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

Trial balance, preparing trial balance with balance method

preparing trial balance with balance method

Journal Entries, For my accounting class, how would I journalize the adjust...

For my accounting class, how would I journalize the adjusting entry for Annual depreciation is $3,480 on the building with the building amounting to $76,000 on the trial balance fo

Is the interest on a note receivables recorded, Is the interest on a note r...

Is the interest on a note receivables recorded if paid prior to the due date? A. Debit to interest expense B. debit to interest payable C. Credit to interest receivable D. Credit

Journal, Why to and by using in journal, trading a/c, p&l a/c and ledger?

Why to and by using in journal, trading a/c, p&l a/c and ledger?

Journal.., i want to know the concepts of journal

i want to know the concepts of journal

The total assets of capp co. are $600, The total assets of Capp Co. are $60...

The total assets of Capp Co. are $600,000 and its liabilities are equal to two-thirds of its total assets. What is the amount of Capp Co.'s owner's equity?

The dwyer corporation incurred costs of 114000, the Dwyer corporation incur...

the Dwyer corporation incurred costs of 114000 in purchasing a process which it eventually had patented. The patent was issued on July 20x1. To secure the patent, an additional 6

Sales discounts and cash receipts journal, SALES DISCOUNTS AND CASH RECEI...

SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue.  CASH RECEIPTS JOURNAL Source documents: ca

Function and scope of the accounting standards board, Function and scope of...

Function and scope of the Accounting Standards Board: The major function of ASB is to originate accounting standards so that the Council of the Institute in India may set up su

Objectives of financial reporting, Q. Objectives of financial reporting? ...

Q. Objectives of financial reporting? Financial reporting objectives are the broad overriding objectives sought by accountants engaging in financial reporting. According to the

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