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Problem - MULTI-CONCEPT PROBLEMS - Bond Transactions - Brand Company issued $1,000,000 face value, eight-year, 12% bonds on April 1, 2016, when the market rate of interest was 12%. Interest payments are due every October 1 and April 1 Brand uses a calendar year-end.
Required -
1. Prepare the journal entry to record the issuance of the bonds on April 1, 2016.
2. Prepare the journal entry to record the interest payment on October 1, 2016.
3. Explain why additional interest must be recorded on December 31, 2016. What impact does this have on the amounts paid on April 1, 2017?
4. Determine the total cash inflows and outflows that occurred on the bonds over the eight- year life.
During the year, it bought 3,000 units at a cost of $6 per unit. A year-end count revealed 500 units on hand. Compute ending inventory assuming: a. FIFO
The total capital of the partnership is to be P2,400,000, of which Deo's interest is to be 25%. What is the capital balance of Deo after his admission?
Ceelo Company purchased (at a cost of $10,200) and used 2,400 pounds of materials during May. Ceelo's standard cost of materials per unit produced is based on 2 pounds per unit at a cost $5 per pound. Production in May was 1,050 units. Compute the to..
calculation of variances for direct material and direct labor.nevada learning aids makes wooden lap desks. a small fire
The company will revalue the equipment annually since the equipment's fair value changes every year. Prepare the journal entries for the years 2017 and 2018
The NBC company reports net income of 3,000,000. if partners of N, B, C have icome ratios of 50%, 30% and 20% respectively, what is C's share of the net income
S and G share profits in the ratio 3:2. Assuming S bonus is computed on profit after deducting the said bonus, how much profit share will G receive?
Cane Company manufactures two products called Alpha and Beta that sell for $195 and $150, respectively. Each product uses only one type of raw material that costs $5 per pound. The company has the capacity to annually produce 123,000 units of each pr..
What was the net amount of receivables included in the current assets at the end of the year, before any provision was made for doubtful accounts?
Analyze each transaction and classify each as a financing, investing and/or operating activity (a transaction can represent more than one type of activity).
Computed on a weighted average time to maturity of the accounts receivable of 54 days. Compute the amount of cash initially received from the factoring.
How much of the 2019 dividend payment was paid to the preferred stockholders assuming the preferred stock is cumulative?Which of the following is correct?
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