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The following transactions took place during the first year of business for ABC Company (Dollars given are in millions, use the numbers as shown, but make a note on your statements that the dollars are in millions) The firm's year end is June 30.
Question;
Question 1: Set up an accounting equation worksheet and record each transaction on the worksheet (Record the equipment purchase as an asset and ignore the fact that the equipment was probably used during the year. Also, ignore the interest expense on the bank note)
Question 2: Prepare the four basic financial statements from the worksheet.
On January 1, 2011, Zebra Corporation issued 1,000 of its 8%, $1,000 bonds at 98. Interest is payable semiannually on January 1 and July 1. What is the bond carrying value reported in the December 31, 2011, balance sheet?
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