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Grider Industries, Inc. issued $6,000,000 of 8% debentures on November 1, 2010. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2020. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%.
a. Calculate the present value of the debentures
b. Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.)
On January 2, 2011, the Highlands Company began construction on a new manufacturing facility for its own use. The building was completed in 2012.
Explain the important characteristics of Generally Accepted Accounting Principles or standards. Why are these characteristics of GAAP important?
Shamrock Company had net income of $30,000. On January 1, the number of shares of common stock outstanding was 8,000. The company declared a $2,700 dividend on its noncumulative, nonparticipating preferred stock.
The cost of Jurislon is $4.8 per kilogram. The company wants to prepare a Direct Materials Purchase Budget for the next five months. The total cost of Jurislon to be purchased in August is:
Comparative information taken from the Fogerty Company financial statements is shown below 2007 2006-Using horizontal analysis, show the percentage change from 2006 to 2007 with 2006 as the base year.
Identify and describe the sources of generally accepted accounting principles. Identify source hierarchy and explain why the hierarchy is important.
Information regarding Central Company's individual investments in securities during its calendar-year 2011, along with the December 31,2011, fairs value, follows.
Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.
Describe the audit procedures which Johnson would conduct to find out if Mother earth would violated the debt covenants.
Upper Darby Park Department is considering a new capital investment. The following information is available on the investment. The cost of the machine will be $150,000.
What should be the reported net asset balance of the following categories during 2011: permanent restricted, temporarily restricted, unrestricted.
If the auditor obtains sufficient competent evidence on the client's accounts receivable balance by alternative procedures because it is impractical to confirm accounts receivable, the auditor's opinion should be unqualified and could be expected ..
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