User Account

All Pages

Prepare journal entries

Assignment Help Accounting Basics
Reference no: EM132902518

Question - On October 1, 2020, Yost Company purchased 4,000 of tb P1,000 face amount, 10% bonds of Pell Company for P4,400,000 which included accrued interest of P100,000.

The bonds, which mature on January 1, 2027, pay interet semiannually on January 1 and July 1.

The entity used the straight line method of amortization and appropriately recorded the bonds as financial asset at amortized cost.

Required - Prepare journal entries for 2020 and 2021.

Reference no: EM132902518

Questions Cloud

Develop a pro forma income statement : Develop a pro forma income statement and compute the after-tax operating cash-flow (OCF). If P is the rental price, which is the equation for EBIT in terms of P
Prepare the journal entries for department : Assume a company issues $40,000 and $55,000 of raw material for production use in its Mixing department and Packaging department, respectively.
What amount should the payee be willing to accept instead : What amount should the payee be willing to accept instead of the last three payments, if money can earn 8.5% compounded semiannually
How much will need to invest today to be able : The stated interest rate is 6% (APR). If interest is compounded monthly, how much will you need to invest today to be able to make your down payment?
Prepare journal entries : On October 1, 2020, Yost Company purchased 4,000 of tb P1,000 face amount, Prepare journal entries for 2020 and 2021
Determine the maximum would be willing to pay : If alternative investments of similar risk earn 3.64% per year, determine the maximum you would be willing to pay for this investment.
Prepare an income statement for kissick co : Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year.
Calculate the break-even point : You will receive $450 per member per month (PMPM) to cover all inpatient services. Calculate the break-even point
Discuss the differences between inventory and fixed assets : Discuss the differences between inventory and fixed assets. Are the characteristics the same and What would you do in this case

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  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.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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