Blossom Inc. issues $210,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 1 Debit Credit
Q: Required: 1. Compute the operating income for the first year under full costing. 2. Compute the…
A: Full Costings :— it is also known as Absorption Costing. It is Costing system which treats all…
Q: Perez Company paid a $440 cash dividend. Which of the following accurately reflects how this event…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: b. Prepare journal entries for the following selected transactions of the Eastern Kidney…
A: Capital Fund :- Type of Charitable Activities which gives long term benefits. Operating Fund :- it…
Q: journal entrie
A: The two journal entries that are to be recorded for the year 2 - ASC 740 provision are: 1. The tax…
Q: Brembo, an Italian automotive braking-systems supplier, has three alternative carbon ceramic…
A: Preferred Creditors - According to the relevant insolvency legislation, a lender with the authority…
Q: The pro-rata payment to stockholders on the peso is
A: Pro-rata payment to stockholders = Estimated amount to be recovered by stockholders ÷ Stock…
Q: Give brief introduction about accounting
A: Financial Accounting - Financial accounting is a subset of accounting that tracks a business's…
Q: Onslow Company purchased a used machine for $240,000 cash on January 2. On January 3, Onslow paid…
A: Fixed asset is required to record at acquisition cost. Acquisition cost of asset include all…
Q: ntegrity Company leased equipment to a lessee on July 1, 2021. The lease is for 8 years. The first…
A: A corporation tracks the financial effects of its leasing activities through a method called lease…
Q: The following information relates to Wilson, Inc.’s equipment lease with an inception date of…
A: Lease liability is the amount of obligation that has arisen from the leased asset. In a lease…
Q: Which of the following included in the buyer's cost? A. All the descriptions are tight. B. Insurance…
A: Inventory cost refers to the cost that is related to the business associated with the holding…
Q: Budgeted S&A Expenses Salary expenses Sales commissions, 5% of sales Insurance expenses Rent…
A: Answer:- Budgeted meaning:- A budget is basically a forecast of revenue and spending for a given…
Q: Harvey Company provides its employees with vacation benefits and a defined benefit pension plan.…
A: Vacation Pay: Vacation pay is a perk that businesses normally provide to full-time employees as a…
Q: The following information is from the manufacturing budget and budgeted financial statements of…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Starbright manufactures child car seats, strollers, and baby swings. Starbright's manufacturing…
A: Introduction: In the manufacturing industry, setup cost is the cost of preparing equipment to…
Q: DO IT! 5-1 Helena Company reports the following total costs at two levels of production. 5,000 Units…
A: Introduction: Costs are the monetary value of spending for supplies, services, people, products,…
Q: Journalize Payroll Tax The payroll register of Chen Engineering Co. indicates $1,956 of social…
A: 1. Gross salary = $32,600 2. Federal unemployment Tax = $10,100 x 0.6%=$60.60 3. State unemployment…
Q: will be salvaged for $3,200.00. Calculate the depreciation deduction and the unrecovered investment…
A: Methods of depreciation 1. Straight Line Method (SLM): Under this method, a fixed portion of the…
Q: Ray Reyes owns a plumbing business. He went to his tax advisor to figure out what business…
A: Here discuss about the details of way to reduce the tax liability for the tax payer for the…
Q: Differentiate wages and salaries in the 13th cheque and normal salary?
A: 13th cheque refers to the monthly salary paid which is paid in additional or 8.33% of the annual or…
Q: On January 1, 2012, Horizon Group sold property carried in inventory at a cost of P1,470,000 for…
A: installment method is method of revenue recognition in which gross profit is deffered until the…
Q: On January 1, Mitzu Company pays a lump-sum amount of $2,600,000 for land, Building 1, Building 2,…
A: The journal entries are prepared to record the transactions on regular basis. The journal keeps the…
Q: Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The…
A: Lets understand the basics. In FIFO basis company assumes that, goods come first in the inventory…
Q: Based on last year’s Statement of Comprehensive Income, the company’s marginal tax rate was 35%.…
A: Lease refers to the contractual agreement among two parties named as lessor and lessee where lessor…
Q: BANGBANG operates and franchises restaurants around the world. As part of its franchise agreement,…
A: The contract includes a discount of P50,000 on the overall transaction, which would be allocated…
Q: On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November,…
A: In normal business scenario, the collections are not made on the day of sale, they are collected…
Q: Derek dreaming of opening his own restaurant but has no idea about how to run let alone where to…
A: Answer:- Restaurant meaning:- A restaurant is basically a place where food and drinks are prepared…
Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of…
A: Introduction: Variance analysis is a quantitative assessment of the difference between actual and…
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…
A: Ending inventory ( units ) = Number of units purchased - Number of units sold from lot purchased…
Q: The following statements are true regarding dividends. Which of the following is incorrect? a)…
A: Dividend is the amount which is paid to the shareholders for investing their money into the shares.…
Q: The National Bank raised capital through the sale of $150 million face alue of eight percent coupon…
A: Bond refers to the loan which the investor provide to the borrower like the government and the…
Q: Taser Corporation's recent comparative balance sheet and income statement follow. Balance Sheets,…
A: Lets understand the basics. Cashflow statement shows cash inflow and outflow occur during the period…
Q: Fill in the missing values: **If a cell has a value of 0, type the 0. A blank cell will be marked…
A: Cash Budget is prepared by the Business entity to anticipate the cash requirement for the operations…
Q: CASE : PRIORITY RULES AT TRYTECH LIMITED Brillian Carkenea , managing partner at a Trytech…
A: Here discuss about the details of the calculation of total income and the calculation of late fee…
Q: five year promissory note with a face value of $5000, bearing interest at 6% compounded…
A: To calculate amount to be paid for promissory note first of all we will calculate future price after…
Q: DO IT! 13.1a (LO 1), C Indicate whether each of the following statements is true or false. If false,…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: supplies adirance aid equipme lated depreciation store equipment s payable id Capital a returns and…
A: The closing entries are prepared at year-end to close the temporary accounts of the business. The…
Q: A) What is VAT? what is the difference between input and output VAT?
