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Parilo Company acquired $172,200 of Makofske Co., 5% bonds on May 1, 2016, at their face amount.
Interest is paid semiannually on May 1 and November 1.
On November 1, 2016, Parilo Company sold $46,800 of the bonds for 95.
Journalize entries to record the following
May1 Initial acquisition of the bonds
Nov.1 Semi annual interest received 1Sale of the bonds
Dec.31 Accrual of $1,045 interest.
The total cost was $20,000, and Anne deducted $13,000 as medical expenses. Find what is Anne's realized gain?
Illustrate what is the overall impact on net income over the two accounting periods? (Negative amounts should be indicated by a minus sign. Omit the "$" sign in your response.)
Under what circumstances is it appropriate to record goodwill in the accounts? How should goodwill, properly recorded on the books, be written off in accordance with generally accepted accounting principles?
Amie, Inc., has 100,000 shares of $2 par value stock outstanding. Prairie Corporation acquired 30,000 of Amie's shares on January 1, 2012, for $120,000 when Amie's net assets had a total fair value of $350,000. On July 1, 2015, Prairie bought an addi..
A project has an initial cost of $38,000 and a four-year life. The company uses straight-line depreciation to a book value of zero over the life of the project. The projected net income from the project is $1,100, $1,200, $1,600, and $1,900 a year fo..
The estimated overhead costs of Furniture were $2,200,000and the estimated basis used for charging overhead to production is direct labor hours estimated at 500,000. The actual overhead incurred during the year was $2,800,000 and the amount charged t..
Does the company have capital leases? If so, what are the amounts and terms of the leases? What are the four criteria for a lease to be considered a capital lease? What are the additional criteria for the lessor? What is the difference between a sale..
Provide examples of economic decisions that the following people would need to make with the use of accounting information:- A manager of human resources.
Compute break-even at each level and is the company likely to achieve its desired target profit of $4,000,000 or more? Support your discussion with financial analysis and compute the margin of safety and explain the meaning of the number derived.
equipment for $15,000. Sales tax on the purchase was $900. Other costs incurred were freight charges of $240, repairs of $420 for damage during installation, and installation costs of $270. Illustrate what is the cost of the equipment?
Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the equipment?
Financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented
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