Case study of riley company

Assignment Help Accounting Basics

Reference no: EM13259730

Riley Company authorized a $1,000,000, 10-year, 6% bond issue dated July 1, 2009, with annual interest to be paid each December 31. On July 1, 2009, the bonds were issued for $886,500. Riley Company has a December 31 year-end.

A. Give the entry to record the sale of the bonds.

B. Give the required entry on December 31, 2009 to record amortization (use straight-line.)

C. Was the bond issued at par, at a discount, or at a premium?

D. Will interest expense be greater than or less than the cash payments for interest?

Reference no: EM13259730

Questions Cloud

What is the maximum allowable nyquist frequency fn : any noise will pass straight through to the ADC subsystem, introducing measurement error. You have two choices to mitigate this: SW filtering and HW filtering. Either way around, you need a HW anti-aliasing (low pass) filter following the output.

Affirmative action refers to a policy : In your own words, discuss your point of view on affirmative action. Do you believe it is fair or does affirmative action create further discrimination?

Different classes of share capital : Discuss the type of company's and also explain the different classes of share capital? How they are shown in balance sheet?

Calculate the maximum magnitude of the induced emf : An automobile has a vertical antenna 1.30 m long. The automobile travels eastward at 65 km/h on a horizontal road, Calculate the maximum magnitude of the induced emf in the antenna

Case study of riley company : Riley Company authorized a $1,000,000, 10-year, 6% bond issue dated July 1, 2009, with annual interest to be paid each December 31. On July 1, 2009, the bonds were issued for $886,500. Riley Company has a December 31 year-end.

Prepare a comparative total and per unit cost statement : Prepare a comparative (total and per unit) cost statement showing anticipated margin of profit for the present output of 7,500 units and proposed output of11,500 units.

Difference between a branch and a department : What is the difference between a branch and a department ? whatare the essentials of branch accounts?

Explain the importance of a commitment : Explain the importance of a commitment to hacking in the hacking subculture. Describe how the commitment levels and motivations of black-hat, white-hat, and gray-hat hackers may differ from one another.

Question-gomez service company : Gomez Service Company has received $7,500 in cash for services rendered. What affect does this transaction have on the accounting equation?

User Account

All Pages