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Problem
On March 1, 2016, Navy Corporation used excess cash to purchase U.S. Treasury bonds for $102,000 plus accrued interest. The bonds were purchased at face value. The appropriate interest rate is 6%. Interest on these bonds is payable on January 1 and July 1 of each year. Navy's investment is accounted for as held to maturity. The fair value of the Treasury bonds is $103,000 at year-end.
1. Record the purchase of U.S Treasury bonds for cash and accured interest.
2. Record the cash received for interest revenue and receivable.
3.Record the entry for interest received.
Gerken Company concluded at the beginning of 2013 that the company's ownership interest in DillCo had increased to the point that it became appropriate to begin using the equity method to account for the investment.
what types of activities are internal service funds used to account?
Oxford's tax rate for 2012 and years thereafter is 30%. In its December 31, 2012 balance sheet, what amount of deferred tax liability should be reported
a company plans to issue shares and wants to know the secs stance on the accounting treatment for the costs of issuing
X Ltd manufactures and sells one product. You are presented with the following information for the preparation of the annual operating budget for the period ending 31 December 2016:
Required - Calculate ending inventory and cost of goods sold for 2018 assuming the company uses FIFO with a periodic inventory system
A company is considering investing in some new equipment. The new equipment will deliver cost savings of $100,000 in the first year and $130,000 in the second year, before being sold for $56,000 at the end of the second year.
entries for held-to-maturity securities on july 1 2014 salt mine corporation purchased at par 8 bonds having a maturity
Describe how the separation of authorization of production transactions physical custody of inventories can be specified among the production, inventory, and cost accounting departments.
The bonds mature in 10 years. How will the bonds be presented on the balance sheet
carrolton inc. currently sells widgets for 80 per unit. the variable cost is 30 per unit and total fixed costs equal
Investment using the equity method
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