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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.
a loss on disposal of a segment would be reported in the income statement as anadministrative expenseother
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.
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 major corporations that sponsor sports events kodak
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?
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 employed by a company allows employees to better understand its
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 developed a line of sinks and tubs made from a mixture of
wryski corporation had net operating income of 150000 and average operating assets of 500000. the company requires a
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 goods sold of 131000 for the period. simple uses the
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