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Assignment
This is a comprehensive problem all contained on this spreadsheet tab.
On 1/1/2015, Starburst Company issued 10-year bonds with a face value of $500,000 at 102. The bonds carry a stated interest rate of 7%, with interest payable semi-annually on January 1 and July 1. Starburst uses the straight-line method of amortizing bond premium or discount.
(a) Prepare the journal entry to record the issuance of the bonds. (b) Prepare the journal entry to record payment of interest on July 1, 2015. (c) Prepare the adjusting entry to record the accrual of interest on December 31, 2015. (d) Prepare the balance sheet presentation for the bond on 12/31/2015. (e) Prepare the balance sheet presentation for the bond on 12/31/2016.
Allie, who was an accounting major in college, is the controller of a medium-size construction corporation. She prepares the corporate tax return each year. Due to reporting a home construction contract using the completed contract method, the corpor..
Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. What is Russell's realized gain on the transaction? What is Russell's recognized gain in year 0, year 1, and year 2?
A review of the December 31, 2014, financial statements of Somer Corporation revealed that under the caption "extraordinary losses," Somer reported a total of $1,130,000. Ignoring income taxes, what amount of loss should Somer report as extraordinary..
This year Amber opened a factory to process and package landscape mulch. At the end of the year, Amber’s accountant prepared the following schedule for allocating manufacturing costs to the mulch inventory, but her accountant is unsure of what costs ..
What is contribution margin per unit? What is the contribution margin ratio? What is the break-even point in units? What are the sales in dollars needed to obtain an operating income of $20,000
Magneficent modems has excess productuction capacity and is considering the possibility of making and selling paging equipment. The following esimates are based on a production and sales volume of 1000 pagers. Unit levels manufacturing costs are expe..
You are offered an annuity that will pay you $9,000 at the end of each of the next 10 years. What is the maximum amount you would be willing to pay today for this annuity?
The company has earned (but not recorded) $6,000 of interest relating to an investment for the year ended December 31, 2014. A check for this amount will be received on January 9, 2015. How would the company record the related adjusting entry dated D..
Skechers USA, Inc for fiscal 2011 (in thousands):Total 2011 revenue $1,846,361 Total revenue growth rate 15.0%
Calculate minimum value for columns using an excel function. Create Regression and output results to cell A1 of "MultRegr" tab. Calculate average for columns using an excel function.
Fraud in the Movies – There are many movies that are either documentaries or dramatizations about “real-life” cases of fraud that have impacted financial reporting and the auditing profession. Select a movie that relates to fraudulent financial repor..
Included in the December 31, 2010 adjusted trial balance of the Gold Company are the following accounts:
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