Purchasing at face value, On January 1, 2010, Milton

Purchasing at face value

Assignment Help Accounting Basics

Reference no: EM13123107

On January 1, 2010, Milton Company purchased at face value, a $1,000, 6% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end.

The entry for the receipt of interest on July 1, 2010, is

a. cash............................ 30
Interest Revenue............ 30

b. Cash............................ 60
Interest Revenue............ 60

c. Interest Receivable............. 30
Interest Revenue.......... 30

d. Interest Receivable............. 60
Interest Revenue.......... 60

Reference no: EM13123107

Questions Cloud

Describe the statute of limitations for a tax return : How do you determine the filing date and extended filing date for income tax returns?

Randomly eulerian graphs : Recall that a graph G is randomly Eulerian from a vertex x if and maximal trail starting at x in an Euler circuit. (If T = xx_1 ... x_l, then T is a maximal trail starting at x iff x_l is an isolated vertex in G - E(T).)

Illustrate what impact does the entry to record : The company's fiscal year ends on February 28. Debbie's sold 500 shares of common stock at $6 per share on April 1. Illustrate what impact does the entry to record the April 1 transaction have on total stockholders' equity?

Forests and eulerian graphs : Let F be a forest. Add a vertex x to F and join x to each vertex of odd degree in F. Prove that the graph obtained in this way is randomly Eulerian from x

Purchasing at face value : On January 1, 2010, Milton Company purchased at face value, a $1,000, 6% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end.

What should the basis be for depreciation of the plant : In 1995, Wallet Manufacturing Company constructed a plant for $500,000. In 2005, the following expenditures were made related to the plant: New roof -$20,000, Changing the useful life from 20 to 25 years, Painting - $10,000, Property tax - $25,000..

Find average yearly income using p-value approach : Use the p-value approach and test to determine if the average yearly income of marketing managers in the East is significantly different from the West.

Determining trees and graphs : By contracting an edge e = uv, we mean removing e and identifying the vertices u and v as a single new vertex. Let num_T(G) denote the number of spanning trees of the graph G.

Who in turn would do the same until several checks : Money from these accounts could be mixed or further divided and sent to other accounts or individuals, who, in turn, would do the same, until several checks for $1000 or less eventually arrive at party headquarters.

User Account

All Pages