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On June 1 2006 jay bottle company sold 400000 in long term bonds for 351040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10% the bonds pay interest annually on May 31 each year. The bonds are to be accounted for under the effective interest method.
a- construct a bond amortization table for this problem to indicate the amount of interest expenses and discount amortization at each May 31. Include only the first four years.
b-assuming that interest and discount amortization are recorded each May 31, prepare the adjusting entry to be made on Dec 31 2008.
In 2013 Lake also repossessed $200,000 of jet skis that were sold in 2011. Those jet skis had a fair value of $75,000 at the time they were repossessed.In 2010, Lake would recognize realized gross profit of:
How should internal auditors help, if at all, with forensic accounting investigations?
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The unadjusted trial balance for the general fund of the City of Jordan
What would happen to the value of the 10-year bond over time if the required rate of return remained at 13%? If it remained at 7%? (Hint: With a financial calculator, enter PMT, 1/YR, FV, and N, and then change N to see what happens to the PV as t..
If present cost behavior patterns continue, determine total shipping costs for 19X7 if activity amounts to 570 orders.
Malrom uses straight-line amortization for patents. On December 31, 2007, the expected future cash flows expected from the patent were expected to be $800,000 per year for the next eight years.
At the beginning of the year, Downtown Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Downtown Athletic reported ending inventory of $300,000 and sales of $1,050,000, their cost of goods so..
What is the difference between accrual-basis accounting and cash-basis accounting? Why would politicians prefer the cash basis over the accrual basis? Write a letter to your senator explaining why the federal government should adopt the accrual basis..
Calculate total-debt-to-total-assets for the year ended September 28, 2003. Compare it with the value for the year ended September 29, 2002.
The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. What is Bonnie Jo's depreciation expense for the current yea..
The following department data are available: Total materials costs $180,000 Equivalent units of materials 60,000 Total conversion costs $105,000 Equivalent units of conversion costs 30,000 What is the total manufacturing cost per unit?
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