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On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market rate of interest was 7%. Harris uses the effective interest rate method to amortize bond premium or discount. a. Calculate the present value of the bonds. b. Prepare the journal entries to issue the bonds. c. Prepare the journal entries to amortize the premium or discount as of July 1, 2011. d. Prepare the journal entries to pay interest due to the bondholders as of January 1 and July 1, 2011
Classified income statement It is more involved for a merchandising business to conclude net loss or net income. Income statement is categorized into sections: 1. Revenue
what are the types of assests
Q. Define Current assets? Current assets are cash and other assets that a business is able to convert to cash or uses up in a relatively short period one year or one operating
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An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
Current Assets are $70,000, non-current assets are $150,000, current liabilities are $40,000 and long term liabilties are $30,000. What is the debt to equity ratio? 0.47 Stock h
Q. Learning objectives of trial balance? - The cash basis of accounting know revenues when cash is received and recognizes expenses when cash is paid out. - The accrual basi
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Q. Show Advantages and disadvantages of LIFO? The advantages of the LIFO method are based on the fact that prices have risen almost constantly for decades. LIFO supporters clai
Q. Describe about adjunct account? The Transportation-In account files the inward freight costs of acquiring merchandise. Transportation-In is an adjunct account in that it is
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