User Account

All Pages

Discuss bonds issued and any interest accruals and payments

Assignment Help Accounting Basics
Reference no: EM131752790

Cannon Corporation had the following bond transactions during the fiscal year 2016:

On January 1: issued ten $1,000 bonds at 102. The 5-year bonds is dated January 1, 2016. The contract interest rate is 6%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1.

On July 1: Cannon Corporation issued $500,000 of 10%, 10-year bonds. The bonds dated January 1, 2016 were issued at 88.5, and pay interest on July 1 and January 1. Effective interest rate for these bonds is 12%. Straight-line amortization method is used.

On October 1: issued 10-year bonds $10,000 face value bonds, for $10,853 cash. The bonds have a stated rate of 9%, but an effective rate of 6%. Straight-line amortization method is used. Interest is payable on October 1 and April 1.

Requirements: Prepare all general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2016. (Round all calculations to nearest whole dollar.)

Reference no: EM131752790

Questions Cloud

What erp system experience did they put as qualification : Research companies on a job website. What ERP system experience did they put as a qualification? Explain a little about the company.
Find true population mean capacity has decreased : Suppose the historic mean capacity during the summer is 277 thousand acre feet. Is there any evidence to suggest that the true population mean capacity.
Discuss the salvage value before calculating depreciation : Double declining balance is the only method that does not subtract the salvage value before calculating depreciation
Problem on residential and commercial retaining walls : Manufacturing and Product Development The Liberty Stone Vista standard unit is manufactured to weigh 70 pounds.77 This double-sided stone is part of a wall.
Discuss bonds issued and any interest accruals and payments : Prepare all general journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2016
Examine proportion of small businesses owned by women : Is there any evidence to suggest that the proportion of small businesses owned by women is greater than 4.6%? Use a = 0.01.
Prepare journal entries for the transactions : Prepare journal entries for the transactions listed above. Prepare a Stockholders' section of a classified balance sheet as of December 31
Calculate the horizontal and vertical analysis of yum : ACCT212 Project: Financial Statement Analysis-YUM! Brands, Inc. Calculate the Horizontal & Vertical Analysis of YUM Brands, Inc
What is the required return on the company stock : If the company has a dividend yield of 8.2 percent, what is the required return on the company's stock?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a statement of net assets

Southern State University had the following account balances as of June 30, 2012. Debits are not distinguished from credits, so assume all accounts.

  Necessary to use sampling

Why do auditors find it necessary to use sampling? What are the risks associated with sampling? How might these risks affect the audit conclusion? (100 words)

  Prepare the cost of merchandise sold section

Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2008, using the periodic inventory system

  Determine the risk level of the stock from your investors

Based on your financial review, determine the risk level of the stock from your investor's point of view

  Determine the total factory labor costs

Determine the total factory labor costs transferred to Work in Process and Factory Overhead for October Determine the amount of factory overhead applied toproduction for October.

  Worthylake company sold used machinery

On January 1, 2010, Worthylake Company sold used machinery to Brown Company, accepting a $25,000 non interest bearing note maturing on January 1, 2012.

  What distinguishes a merchandising from a service business

What distinguishes a merchandising business from a service business?

  A company had inventory of 10 units at a cost of 20 each on

a company had inventory of 10 units at a cost of 20 each on november 1. on november 2 it purchased 10 units at 22 each.

  Prepare the balance sheet and income statement

Prepare the balance sheet and income statement. The trade receivables balance includes $1200 of bad debts, which should be written off

  Prepare diane statement of cash flows

Prepare Diane's Statement of Cash Flows (in good form) for the year ended December 31, 2014. Diane uses the indirect method

  In addition to the basic purchase price the company paid

on january 3 2014 wong enterprises inc. paid 300000 for equipment used in manufacturing automotive supplies. in

  Define gemstone investments in term of quality and liquidity

Describe the different ways in which one can hold gold and other precious metals as a form of investing. Discuss gemstone investments in terms of quality.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd