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Questions -
1. Indigo Co. sold $1,830,000 of 10%, 10-year bonds at 106 on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on July 1 and January 1. If Indigo uses the straight-line method to amortize bond premium or discount, determine the amount of interest expense to be reported on July 1, 2017, and December 31, 2017.
2. Sweet Inc. issued $550,000 of 9%, 10-year bonds on June 30, 2017, for $515,729. This price provided a yield of 10% on the bonds. Interest is payable semiannually on December 31 and June 30. If Sweet uses the effective-interest method, determine the amount of interest expense to record if financial statements are issued on October 31, 2017.
Motor #9, which had a cost of $5,500 and accumulated depreciation of $5,000, was traded in for a new motor (#23) with a fair market value of $6,500. The old motor and $6,200 in cash were given for the new motor.
Compute the cost of the new dry cleaning machine. Explain why you excluded any expenditures from the cost of the dry cleaning machine.
Explore the annual report disclosures for one of the NZX 50companies for 2012 - consider accounting regulation and apply in the annual report
The Casey Company produces two joint products. At the split-off point, product A has a sales value of $8 per unit, while product B can be sold for $10 per unit. After further processing, which costs $5 and $9, respectively, product A can be sold for ..
on april 1 of the current year econ ltd. ordered maps from a foreign supplier for 500000 units of foreign currency
As of December 31, 2014, Post Company had total cash of $153,000, notes payable of $85,300, and common stock of $52,100. During 2015, Post earned $33,000 of cash revenue, paid $18,500 for cash expenses, and paid a $2,700 cash dividend to the stockhol..
Prepare the journal entry that should be recorded by Fairmont Company for the sale of the services in exchange for the note. Prepare the amortization schedule for the note receivable accepted in the transaction.
X Company makes and sells a single product. In 2014, it sold 25,200 units and profits were $171,000. In 2015, the company expects to sell 27,000 units, variable costs per unit are expected to be $24.70, and total fixed costs are expected to be $230,0..
If a new accounting standard impacts on profits, should this impact on the value of the firm, and if so, why?
Cash on the books as of April 30 was $499. Cash as shown on the bank statement for the same date was $1,330. A deposit of $160, representing cash receipts as of April 30, did not appear on the bank statement. Prepare bank reconciliation for Rawlins C..
What is the actual cost of the acquisition to Firm Y using company stock? - Why is the actual cost less than $35,000?
Prepare a post-closing trial balance as of October 31 - During its first month of operation, the Rawls Repair Corporation
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