Stocks, Bonds, Dividends, Accounting Basics

Assignment Help:
Please help journalize:
-On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700.
-On January 1, 2017 Harmony also issued 2,000 shares of common stock for $54,000.
-On Jan. 1 Harmony issued $80,000, 6%, 5 year bonds when the market rate was 7% . Interest is to be paid annually on each Jan. 1 beginning one year from date of issue.
-Harmony reaquired 500 shares of its common stock on Sep 19, 2017 for $39 per share.
-On Dec 31, Harmony declared the annual preferred dividend and a $1.75 per share dividend on outstanding common stock, all payable in cash on Jan 20, 2018.
-Harmony estimates that the total amount of accounts receivable that is uncollected at a year end is $1,904.
-The building is being depreciated using the straight line method over 20 years. The salvage value is $22,500.
-The equipment is being depreciated using the straight line method over 5 years. The salvage value is $13,500.
-The unearned rent was collected on Sep. 1 2017. It was receipt of 5 months'' rent in advance (Sep 1 2017 through Jan 31, 2018).
-The annual interest on bonds for 2017 has not been recorded. Harmony uses the effective interest method.
-The Harmony corporation must make an adjusting entry to accrue income tax expense on income before income tax at a rate of 29%. The income taxes will not be paid until March 28, 2018.

Related Discussions:- Stocks, Bonds, Dividends

Biology, While studying evolution, a student comes across a cladogram that ...

While studying evolution, a student comes across a cladogram that includes clades like amphibia, reptilia, aves, and mammalia. What must be the basal clade?

Describe about chain discount, Q. Describe about chain discount? Occasi...

Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s

What do you mean by equities, Q. What do you mean by Equities? Assets w...

Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims

Adjusting entries in the general journal, Adjusting entries in the general ...

Adjusting entries in the general journal Be sure to put down the words "Adjusting Entries" at the beginning of journal after the last entry of month. By placing these words at

What is cost of goods sold, Q. What is Cost of goods sold? The second m...

Q. What is Cost of goods sold? The second major division of an income statement for a merchandising business is cost of goods sold. Cost of goods sold is denotes to cost to the

Learning objectives of accounting theory, Q. Learning objectives of Account...

Q. Learning objectives of Accounting theory? - Discuss and Identify the underlying assumptions or else concepts of accounting. - Discuss and Identify the main principles of

When youre using accounting software, when youre using accounting software ...

when youre using accounting software why would you use hot keys and shortcuts a.to quickly access commands b.to input data for you c.to start the program d.to write checks

Audit Reports, Why it is important for independent auditor to be a member o...

Why it is important for independent auditor to be a member of a professional body?

What is chart of accounts explain, Q. What is Chart of accounts explain? ...

Q. What is Chart of accounts explain? The chart of accounts is a absolute listing of the titles and numbers of all the accounts in the ledger. The chart of accounts is able to

Write Your Message!

Captcha
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