basis of the property to ..
The journal entry required on the company'sbooks to record the interest paid on December 31, 2009, would include a debit to interest expense of?
Compute the budgeted cash receipts for March. The following additional information has been provided for March: Prepare a cash budget in good form for the month of March, using this information and the budgeted cash receipts you computed for part (..
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