A: Comment - We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Jan7,2018 business purchased inventory $3550 from Caroline enterprise the money will be paid in…
A: All the transactions (known as events) are to recorded in the books of accounts. The entries are…
Q: Prepare journal entries for the following selected transactions of the Marvel Cares Foundation,…
A: Operating Fund :— Expenses or income which is made or received by the organisation and taking the…
Q: Determine respective amount of discount, amount payable and maturity date for the following dating:…
A: The discount amount and the date of maturity for the invoices have to be computed as per the terms…
Q: Reba Dixon is a fifth-grade school teacher who earned a salary of $38,000 in 2022. She is 45 years…
A: Here discuss about the details of calculation of taxable income after making the adjustment from the…
Q: Assume a company with two divisions (A and B) prepared the following segmented income statement:…
A: Break even is the point at which an entity is just recovering its costs from the revenues but not…
Q: Does the use of ghost-ticking would violate what pillar of character?
A: Making a mark that suggests you confirmed them when you didn't would be called "ghost ticking."…
Q: (Comprehensive problem) You would like to have $58,000 in 15 years. To accumulate this amount, you…
A: a. FV = Future value of annuity = $58,000 C = Periodic Cash flows r = Rate per period = 8% or 0.08…
Q: Common shares, unlimited shares authorized; 4,400,000 shares issued and outstanding Retained…
A:
Q: The South Division of Wiig Company reported the following data for the current year. Sales Variable…
A: Return on Investment: Return on investment (ROI), also known as rate of return or yield, is a metric…
Q: Tuscan Incorporated had a retained earnings balance of $86,000 at December 31, 2019. During the…
A: The statement of retained earnings is an essential financial statement prepared by the management.…
Q: Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.
A: Organizations follow different types of inventory accounting based on the industry and the products…
Q: Integrity Company is a publicly held company whose shares are traded in the over-the-counter market.…
A:
Step by step
Solved in 2 steps with 1 images
- Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable annually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of discount D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of discountEdward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discountVolunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $540,000. Interest is payable annually. The premium is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium
- On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semiannually. What is the journal entry to record the issuance of the bonds?Wilbury Corporation issued 1 million of 13.5% bonds for 985,071.68. The bonds are dated and issued October 1, 2019, are due September 30, 2020, and pay interest semiannually on March 31 and September 30. Assume an effective yield rate of 14%. Required: 1. Prepare a bond interest expense and discount amortization schedule using the straight-line method. 2. Prepare a bond interest expense and discount amortization schedule using the effective interest method. 3. Prepare adjusting entries for the end of the fiscal year December 31, 2019, using the: a. straight-line method of amortization b. effective interest method of amortization 4. If income before interest and income taxes of 30% in 2020 is 500,000, compute net income under each alternative. 5. Assume the company retired the bonds on June 30, 2020, at 98 plus accrued interest. Prepare the journal entries to record the bond retirement using the: a. straight line method of amortization b. effective interest method of amortization 6. Compute the companys times interest earned (pretax operating income divided by interest expense) for 2020 under each alternative.Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market rate of 4%. The bonds paid interest semi-annually on June 30 and Dec. 31. How much money did the company receive when the bonds were issued? The bonds would be quoted at what rate?
- Crane Inc. issues $250,000, 10-year, 8% bonds at 96. Prepare the journal entry to record the sale of these bonds on March 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Mar. 1 Account Titles and Explanation eTextbook and Media List of Accounts Debit CreditBramble Corp. issued 3,400 8%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount enter an account title for the journal entry on January 1,2017 enter a debit amount enter a credit amount (b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2022 enter an account title for the journal entry on December 31,2017 enter a debit amount enter a credit amount…Sunland Company issues $220,000, 20-year, 8% bonds at 103. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit Credit
- Blossom Company issues $360,000, 20-year, 10% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditBlossom Company issues $390,000, 20-year, 8% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation June 1 Debit CreditOn August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Bramble’s year-end is December 31. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount enter an account title to record the issuance of the bonds on August 1 enter a debit amount enter a credit amount eTextbook and Media List of Accounts Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 enter an…