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LRNA Company issued $300,000, 11%, 10-year bonds on January 1, 2014, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. LRNA uses the effective-interest method to amortize bond premium or discount. Instructions: Prepare the journal entries to record the following.(Round to the nearest dollar):
(A) The issuance of the bonds.
(B) The payment of interest and the premium amortization on July 1,2014, assuming that interest was not accrued on June 30.
C) The accrual of interest and the premium amortization on December 31, 2014
Ridge Point Company's budgeted sales were 22,500 units at $76 per unit. Actual sales were 21,750 units at $79 per unit. What was Oaks Edge sales price variance?
Determine if these potential shares should be included in diluted EPS for 2007 - contractually commits itself to issue 2,000 additional common shares on December 31, 2009.
What's wrong with this strategy if they want their kids to enjoy their wealth after they are gone? What other things can you suggest to them to minimize their gift taxes?
What is the key difference between absorption and variable costing? Assuming identical companies (one using absorption costing and the other using variable costing) in their first year of operation, each having the same ending inventory balance, w..
There was a favorable materials price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that:
What are the behavioural advantages and potential disadvantages that could arised from responsbility accounting and how the disadvantages can be overcome by company.
Sunshine Service Center received a 120-day, 6% note for $40,000,dated April 12 from a customer on account. Assume a 360 day year. Journalize the entry to record the receipt of the payment of the note at maturity.
Mahtomedi Corporation is considering investing in specialized equipment costing $240,000. The equipment has a useful life of five years and a residual value of $20,000. Depreciation is calculated using the straight line method. The expected net ca..
When the effective interest rate is higher than the stated interest rate, will interest expense be higher or lower than the amount of interest paid?
Which of the follwoing statemetns is true when referring to fixed costs? 1. Committed fixed costs arise from the annual decisions by management. 2. As volume increases, unit fixed cost and total fixed cost will change.
A certain airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1-hour flight is .02. What is the probability that
Keep-it-Hot Inc. manufactures popular thermoses. On June 30, the company had 1,000 thermoses in inventory. Each thermos sells for $8.00. The company's policy is to maintain a thermos inventory equal to 10% of next month's sales.
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