User Account

All Pages

Journalization of below events

Assignment Help Accounting Basics
Reference no: EM1319704

Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 of 7.0%, 10-year bonds dated April 1, 20X6, with interest payments on October 1 and April 1. Assume the bonds are issued on June 1, 20X6, at face value plus accrued interest. Gilbert's year-end is December 31.

a) Prepare the entry to record the issuance of the bonds on June 1, 20X6.

b) Prepare the entry on October 1, 20X6, to record the interest payment.

c) Prepare the entry to record the accrued interest on December 31, 20X6.

d) Prepare the April 1, 20X7, entry to record the interest payment.

Reference no: EM1319704

Questions Cloud

Population standard deviation by level of significance : It is believed that population standard deviation is 15 days. If test is conducted using 0.05 level of significance, what conclusion must be reached?
Schedule of noncash investing and financing activities : Prepare the statement of cash flows for the year ended December 31, 20X6, using the direct method, and include a schedule of noncash investing and financing activities if necessary.
Defective syringes in a random sample : Make a histogram showing the probabilties of r = 0, 1, 2, 3, 4, 5, 6, 7 or 8 defective syringes in a random sample of 8 syringes.
Finding percent of variation in starting salaries : Based on this sample information find out what percent of variation in starting salaries is described by GPA, and find out the equation that would forecast salary from GPA. Give a scatter plot.
Journalization of below events : Gilbert Corporation has an opportunity to acquire a company which produces one of the parts it uses in its manufacturing process. After careful analysis, Gilbert has decided to raise the necessary capital for the acquisition by issuing $3,000,000 ..
Standard deviation of distribution : In a group of six professors selected at random, what is the expected number of extroverts? What is the standard deviation of the distribution?
Expected number of crimes-standard deviation : What is the expected number of crimes that will be solved? What is the standard deviation?
Multiple choice question to find related earnings : When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
Hypothesis testing of equality of two proportions : Calculate the sample statistic and standard error you will use to create the test statistic.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Refinancing payment

Blocker, Inc. had $10,000 of notes coming due on January 10, 2011- how much of the $10,000 note should be shown as current?

  Important factor for evaluating pending lawsuit

What accounting factors are significant before evaluating whether a pending lawsuit should be accrued as a liability and reflected in the financial statements?

  Tax savings from special tax treatment

Daniel figures that he has loss of $60,000 on each stock. If Daniel's marginal tax rate is 35 percent and he has $120,000 of other capital gains (taxed at 15 percent), what is tax savings from the special tax treatment?

  Discuss the issues

The Container Store currently sells a “Bento Salad Bowl,” which it is  currentlymanufacturing in South Carolina. A representative from a company in Vietnam is offering to sell them for 15% less than the manufactured cost.

  Calculate the amount of income from partnership

Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.

  Asset turnover profit margin-target rate of return

Innovative Furnishing Solutions (IFS) a division of Steelman Corporation: Asset turnover Profit margin, Target rate of return on investments for RI, Cost of capital and other operational data, to compute the segment margin and the average assets f..

  Computing net income-expenses incurred

Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.

  Short run and long run equilibrium in fishing rod market

How would you predict that the short-run equilibrium that you have identified in question 1 will change? Illustrate your answer using appropriate diagrams. What will be the long-run equilibrium number of fishing rod manufacturers?

  Single step income statement and retained earnings statement

The following information was taken from the records of Roland Carlson Inc. for the year 2007. Income tax applicable to income from continuing operations $187,000-Prepare a single-step income statement for 2007. Prepare a retained earnings statemen..

  Determining expenses on vacations

During 2012, Harry, a self-employed accountant, travels from Kansas City to Miami for a 1-week business trip.

  Journal entries for fund and government financial statement

Provide all required journal entries for fund and government-wide financial statements. What information do the government-wide financial statements present? What information do the fund out financial statements present?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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