Stocks, Bonds, Dividends, Accounting Basics

Assignment Help:
Please help journalize:
-On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700.
-On January 1, 2017 Harmony also issued 2,000 shares of common stock for $54,000.
-On Jan. 1 Harmony issued $80,000, 6%, 5 year bonds when the market rate was 7% . Interest is to be paid annually on each Jan. 1 beginning one year from date of issue.
-Harmony reaquired 500 shares of its common stock on Sep 19, 2017 for $39 per share.
-On Dec 31, Harmony declared the annual preferred dividend and a $1.75 per share dividend on outstanding common stock, all payable in cash on Jan 20, 2018.
-Harmony estimates that the total amount of accounts receivable that is uncollected at a year end is $1,904.
-The building is being depreciated using the straight line method over 20 years. The salvage value is $22,500.
-The equipment is being depreciated using the straight line method over 5 years. The salvage value is $13,500.
-The unearned rent was collected on Sep. 1 2017. It was receipt of 5 months'' rent in advance (Sep 1 2017 through Jan 31, 2018).
-The annual interest on bonds for 2017 has not been recorded. Harmony uses the effective interest method.
-The Harmony corporation must make an adjusting entry to accrue income tax expense on income before income tax at a rate of 29%. The income taxes will not be paid until March 28, 2018.

Related Discussions:- Stocks, Bonds, Dividends

Ethical perspective - world auto parts corporation, John Bentley is the chi...

John Bentley is the chief financial officer for World Auto Parts Corporation the company buys approximately USD 500 million of auto parts every year from small suppliers all over t

Accounting standards, The fundamental concepts, discussed in the previous p...

The fundamental concepts, discussed in the previous paragraphs, are the core components in the theory of accounting. Such concepts as postulates or conventions, although, permit a

State unemployment tax, State unemployment tax This is referred to as S...

State unemployment tax This is referred to as SUTA (State Unemployment Tax Act). The taxes are paid to the state in which employer conducts business. This rate varies from stat

What are the various means of calculating depreciation, 1. Double declining...

1. Double declining method 2. Units of production method 3. Sum of year digit method 4. Straight-line method Depreciation Fund Method Insurance Method Annualy Method

Biology, While studying evolution, a student comes across a cladogram that ...

While studying evolution, a student comes across a cladogram that includes clades like amphibia, reptilia, aves, and mammalia. What must be the basal clade?

What does the 2011, At December 31, 2011 and 2010, Miley Corp. had 180,000 ...

At December 31, 2011 and 2010, Miley Corp. had 180,000 shares of common stock and 10,000 shares of 5%, $100 par value cumulative preferred stock outstanding. No dividends were decl

Need for adjusting entries, Q. Need for adjusting entries? The income s...

Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i

What is credit balance, Q. What is credit balance? If on the other side...

Q. What is credit balance? If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an

Explain about staff accountant, Q. Explain about Staff accountant? Let ...

Q. Explain about Staff accountant? Let us travel with Tracy as she begins her career at the staff level. At the onset, she works directly under a senior accountant on each of h

Write Your Message!

Captcha
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!

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