Reference no: EM131206493
Match each description below to the appropriate term (contract rate, effective rate, bond discount, bond premium, bond, bond indenture, principal):
The return required by the market on the day of issuance
The face amount of each bond
The contract between bond issuer and bond purchaser
If the contract rate exceeds the effective rate
The rate printed on the bond certificate
If the contract rate is less than the effective rate
A form of an interest-bearing note
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Labor data for making one gallon of finished product
: Labor data for making one gallon of finished product in Tang Company are as follows: (1) Price—hourly wage rate $13.75, payroll taxes $0.52, and fringe benefits $1.54. (2) Quantity—actual production time 1.21 hours, rest periods and cleanup 0.34 hour..
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Compute estimates for standard cost and budgeted cost
: Perez Company uses both standards and budgets. For the year, estimated production of Product X is 547,200 units. Total estimated cost for materials and labor are $1,203,840 and $1,586,880. Compute the estimates for (a) a standard cost and (b) a budge..
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Prepare the journal entry to record the issuance of bonds
: Slocombe Company sold $5,400,000, 9%, 15-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on December 31. The bonds were sold at 98. (a) Prepare the journal entry to record the issuance of the bonds on January 1, ..
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Discount amortization under the straight-line method
: Devon Harris Company sells 9% bonds having a maturity value of $2,719,000 for $2,424,968. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January 1. Set up a schedule of interest expense and discount a..
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Contract rate-effective rate-bond discount-bond premium
: Match each description below to the appropriate term (contract rate, effective rate, bond discount, bond premium, bond, bond indenture, principal):
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Fifo method to calculate ending inventory
: Moss Co. uses the FIFO method to calculate ending inventory. Assuming 300 units are not sold, the cost of goods sold is:
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Assuming the land has net salvage value of zero
: On July 23 of the current year, Dakota Mining Co. pays $6,009,360 for land estimated to contain 8,232,000 tons of recoverable ore. It installs machinery costing $1,811,040 that has a 10-year life and no salvage value and is capable of mining the ore ..
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Compute depreciation for each year for the machine
: A machine costing $208,200 with a four-year life and an estimated $15,000 salvage value is installed in Luther Company’s factory on January 1. The factory manager estimates the machine will produce 483,000 units of product during its life. Compute de..
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Journal entries to record these transactions and events
: Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2012 Jan. 1 Paid $298,000 cash plus $11,920 in sales tax and $1,800 in transportation (FOB shipping point) for a n..
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