User Account

All Pages

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!

Related Discussions:- 2 questions

Liability, partner investments, journal entries. The LP partnership was for...

partner investments, journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 o

Example of current ratio, Q. Example of current ratio? The current asse...

Q. Example of current ratio? The current assets and current liabilities and current ratios of some other companies as of the third quarter of 2001 were As you are able to se

The total revenue of the month of june amounted, The total revenue of the m...

The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $

Meaning of periodic review, Ordering inventory at a regular and set time in...

Ordering inventory at a regular and set time interval

Bill for services, You have been asked to ready a bill for services. What i...

You have been asked to ready a bill for services. What information should be contained in the bill? Ans) Service Provider's Details (i.e) Organization name and address. Ser

You received an email from Carl the operations manager , You received an em...

You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp

Prepaid expenses and deferred charges, Q. Prepaid expenses and deferred cha...

Q. Prepaid expenses and deferred charges? Prepaid expenses, deferred charges -- assets already paid for, which are being used up or willexpire. Insurance paid for in advance is

Accounting articulation, What is articulation

What is articulation

Purpose of adjusting entries, Q. Purpose of adjusting entries? In this ...

Q. Purpose of adjusting entries? In this section we exemplify each of the four types of adjusting entries asset/expense liability/revenue, asset/revenue and liability/expense.

Explain about matching principle, Q. Explain about matching principle? ...

Q. Explain about matching principle? The matching principle need that expenses incurred in producing revenues is deducted from the revenues they generated during the accounting

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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