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Prepare journal entries to record the following transactions related to long-term bonds of XYZ Co.
(a) On April 1, 2006, XYZ issued $500,000, 9% bonds for $537,868 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2016.
(b) On July 1, 2008 XYZ retired $150,000 of the bonds at 102 plus accrued interest. XYZ uses straight-line amortization.
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
Kristen's AGI is $120,000 before considering effect of rental activity. What is Kristen's AGI after considering the tax effect of rental use of her home?
Questions about accounting problems on payroll, reciepts and sales.
What is Justin’s adjusted tax basis for his partnership interest immediately after partnership is formed? What is the partnership’s adjusted basis for property contributed by Justin?
Summary balance sheet data for Greener Gardens Co. is shown below (in thousands of dollars). The company is in a highly seasonal business, and the data show its assets and liabilities at peak and off-peak seasons:
Make the journal entries to record the following transactions in Hunt Ltd’s records by using perpetual inventory system.
Write an analysis about test of liquidity that compare Radio Shack and Conn's to Best buy.
Kim is measuring her retirement plan. Assume she has $500,000 when she retires in an account that earns at an effective annual rate of 9%.
Prepare journal entries to record items (a) through (f) above [ignore item (g) for the moment]. Prepare T-accounts for Manufacturing Overhead and Work on Process. Post the relevant items from your journal entries to these T-accounts.
Shue withdrew $240,000 as withdrawals and contributed equipment valued at $50,000 to the partnership. What was the net income of the Financial Brokers Partnership for 2008?
Prepare an inventory purchase budget using the sales manager's estimate. Prepare an inventory purchases budget using the marketing consultants estimate.
Fulfil all required journal entries for each of the long-term activities, which took place during 20x7. Keep in mind to account for the appropriate depreciation expense for the year on any of the long-term assets.
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