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Problem 1: Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co.
(a) On April 1, 2019, Quirk issued $2,000,000, 9% bonds for $2,151,472 including accrued interest. Interest is payable annually on January 1, and the bonds mature on January 1, 2029.
(b) On July 1, 2021 Quirk retired $600,000 of the bonds at 102 plus accrued interest. Quirk uses straight-line amortization.
Compute the rate charged per hour of labor. Compute the material loading percentage. The company estimates that it would require 80 hours of labor and $40,000 of parts. Compute the total estimated bill.
Which of the subsequent situations is not need in order to use the completed-production technique of revenue recognition?
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The first two closing entries to the Income Summary account indicate a debit of $53,750 and a credit of $64,900. What the third closing entry
Tempest Co. purchased 60, 6% Urich Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1. If 30 of the securities are sold on July 1 for $32,000, the entry would include a credit to Gain on Sale of Debt Investments ..
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Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Complete the company's cash budget for the upcoming fiscal year.
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