User Account

All Pages

What amount should cruz recognize as gain

Assignment Help Accounting Basics
Reference no: EM131894725

Question - On June 30, 2013, Cruz Co. had outstanding 9%, $ 5,000,000 face value bonds maturing on June 30, 2018. Interest was payable semiannually every June 30 and December 31. On June 30, 2013, after amortization was recorded for the period, the unamortized bond premium and bond issuance costs were $ 30,000 and $ 50,000, respectively. On that date, Cruz acquired all its outstanding bonds on the open market at 98 and retired them. At June 30, 2013, what amount should Cruz recognize as gain before income taxes on redemption of bonds?

Reference no: EM131894725

Questions Cloud

Implementing hrm practices in brief : Traditionally, human resource management practices were developed and administered by the company's human resource department.
What was boeings operating cycle : a receivables period of 136 days and a payables period of 460 days. What was Boeings operating cycle - How much will you have at the end of the fourth year
How long does it take for the counter to wrap around : The control field in a TCP segment is 6 bits. We can have 64 different combinations of bits. How long does it take for the counter to wrap around?
What are some distinctions between power and influence : How would you define power. How would you define influence. What are some distinctions between power and influence in an organizational setting.
What amount should cruz recognize as gain : At June 30, 2013, what amount should Cruz recognize as gain before income taxes on redemption of bonds
How many bytes of option are included in the segment : If the value of HLEN is 0111, how many bytes of option are included in the segment? Choose an appropriate ephemeral port number.
What is the total amount of expense : income statement for the six months ended June 30, year 1, what is the total amount of expense relating to these two items that should be reported
Captures the essence of the major lessons : use a metaphor or analogy that captures the essence of the major lessons learned in the BBA program (e.g., business administration is like . . .).
Discuss the principle of comparative advantage : The traditional trade model involves the movement of finished products among nations, while multinational enterprise analysis stresses movements of factor.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Services were to be provided for a one year term beginning

Jackie received a $30,000 cash advance payment on June 1, 2013, for consulting services to be performed in the future. Services were to be provided for a one year term beginning June 1, 2013.

  Ending inventory of raw materials

Assuming a beginning inventory of raw materials of $8,000 and an ending inventory of raw materials of $6,000, direct labour must have totaled.

  Discuss the accounting profession is being automated

As we discussed last week with automated inventory control systems, more and more about the accounting profession is being automated

  Pierce had no restrictions on the use of the advance

pierce had no restrictions on the use of the advance rental payments and renders no services in connection with the

  Determine the amount of the estimated average income for a

determine the amount of the estimated average income for a proposed investment of 62158.00 in a fixed asset giving

  Enderle sound, inc. internal control weaknesses

Enderle Sound, Inc. internal control weaknesses.

  Compute the IRR for each project

Project A requires an initial cash outlay of $100,000 followed by five years of $30,000 cash inflows. Compute the IRR for each project

  Review the auditing standard number

recommendations to the documentation requirements that you believe would improve Standard

  Calculate the break-even price

The variable cost in NewShoes is the unit cost of the product. Fixed costs are the marketing expenses for a region along with the allocated product development.

  What annual gift tax exclusions are allowed

The Randalls have a married son and four grandchildren (ages 15, 17, 18 and19). They establish a trust under which the income is to be paid annually to the grandchildren until the youngest reaches age 25.

  Savings in labor per bus could utc expect

What savings in labor per bus could UTC expect if the promise is true and the engine cost is 64,000 per bus and the firm agrees it will purchase back their engines at the end of 6 periods of use for 4,000 each?

  Prepare t-accounts for cashbalance of 20000 short-term

during the fourth quarter of 20x6 cablevision inc. generated excess cash which the company invested in securities as

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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