Worthington company issued 1000000 face value six-year 10

Assignment Help Accounting Basics
Reference no: EM13600813

Worthington Company issued $1,000,000 face value, six-year, 10% bonds on 7/1/2012, when the market rate of interest was 12%. Interest payments are due every 7/1 and 1/1. Worthington uses a calendar year end.

Required

1. Prepare the journal entry to record the issuance of the bonds on 7/1/2012.
2. Prepare the adjusting journal entry on 12/31/2012, to accrue interest expense.
3. Prepare the journal entry to record the interest payment on 1/1/2013.
4. Calculate the amount of cash that will be paid for the retirement of the bonds on the maturity date.

Reference no: EM13600813

Questions Cloud

Johnson inc is a job-order manufacturing company that uses : johnson inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours
Budgeted variable overhead for the year is 120000 expected : budgeted variable overhead for the year is 120000. expected activity is 20000 standard direct labor hours. the actual
On january 1 2011 trillini corporation issued 3000000 of : on january 1 2011 trillini corporation issued 3000000 of 10-year 8 convertible debentures at 102. interest is to be
During the year hawkings produced 10000 units used 20000 : during the year hawkings produced 10000 units used 20000 direct labor hours and incurred variable overhead of 90000.
Worthington company issued 1000000 face value six-year 10 : worthington company issued 1000000 face value six-year 10 bonds on 712012 when the market rate of interest was 12.
Each pot requires 30 minutes of direct labor time direct : each pot requires 30 minutes of direct labor time. direct labor wages average 15 per hour. monthly overhead averages 4
Belant company budgeted 200000 units for june 210000 for : belant company budgeted 200000 units for june 210000 for july and 300000 for august. each unit requires 0.25 direct
How does air france af classify operating expenses in its : 1. how does air france af classify operating expenses in its income statement? how are these expenses typically
Harvey alexander an all-league professional football player : harvey alexander an all-league professional football player has just declared free agency. two teams the san francisco

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Calculate advantage or disadvantage in dropping product c

Calculate the advantage or disadvantage in dropping Product C. (Input the amount as a positive value. Omit the "tiny_mce_markerquot; sign in your response.)

  A board of directors of rose company is going to pay a

a board of directors of rose company is going to pay a dividend of 56000 to its common shareholders. describe what will

  Problem related to investment decisions

If risk is to be analyzed in a qualitative way, place the following investment decisions in order from the lowest risk to the highest risk:

  Prepare a comparative total and per unit cost statement

Prepare a comparative (total and per unit) cost statement showing anticipated margin of profit for the present output of 7,500 units and proposed output of11,500 units.

  The year-end balances in the related pension accounts

E20-7B (Basic Pension Worksheet) The following defined pension data of Eagle Homes Corporation apply to the year 2014

  Consider the following budget information materials to be

consider the following budget information materials to be used totals 65854 direct labor totals 201900 factory overhead

  Find out the total net income if all products are sold at

stahl inc. produces three separate products from a common process costing 100000. each of the products can be sold at

  Explain he circumstances that result different treatments

Explain and justify the difference between the treatment of estimated uncollectible taxes in fund accounting and the treatment of estimated bad debts in commercial accounting.

  Nombre company managemnet predicts 56000000 of variable

nombre company managemnet predicts 560000.00 of variable costs. 860000. of foxed costs and a pretax income of 328000.00

  The following income statement items appeared on the

the following income statement items appeared on the adjusted trial balance of schembri manufacturing corporation for

  A company using the periodic inventory system has

a company using the periodic inventory system has merchandise inventory costing 175 on hand at the beginning of the

  You are required to prepare a statement of cost to work out

ms modern comany ltd furnishes the following summary of trading and profit and loss account for the current year ending

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd