Prepare the required year-end journal entry

Assignment Help Accounting Basics
Reference no: EM132882396

Question - Prepare the required year-end journal entry. Assume that Gush Inc. invests in a bond for $55,000. The bond was purchased at par and is accounted for using amortized cost. At year end, management has determined that there is no significant increase in credit risk, but that there is a 1% chance that the company will not collect 20% of the face value of the bond (which also represents the present value of the bond) in the next 12 months. The expected loss model is used.

Reference no: EM132882396

Questions Cloud

Relationship between job satisfaction and job performance : "Happy workers are more productive workers". Explain why this statement might be true by exploring the relationship between 'job satisfaction' and 'job performa
Offer recommendations on accident prevention : Offer recommendations on accident prevention and safety promotion as they relate to the selected environmental factor and the health or safety of infants.
Define stockholders and stakeholders : Define stockholders and stakeholders. What is the difference between the two? How companies distinguish stakeholder.
How plan to engage in social change in community : How the program has prepared you to meet it (for a total of at least nine paragraphs). Then, propose and explain how you plan to engage in social change
Prepare the required year-end journal entry : Question - Prepare the required year-end journal entry. Assume that Gush Inc. invests in a bond for $55,000
Complexity of us healthcare system : Describes the various issues that contribute to the complexity of the U.S. healthcare system.
Marketing lemonade worksheet : Describe the new and unique form of lemonade that will be launched by your company in no more than 90 words.
Provide details of the interaction and outcomes : Explore what she means by this statement. Then, reflect on a patient that you cared for that you could apply her theory to. Provide details of the interaction
Certain colors in brand logo : How important do you feel the use of certain colors in a brand logo, advertisement, or packaging of a product is?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the error message that appears

In excel what is the error message that appears when there is an invalid numeric value in a formula or function. Provide the suitable example.

  What is the amount to be credited to N Capital

Assume d withdrew from the partnership by selling his interest directly to N for 300,000. what is the amount to be credited to N, Capital

  What minimum annual cash flow require to accept project

The project has a required return of 8.9 percent. Determine What is the minimum annual cash flow required to accept the project?

  What is the balance of the associate investment

What is the balance of the associate investment assuming the preference shares are cumulative? What is the share in 2019 net income of the associate

  Problem regarding the specification or control limits

1. MLB®. Major League Baseball (MLB) requires that a ball used in a major league game weigh between 5 and 5.25 oz. (www.MLB.com). Rawlings® is the official supplier of baseballs for MLB. In their production process, do they treat 5 and 5.25 oz. as..

  Determine the price-earnings ratio and dividend yield

Determine the price-earnings ratio and dividend yield for the three companies. Round ratios and percentages to one decimal place as appropriate

  Determine the correct inventory amount to be reported

Question - Goods in transit; consignment. Determine the correct inventory amount to be reported in Raymond's 2021 balance sheet

  Review problem of managerial entrenchment

Managerial entrenchment occurs when managers gain so much power that they can use the firm to further their own interests rather than the interests.

  On 4-1-13 company paid for a one yr liab insurance policy

make the year end 12-31-13 general journal adjustments for macomb mold company.company only prepares adjustments and

  Identify three examples of how fraud can be detected

Identify three examples of how fraud can be detected. Identify three fraud "motives" why a person would commit fraud?

  Edison corporation paid a dividend of 10 per share on its

1. on may 1 2014 stanton company purchased 60000 of harris companys 12 bonds at 100 plus accrued interest of 2400. on

  What is the employers payroll tax

Rick O'Shea, the only employee of Hunter Furniture Company, makes $30,000 per year, What is the employer's payroll tax expense associated with Rick's paycheck

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd