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On January 1, 2010, Branson Designers issued $900 Million of its 8% bonds $836 million. The bonds were then prices to yield 10%. The interest will be payable on June 30 and December 31. Branson records interest as the effective rate and thus is going to report the bonds at face value. On December 31, 2010 the fair value of the bonds was $852 Million as determined by the market.
Prepare the journal entry to record the interest at June 30, 2010, and December 31, 2010.
The tax rate is 30% and the FIFO method will result in income before taxes of $5,460. The LIFO method will result in income before taxes of $4,935. What is the difference in tax that would be paid between the two methods?
Write journal entries for the following transactions that occurred at Woodside Company during the month of May and explain how each would be disclosed in Woodside's financial statements.
During the fiscal year, the general fund of Phoenix City was legally required to transfer $80,000 to the debt service fund. Only $60,000 was transferred.
Prepare a statement of cash flows using the indirect method.
Beebe Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year.
Find out the amount of sales revenue dorough will report on the first 2012 quarterly proforma income statement. Prepare cash receipts schedule for the first quarter of 2012
Leah, Inc. has machinery with a cost of $100,000. The machinery has an estimated useful life of 10 years, and an estimated salvage value of $10,000. The machinery is expected to be able to produce a total of 1,000,000 units during its estimated li..
What does the cost manager do? What information does the cost manager get and how does he use it? What decision does the cot manager make about production and how does it affect shareholders?
Teresa is a civil engineer who uses her automobile for business evenly throughout the year. Teresa drove her automobile a total of $22,650 miles evenly during 2011, of which 95% was business mileage.
Condensed balance sheets for Phillips Company and Solina Company on January 1, 2007, are as follows: Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets
Assume that you wish to purchase a 25-year bond that has a maturity value of $1,000 and makes semiannual interest payments of $45.
Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
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