Fuzzy monkey technologies inc purchased as a long-term

Assignment Help Accounting Basics
Reference no: EM13609582

Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $80 million of 8% bonds, dated January 1, on January 1, 2011. Management intends to have the investment available for sale when circumstances warrant. When the company purchased the bonds, management elected to account for them under the fair value option. For bonds of similar risk and maturity the market yield was 10%. The price paid for the bonds was $66 million. Interest is received semiannually on June 30 and December 31. Due to changing market conditions, the fair value of the bonds at December 31, 2011, was $70 million.Prepare the journal entries by Fuzzy Monkey to record interest on December 31, 2011.

Reference no: EM13609582

Questions Cloud

Assuming the diameter of a penny is 200 cm and its mass is : assuming the diameter of a penny is 2.00 cm and its mass is 2.60g what is the minimum air speed needed to lift the
Assume that the actual density of the washers is 781 gcm3 : explain in your own words what standard deviation is and why it is useful when describing experimental data. 2. what
John and joe formed a partnership on january 2 2011 john : john and joe formed a partnership on january 2 2011. john invested 100000 in cash and joe invested machinery valued at
Let x be binomial with parameters n15 and p2 a find the : let x be binomial with parameters n15 and p.2a find the expression for density for xb find the expression for the
Fuzzy monkey technologies inc purchased as a long-term : fuzzy monkey technologies inc. purchased as a long-term investment 80 million of 8 bonds dated january 1 on january 1
The blood flow speed through an aorta with a radius of : the blood flow speed through an aorta with a radius of 1.05cm is 0.265ms . if hardening of the arteries causes the
The management of hirsh corporation is investigating an : the management of hirsh corporation is investigating an investment in equipment that would have a useful life of 9
An ideal fluid is moving at 28ms in a section of a pipe of : an ideal fluid is moving at 2.8ms in a section of a pipe of radius 0.18m . if the radius in another section is 0.38m
A business received an offer from an exporter for 20000 : a business received an offer from an exporter for 20000 units of product at 15 per unit. the acceptance of the offer

Reviews

Write a Review

Accounting Basics Questions & Answers

  A loss on disposal of a segment would be reported in the

a loss on disposal of a segment would be reported in the income statement as anadministrative expenseother

  What is the amount of cash collected from customers

Sage Company had a $300,000 balance in Accounts Receivable on January 1.The balance in Allowance for Bad Debts on January 1 was $36,000. Sales for the year totaled $1,700,000. All sales were credit sales.

  Detailed record of money and merchandise

Evanston?s accountant insists that he keep a detailed record of money and merchandise that he takes out of the business for his personal use. Why?

  Eastman kodak sponsors a car in the nascar races like other

eastman kodak sponsors a car in the nascar races. like other major corporations that sponsor sports events kodak

  What will the company new break-even point

Assume that Ajack intends to have a profit of 20% more than the current profit. How many units must he sell to achieve his target?

  Accounting records reflecting the inventories

During 2010, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000. If Carly Manufacturing Company's cost of goods manufactured for 2010 amounted to $1,390,000, its cost..

  Keeping abreast of the financial measures and metrics

keeping abreast of the financial measures and metrics employed by a company allows employees to better understand its

  Golden inc issues 2600000 5-year 12 bonds at 104 with

1.carter company earned net income of 350000 last year. this year it wants to earn net income of 450000. the companys

  Bp makes a variety of ceramic sinks and tubs ebp has just

bp makes a variety of ceramic sinks and tubs. ebp has just developed a line of sinks and tubs made from a mixture of

  Wryski corporation had net operating income of 150000 and

wryski corporation had net operating income of 150000 and average operating assets of 500000. the company requires a

  Accounting principles

Juan's Taco Corporation has restauraunts in five college towns. Juan wants to expand into Austin and College Station and needs a bank loan to do this. Mr. Bryan, the banker,.

  Assume simple co had credit sales of 254000 and cost of

assume simple co. had credit sales of 254000 and cost of goods sold of 131000 for the period. simple uses the

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!

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