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

Accounting standards, ACCOUNTING STANDARDS An Accounting Standard is a ...

ACCOUNTING STANDARDS An Accounting Standard is a elected set of accounting policies or broad strategies concerning the principles and methods to be elected out of numerous subs

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

Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv

Assess the solvency of a business, Identify and explain the two ratios that...

Identify and explain the two ratios that are used to assess the solvency of a business.

Draw a stem-and-leaf plot for the data set, Draw a stem-and-leaf plot for t...

Draw a stem-and-leaf plot for the data set. (Enter numbers from smallest to largest separated by spaces. Enter NONE for stems with no values.) Data set A: The annual wages of emp

How to figure the discount using calculator, How To figure the discount usi...

How To figure the discount using calculator 1.  Be sure that decimal selector is on 2 decimal places 2.  Key in amount of the sale 3.  Multiply by percent (use the percent key)

Calculate the total cost and transportation costs, Buyer's Direct Mills (BD...

Buyer's Direct Mills (BDM) Inc. is a century old textile company that takes raw cotton and spins it into cotton yarn. This yarn is in turn purchased by weaving companies which prod

Accounting and Biology, What is the relationship of accounting and biology?...

What is the relationship of accounting and biology?

Prepare the accounting journal and fasb, Scanlon Technologies, Inc. Ann...

Scanlon Technologies, Inc. Anne Scanlon founded Scanlon Technologies, Inc., in 1993. The company designed andmanufactured high-tech products that were used in various industrie

The amount on hand drops, A company uses 85 circuit boards a day in a manuf...

A company uses 85 circuit boards a day in a manufacturing process. The person who orders the boards follows this rule: Order when the amount on hand drops to 625 boards. Orders are

What do you mean by single proprietorship, Q. What do you mean by single pr...

Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri

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