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On January 1, 2010, Lauren Corporation issued $40,000, 9%, ten-year bonds payable at 108. Interest is payable each December 31.
Requirements:A. Prepare the journal entry to record the issuance of the bonds on January 1, 2010.B. Prepare the journal entry to record the first interest payment on December 31, 2010. Use straight-line amortization. No adjusting journal entries have been made during the year.
Prepare journal entries to record the pension expense and funding of plan assets to verify the change in the pension asset/liability.
The information below relates to Milton Company's trading securities in 2010 and 2011. (a) Prepare the journal entries for the following transactions.
New equipment is available that will reduce annual cash operating costs to $21,000. The equipment costs $103,000, has a service life of six years, and has an estimated residual value of $13,000. Company sales will total $430,000 per year with eith..
Victor called you and was in a panic as he had just received a letter from the IRS, requesting an audit of his business. The letter specifically asked for support for the $ 150,000 truck operating expense. Victor had no receipts.
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
During 2012, Sand, Inc. expected Job No. 51 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Sand applied overhead based on direct labor cost. Actual production required an overhead cost of $280,000, $550,000 in material..
On 20 March, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $51, freight-out $25, and travel expense $10. Prepare the journal entry to record the replenishment of the petty cash fund.
How does an audit performed using CobiT methodology differ from an audit that doesn't?
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
The contribution margin ratio for Sporting Goods is 30%, while for Sports Gear it is 50%. What will sales be for the Sporting Goods Division at the break-even point?
When the fair market value of the assets acquired in a business purchase exceed the purchase price, negative goodwill (also called badwill) arises. When negative goodwill arises, GAAP requires that it be allocated to.
Ace and Bart will use personal assets to purchase Carr's interest. The partnership's entry to recored Carr's withdrawal from the partnership would be ??
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