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Question
Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling price of 87 ½. The straight-line method is used to allocate interest expense.
1. Using the implied selling price of 87 ½, what are the issuer's cash proceeds from issuance of these bonds?
2. What total amount of bond interest expense will be recognized over the life of these bonds?
3. What is the amount of bond interest expense recorded on the first interest payment date?
Derf Corporation uses a standard cost system in which it applies manufacturing overhead on the basis of standard direct labor-hours. Two direct labor-hours are required for each unit produced. The denominator activity was set at 12,600 units. The var..
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A loan of 10,000 is being repaid with payments of 500 starting one month after the loan is made and lasting as long as necessary. A final smaller payment is made one month after the last regular payment of 500. What is the amount of the additional sm..
Calculate the normal selling price for each product? What would net income be if unit sales of the tent increased by 50% but unit sales of the backpack increased by only 20%?
1. marvin corp a publicly accountable entity sold new production equipment to terrell inc. marvin corp. has agreed to
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At Mark's death, Mark owed a debt of $40,000 plus $2,000 of accrued interest. Mark's funeral expenses were $5,000, and Mark's charge card had a balance due of $400. The expected administration costs for the estate are $2,000. Assume the estate will o..
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Sandy and Louis Roman filed a joint income tax return for 2010. For each of the items or events listed below, indicate which are includible in gross income by checking the boxes next to those that are includible.
Merger Co. has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Prepare the March..
Record journal entries for the following transactions for FY 2014 and post to the general ledger- Open a general journal for the City Jail Annex Construction Fund.
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