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Assume a 3 year $100,000 bond with an 11% stated rate and a 9% effective rate was sold for $105,063. Interest is paid annually. Use the straight line method for amortization.
A) What is the interest expense in the first year of bond?
B) What is the cash coupon payment in year 3?
C) Prepare all of year 3 journal entries related to the bond
D) What is the interest expense in the second year of the bond
E) What is the amortization of the bond premium that would be recorded in year 2?
F) Why were investors willing to pay a premium for this bond?
Equipment acquired on January 5, 2011, at a cost of $541,560, has an estimated useful life of 15 years, has an estimated residual value of $44,760, and is depreciated by the straight-line method. What was the book value of the equipment at December 3..
The board of directors of Weston Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15, 2007. The dividend is to be paid on August 15, 2007, to stockholders of record on July 31, 2007. The effects of the jour..
Calculate the conventional and modified benefit cost ratios for the following project.
Basic NPV with Salvage Value Schaefer Organic Farms purchased a new tractor at a cost of $80,000. Annual operating cash inflows are expected to be $30,000 each year for four years. At the end of the tractor's useful life, the salvage value of the tra..
Determine the factors that should have been considered when setting the price for the product you selected. Explain your rationale.
Analyze the accounting for corporation requirements related to stock valuation, dividends, and retained earnings and determine how to value investments and how to report them based on that valuation.
Determine the inventory turnover ratio and number of days' sales in inventory ratio for each company. Round to one decimal place. Interpret the difference between the ratios for the two companies.
Every year Kansas Company manufactures 5,300 units of part 231 for use in its production cycle. The per unit costs of part 231 are as follows: Direct materials $ 5 Direct labor 11 Variable manufacturing overhead 8 Fixed manufacturing overhead 10 Tota..
Elucidate how the choice of the type of responsibility center affects behaviour. You should support your discussion by using real world examples.
Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 48,000 actual direct labor-hours and incurred $552,000 of actual manufacturing ..
On January 1, 2016, Parker Company issued bonds with a face value of $80,000, a stated rate of interest of 8%, and a 5-year term to maturity. Interest is payable cash on December 31 of each year. Parker used the effective interest rate method to amor..
Reno company purchased equipment on January 1, 2012 for $82,000. The equipment is estimated to have a 5 year life and a salvage value of $5000. The company used straight line depreciation method.
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