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A bond issued with a face value of $200,000 and a carrying amount of $195,500 is paid off at 98 1/2 and retired. The gain or loss on this transaction is:
A) $3,000 loss
B) $1,500 loss
C) $1,500 gain
D) $3,000 gain
Of the remaining 80% (the credit sales), 60% are collected in the month of sale, with remaining 40% collected in the following month. What is the total cash collected (both from accounts receivable and for cash sales) in the month of January?
A fixed asset has a cost of $12,000 and a salvage value of $3,000. The asset has a three-year life. If depreciation in the third year amounted to $1,500, which depreciation method was used?
A financial analyst tells you that investing in stocks will allow you to triple your money in 15 years. What annual rate of return is the analyst assuming you can earn?
1. What is most unusual about the balance sheet? 2. Compute trend percentages for net sales and net income. Use 2003 as the base year. Which trend percentage looks strange? Explain your answer.
Bass Lake Eatery borrowed $10,000 from the bank on April 1. The note is a 1-year, 12% note, with both principal and interest to be repaid on March 31, 2011.
During the year, Hamlet Inc. paid $23,000 to have bond certificates printed and engraved, paid $150,000 in legal fees, paid $18,000 to a CPA for registration information, and paid $260,000 to an underwriter as a commission. What is the amount of b..
Calculate the restated cash dividend per share for 2009 reported in the 2011 annual report for comparative purposes. Round your answer to two decimal places.
What is the value of a Northern Pacific bond with an 11 percent coupon, maturing in 15 years? Assume the market rate for this bond is 14 percent and that the interest is paid semiannually.
The trust reports on a calendar tax year and distributes the $60,000 of 2007's net accounting income to Marty on January 20, 2008. No other distributions are made the current year. Marty's taxable income from the trust this year is:
How are managerial accounting concepts useful for a decision-maker at any level in an organization? Make sure to include different levels of decision-makers in your reply.
Post the journal entries to the stockholders' equity accounts. (Use J1 as the posting reference.) Add accounts for Retained Earnings, Treasury Stock and Paid-In-Capital from Treasury Stock (you may use t-accounts if you wish.)
Explain the meaning of the term "accounting principles" as used in the audit report. How is it determined if an accounting principle is "generally accepted". Discuss the sources of evidence for determining whether an accounting principle has substa..
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