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XYZ Company is building a new hockey rink at a cost of $1,500,000. It received a down payment of $500,000 from local businesses in support of the project and now needs to borrow $1,000,000 to complete the project. It therefore decides to issue $1,000,000 of 10%, 5 year bonds. The bonds sold for $926,395. These bonds were issued on January 1, 2011 and pay interest semi annually on July 1 and January 1. The yield on the bond is 12%
1. Prepare the journal entries for the issuance of the bonds, and any related bond cost (if entry is required) for march 1, 20112. Prepare the bond amortization schedule up until January 1, 2012 using the effective interest method. The year end date for the company is December 31. Prepare journal entries as required3. Assume that on July 1, 2014 XYZ retires all the bonds at 97. Record the entry of the sale
The auditors wish to test the valuation of accounts receivable in the audit of Seaside Enterprises. The client has $5,000,000 of total recorded receivables, composed of 2500 accounts.
Sears collected $57000 from the issuance of bonds with a face value of $50000. A portion of the cash receivable, $2000 was accrued interest. give the journal entry made on sears book to account the issuance of the bonds.
Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..
the solution of this exercise 16-27 Alternative methods of joint-cost allocation, product-mix decisions. The Southern Oil Company buys crude vegetable oil.
If investors required a rate of return equal to 12 percent on similar-risk bonds and interest bonds and interest is paid semiannually, what should be the market price of Buner's bonds?
Discuss why a buyer may want to order on a bill and hold basis. Why might a seller want to classify an order as bill and hold if it does not meet the above criteria?
Consider your health care organization or another health care organization with which you are familiar. What are the steps to develop a budget in that organization?
a finance professor and a marketing professor were recently comparing notes on their perceptions of corporations. The finance professor claimed that the goal of corporation should be to maximize the valur to the shareholders. The marketing profess..
Prepare the entry to record Poulter's investment in the partnership, assuming the equipment has a fair value of $19,500.
Your report should be in the form of a two page memo that discusses the regulations and how they will apply to your hiring process. You may select any Locality or State you wish ensuring compliance with Equal Employment Opportunity laws.
Cameron Bly is a sales manager for an automobile dealership-Does the warranty accrual decision create any ethical dilemma for Bly? Since warranty expenses vary, what percent do you think Bly should choose for the current year? Justify your response.
Should Interest Rate Parity Prevent MNCs from Investing in Foreign Currencies?
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