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On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plus accured interest . The journal entry Stanton will record on June 30, 2010, will include:
a- a credit to interest revenue for 2,000
b- a debit to cash for 3000
c- a debit to cash for 2000
d- a credit to interest receivable for 1000
With regard to critical success factors, which one of the following would not be considered a financial measure of success?
A total cash dividend of $90,000 was declared and payable to stockholders of record. Record dividends payable on common and preferred stock in separate accounts.
Assess how a company's accounting and financial reporting is likely to be impacted by the work being done by the EITF on this issue.
You take a deep breath because Jackson and Kara are about to walk through the door. While Jackson and Kara were very pleased with the refund they received after they filed last year's taxes, you have the feeling they're going to be looking for mor..
Funseth Farms, purchased a tractor in 2008 at a cost of $30,000. The tractor was sold for $3,000 in 2011. Depreciation recorded through the disposal date totaled $26,000.
Cairo corporation has municipal bonds classified as available for sale at December 31, 2012. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $740,000.
What is the balance in the patent account on the consolidated balance sheet at December 31 2005.
Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $22,590 which was paid in the current year.
The interest is computed based on the beginning balance of the loan for the month. The company has a cash balance of $20,000 and a loan balance of $40,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year.
Of all the business processes in the Accounting Information Systems (AIS), which do you think is the hardest to control and why? Be specific in your discussion of internal controls.
Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare the journal en..
A not-for-profit organization receives a restricted gift. When, and in which type of fund, should it recognize the revenue? When, and in which type of fund, should it recognize the related expense? What is the reason for the apparent inconsistency..
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