2 questions, WHERE DO I START? I have two questions QUESTION1 On March 31, 2010, our, Accounting Basics

2 questions, Accounting Basics

Assignment Help:

WHERE DO I START? I have two questions
QUESTION1

On March 31, 2010, our company, Harry Yolo, purchased a 100,000. 8% 10-year bond for 102 from Fish Gimp, due in 6 years & 8 months interet is payable semi-annually on May 1 & Sept 1. Journalize the following entries.

March 1, 2010.....The purchase of the investment. Round to accrued interest to the nearest dollar.
Mat 1, 2010.........The reciept of the semi-annual interest
Nov 1 2010 ..........The reciept of the semi-annual interest
Dec 31 2010..........The accrual of the interest. Round to the nearest dollar
Dec 31 2010..........The amoritization of the premium
Jan 1 2011.............The reversal of the accrued interest
May 1 2011.............The reciept of the semi-annual interest
Nov 1 2011.............The reciept of the semi-annual interest
Dec 31 2011...........The accrual of the interest
Dec 31 2011............The amoritization of the premium for the year
July 1 2014..............The bonds were sold for 101,750. Dont forget to first bring the amoritization up to date.

Question 2

On the basis of the following data for Branch Co. for the year ended December 31, 2011 and the preceding year. Prepare a statement of cash flow using the indirect method of reporting cash flows from operating activities. Assume that equipment costing 110,000 was purchased for cash and equuipment costing 70,000 w/ accumulated depreciation of 42,000 was sold for 20,000: that the stock was issued for cash: and that the only entries in the retaind earnings account were net income 60,600 and cash dividend declared of 18,000
.
............................................................................2011... 2010

Cash.................................................................90,800.....76,700
Trade receivable (net)......................................84,600.....95,600
Inventories... ......................................................106,500... 90,000
Equipment ..........................................................460,000....420,000
Accumulated depreciation................................. (186,500)... (192,700)
.........................................................................$ 529,500... $ 461,000
Accounts payable (merch. credit)........................ 62,800... 60,700
Cash Dividends Payable.........................................3,000....5,000
Common Stock, $10 par..........................................270,000....250,000
Paid in capital in excess of par-common stock..... 81, 000....80,000
retained earnings................................................151,500....108,900
.........................................................................$ 568,300... $ 504,600

Thank You!

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages

2 questions, Accounting Basics

Related Discussions:- 2 questions

Debits and Credits, When does something that is a debit becomes a credit?

CANADA PENSION PLAN REPORTING REQUIREMENTS ON THE T4, SCENARIO In May of t...

Accounting job, i want to do accounts assignment

How to capitalize my patents?, How can I capitalize my patents? My company ...

Which of the following is not one of the key requirements, Which of the fol...

#princess, what are the implications of applying accounting concepts wrongl...

Maximum cca , Home Inc. is considering buying a new piece of equipment, whi...

The comparative statements of lucille company are presented, The comparativ...

Purchased a latest machine, Teague Company purchased a latest machine on Ja...

Work as assignment creator, I have just created my profile here, I want to ...

Write Your Message!

Featured Services

Online Tutoring

Project Development

Exam Preparation

Course Help

Assignment Help

Popular Subjects

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT