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Three years ago American Insulation Corporation issued 10 percent, $950,000, 12-year bonds for $845,000. Debt issue costs were $2,500. American Insulation exercised its call privilege and retired the bonds for $890,000. The corporation uses the straight-line method both to determine interest and to amortize debt issue costs. Required: Prepare the journal entry to record the call of the bonds. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Side Kicks has year-end account balances of Sales Revenue $834,710; Interest Revenue $18,600; Cost of Goods Sold $583,930; Administrative Expenses $186,150; Income Tax Expense $32,990; and Dividends $18,615. Prepare the year-end closing entries.
The Hernandez Company budgeted for an output of 50,000 units. Budgeted amounts were as follows: direct material, $100,000; direct labor, $50,000; variable factory overhead, $75,000; and fixed factory overhead, $100,000. Assuming a flexible budget,
Prepare a statement of cash flows for year ended December 31, 2014. Use the indirect method for cash flows from operating activities and how can users of financial statements utilize statement of cash flows in making informed decisions?
Prepare a Schedule of Cash Gains and Losses by month for the six month period beginning in March, using the template provided and the data above.
Montclair Corporation designs and manufactures wind turbine generating systems and sells them to private energy producers. Many of their sales are structured to allow their customers to pay for equipment on an installment basis. In 2001 Montclair sol..
Evaluate which of Porter's Three Generic strategies you may use as you rebuild The Broadway Cafe for the 21 st century.
Calculate the total bid if you base your calculations on the September 15, 2005, invoice assuming a cost plus 15% government contract and what are the main discrepancies between the bids you calculated in #1 and #2?
Lyle performed legal and accounting work during the incorporation process in return for six shares of stock. Determine the tax consequences of the transfers to all parties.
The beginning inventory for North Company consists of 150 units valued at $25 each. Four purchases of 50 units each were made during the year at $25.50, $26, $27, and $29 per unit, respectively. what is the cost of goods sold for the current period?
Bed & Bath, a retailing company, has two departments, Hardware and Linens. The company’s most recent monthly contribution format income statement follows: Total Hardware Linens. f the Linens Department is dropped, what will be the effect on the net o..
Prepare a Statement of Owner's Equity, referring to the balance sheet results as well as the statements prepared for the Week 2 Individual Assignment.
Estimates vary widely as to when the trust fund for SS retirement benefits will be depleted. However, there is wide agreement that the program as currently structured is not sustainable in the long run. Increasing revenue and/or decreasing benefits w..
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