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On January 1, a company issued 10%, 10 year bonds payable with a par value of $720,000. The bonds pay interest on July 1 and January 1. The bonds were issued for $817,860 cash, which provided the holders an annual yield of 8%. What is the amount of the semi-annual interest expense?
Rossiter Company failed to record a credit sale at the end of the year, although the reduction in finished goods inventories was correctly recorded when the goods were shipped to the customer. Which one of the following statements is correct?
Which of the following statements is not accurate?
Company has assets of $1,800,000, liabilities of $1,100,000 and stockholder's equity of $700,000. (a) prepare the journal entry to record the lease, and (b) compute the and comment on the debt to total assets ratio at the year-end.
Prepare the bank reconciliation for Janus Jutes, Inc. dated May 31, 2009. Janus made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
In November 2006 after having incorporated Cookie Creations Inc., Natalie begins operations. She has decided to not pursue the offer to supply cookies to Biscuits. Instead she will focus on offering cooking classes. The following events occur. Pre..
Which of the following items on the income statement is not disclosed net of tax?
Can a nonprofit (not-for-profit) organization release restrictions on a "strike fund" and use it in the general fund for current year activity? Why or why not?
On January 1, 2012 JumpinJehosaPhats Inc. has been authorized to issue 1,000,000 common shares with a Par Value of $1. In the process of incorporating, the sole proprietor owner's equity accounts must be closed and the equity must now reflect a co..
You realize that your accounting services are why Eric's Elmhurst Motorcycle has both stayed afloat and even prospered through the years.
What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization?
Assume that a company purchases land for $1,000,000, paying $400,000 in cash and borrowing the remainder with a long-term notes payable. How should this transaction be reported on a statement of cash flows?
The company also purchased treasury stock that had a cost of $7,000. The financing section of the statement of cash flows will report net cash inflows of:
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