Record the necessary entries

Assignment Help Financial Accounting
Reference no: EM132980387

Questions -

Q1. On November 1, 2012, Howell Company purchased 9,000 of the P1,000 face value, 9% bonds of Ramsey, Incorporated, for P9,480,000, which includes accrued interest of P13,500. The bonds, which mature on January 1, 2017, pay interest semiannually on March 1 and September 1. Howell uses the straight-line method of amortization.

Howell sold half of the bonds at face amount on June 1, 2015 and the remaining @105 in March 30, 2016.

Requirement - Record the necessary entry/entries on the derecognition/reclassification of the investment in bonds.

Q2. On November 1, 2012, Horton Co. purchased Lopez, Inc., 5-year, 9%, bonds with a face value of P5,000,000. The bonds mature on July 1, 2016. The bonds are valued at 12% on issuance date.

Horton co. sold all the bonds @101 on November 1, 2015.

Requirement - Record the necessary entry/entries on the derecognition/reclassification of the investment in bonds.

Reference no: EM132980387

Questions Cloud

Calculate the total income and tax payable by the company : Innovative limited company provides the following details for the year ended June 30, 2018. Calculate the total income and tax payable by the company
New tools and innovations ultimately : Clinicians traditionally incorporate history taking and physical examination as an integral component in the evaluation, assessment, diagnosis, planning, and im
Discuss what spiritual considerations surrounding disaster : What spiritual considerations surrounding a disaster can arise for individuals, communities, and health care providers? Explain your answer in the context
How evidence-based practice is different from research : Using supporting documentation from at least one nursing publication, describe how evidence-based practice is different from research.
Record the necessary entries : Howell sold half of the bonds at face amount on June 1, 2015 and the remaining @105 in March 30, 2016. Record the necessary entries
Human resources specialist : The next step to building up your Executive Presence in your LinkedIn profile is to make one engaging and informative summary. Your summary goes below your pict
Develop an ebp standard integrating ethical reasoning : Develop an EBP standard integrating ethical reasoning. Describe two to three interventions (or a bundle of care) from the evidence
Explore national and international initiatives and research : Investigate ethical issues related to the conduct of scientific research, including informed consent, data management, data analysis
What are the drawbacks to the assembly-line format : Which format would most effectively serve the needs of the students in this program? Include consideration of the space chosen for conducting the program.

Reviews

Write a Review

Financial Accounting Questions & Answers

  How much is the annual mortgage payment

You plan to sell it in 3 years and believe that you will be able to sell it a 5% cap rate as well. How much is the annual mortgage payment

  Personal car with an adjusted basis

Christy traded in her personal car with an adjusted basis of $12,000 for a new car costing $28,000. The dealer allowed $9,000, the car's FMV, for the old car, and Christy paid $19,000 in cash. What is CHristy's basis in the new car?

  Draw up properly balanced debtors control account

Draw up properly balanced debtors control account, corrected for errors that exist in the given account, and a properly balanced creditors

  Solve average return for both stock and market

Solve average return for both stock and market. Calculate Standard deviation for both. Calculate coef?cient of variation for both. Calculate Beta of stock.

  What will be the price of the bond if it is downgraded

Yields on A-rated, long-term bonds are currently 6.51%, and yields on BBB-rated bonds are 6.87%. What will be the price of the bond if it is downgraded

  Findingnbsp the equivalent units for materials and

findingnbsp the equivalent units for materials and conversion.bell computers ltd. located in liverpool england

  Show how the matter will be disclosed in ppe note

Show how this matter will be disclosed in PPE note for the year ended 31 December 2019. Machine is the only asset of the entity.

  Which is not a method used to document details of an audit

Which is not a method used to document details of an audit client's accounting system? Internal control questionnaire. / Narrative description

  Human resources department costs to operating division

Calculate allocation from service to line departments using the direct, step, and reciprocal methods for Homestead Inc. Homestead Pottery Inc. is divided into two operating divisions: pottery and retail.The company allocated power and human resources..

  Record the purchase of the treasury stock

Record the issuance of the common stock during 20X7. Determine retained earnings on 12/31/X7. Record the purchase of the treasury stock.

  Find for the estimated value of inventory damaged by fire

The merchandise saved from fire was estimated to be P 8,500. Burny Corporation's policy is to add 40% on its cost. Compute for the estimated value of inventory

  What advantages does the contribution margin approach

What is the minimum selling price Mr. Berg, Jr., could have quoted without reducing or increasing company net income?

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