User Account

All Pages

Prepare journal entries for the year

Assignment Help Accounting Basics
Reference no: EM132051621

Question 1 - Using the following information, prepare journal entries for the year 2014 and indicate how ABC should report its investment in its year end financial statements:

  • The investment is considered Held to maturity.
  • On July 1, 2014 ABC purchased $4,000,000 of XYZ's 8% bonds, due on July 1, 2021.
  • The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,500,000 to yield 10%.
  • The fair value at December 31, 2014 is $3,604,000.

Question 2 - Using information on Question 1, prepare journal entries for the year 2014 but assuming the investment is -considered Trading securities. Also, indicate how ABC should report its investment in its yearend financial statements.

Reference no: EM132051621

Questions Cloud

Prepare the adjusting entries on january : Prepare the adjusting entries on January 31. Account titles to be used are Accumulated Depreciation-Equipment, Depreciation Expense, Service Revenue
Decrease or increase federal spending : For discussion: The US Congress debates a new budget every fiscal. Most republicans want to reduce federal spending; most Democrats do not want
What is the target population that the program serves : What is the target population that this program serves? Are there specific presenting problems that it addresses? What are the defining characteristics.
Prepare the adjusting entry for depreciation at december : At the end of its first year of operations, the trial balance of Alonzo Company shows Equipment $33,770, Prepare adjusting entry for depreciation at December
Prepare journal entries for the year : Using the following information, prepare journal entries for the year 2014 and indicate how ABC should report its investment in its year end financial statement
What is the effective annual rate of interest on the loan : You plan to pay it off with monthly payments of $850 in 4 years. What is the effective annual rate of interest on the loan
How much should you deposit each month : You plan to retire with $8,000,000 in 38 years. How much should you deposit each month into an account that pays 9% annual rate compounded monthly
Why is the sales forecast the starting point in budgeting : Why is the sales forecast the starting point in budgeting? What is a budget? What is budgetary control
How much will she have to deposit monthly in college fund : How much will she have to deposit monthly in the college fund so that the balance in the fund is zero when the last tuition payment is made

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the stockholders equity section of balance sheet

Goodwill $55,000; Accumulated Other Comprehensive Loss $150,000. Prepare the stockholders' equity section of the balance sheet

  Calculate the estimated loss on the inventory from the fire

Calculate the estimated loss on the inventory from the fire, using the gross profit method.

  Calculate the campbell corporation gross margin

Dividends declared and paid $15,000. The income tax rate is 35%. What was Campbell Corporation's gross margin as a percentage of sales

  Eric sherm began working as a part time waiter on april

Eric Sherm began working as a part time waiter on April 1, 2013, at Yardville Restaurant.

  True difference between the unemployment status

In connection with (ii) above, if it is desired to determine any true difference between the unemployment status of this University's alumni to within ±0.5% with 95% con?dence, how many alumni would have to be sampled? State any assumptions clearl..

  Determining indirect method of presenting cash flows

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions.

  Closing entries for the capital projects fund

You are a Hometown accountant. The Capital Project Fund has just been created to account for resources received and expended for the construction of a new Health Center. Funding for the Health Center is being provided by a $5,000,000 General Ob..

  If the market rate is 10 at the time of issuance will the

california co. issued 200 bonds at a stated rate of 6 interest with a principal amount of 1000. the bonds are dated

  Discuss what would be the best visual representation

wondering if there is a possibility of creating a mindmap in regards to the course work or what would be the best visual representation

  Prepare a contribution format income statement

Prepare a contribution format income statement showing the company broken down by sales territory

  What is the unique feature of a corporation income statement

What is the unique feature of a corporation income statement? Illustrate this feature, using assumed data.

  Josh sold a piece of business equipment that had an

josh sold a piece of business equipment that had an adjusted basis to him of 50000. in return for the equipment josh

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