Dixon Corp issued 5,000, 9%, 5-year, P1,000 bonds dated January 1, 2020, at P100 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020, 2. Prepare the adjusting journal entry on December 31,
Q: Jane has written out a check to Manny for $100. Unfortunately, the check was stolen by Stringer…
A: Provision or Concept : A payer can make payment to payee through cheque in mainly two manner:…
Q: aterials used were direct materials.) SUNLAND MANUFACTURING COMPANY Cost of Goods Manufactured…
A: The Cost Sheet of a product is based on the classification of cost i.e Direct Material used, Direct…
Q: A local municipality is considering investing $220,000 to upgrade a park. Based on similar…
A: Calculation of Benefit Cost Ratio Benefit Cost Ratio = Present value of Benefits/ Present Value of…
Q: Operating costs are an important criteria when selecting what machinery would be the best choice for…
A: The formula for the total equivalent uniform annual worth (EUAW) is given below:- EUAW = EUAB…
Q: preference share paid. ddition, company declared and paid $5 cash dividends to all ordinary…
A: Earnings per share Earnings per share refer to the important indicator that is helpful in the…
Q: Gain on Sales of Investment 5,000.00 Adversiting Expense 8,000.00 Sales 100,000.00 less: Cost of…
A: Formula: Gross profit = Net sales - cost of goods sold
Q: On 1st January, 2016 Sadhan Sen of Sodepur sent 1,000 units of silk goods to Biren Bose of…
A: This is a case of a Joint venture where two individuals come together for purpose of doing business…
Q: ank you
A: Accumulated depreciation is a contra asset account. It has a credit balance, it shows the cumulative…
Q: ?Refer to CASE 2 (Company B), What is the expected Product Margin of product Z if activity-based…
A: The product margin is calculated as difference between sales revenue and total costs incurred during…
Q: All direct materials are placed in process at the beginning of the process and the average cost…
A: Conversion Costs Conversion costs are those costs that convert raw materials into a finished…
Q: pany opted to report income from improvement using the lump-sum method an
A: Rental income refers to the sum value of money earned by an entity through its rental properties.
Q: MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the…
A: Under cost model, investment property is measured at cost less accumulated depreciation . Fair value…
Q: the projected year. Unit selling price, unit variable costs, and fixed costs are estimated to (1)…
A: Compute (1) the contribution margin for the current year and the projected year Current Year…
Q: At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 and allowance…
A: Account receivable means the amount due from outsider for the goods or services rendered on account.…
Q: On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from its…
A: GIVEN On February 1st, 2021, Seen This Before Inc. (STB) accepted a non-interest-bearing note from…
Q: Flexible Budget for Selling and Administrative Expenses for a Service Company Morningside…
A: A flexible budget is prepared on the basis of the budgeted rate and on the basis of different…
Q: Unit VIII question 7
A: The variance is the difference between the standard production dat and actual production costs…
Q: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $30,000 $29,200 Inventory 75,800 76,500 Accounts…
A: Cash Flow Statement (Indirect Method) For the year ended December 31, 20Y2 Cash Flow from…
Q: e) 11,200 Accumulated Depreciation-old melter (straight-line) 6,300 Secondhand fair value of old…
A: Depreciation is a term used in accounting to describe a method of allocating the cost of a tangible…
Q: Answer is complete and correct. Item %23 Beginning Unit Ending Unit Average Unit Annual Unit Sales…
A: Average Inventory Turnover Ratio = Total Annual Sales of all items/ Total Average Inventory of all…
Q: Variable-Costing and Absorption-Costing IncomeBorques Company produces and sells wooden pallets that…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: a. At $37 each, unit sales are 5,000 and 6,000 for March and April, respectively. Total sales are…
A: Cash Budget: In the business world, a cash budget is an estimate of a company's cash flows over a…
Q: PROBLEM 1 On August 1, Barreto Company exchanged a machine for a similar machine owned by Blakey…
A: Commercial substance in a business transaction means that the future cash flows of the transaction…
Q: COBT Ketail Merchandise inventory, January 1, 2021 $260,000 544,420 10,800 $350,000 910,000…
A: Calculation of above requirement are as follows
Q: Rona Company used the perpetual inventory system. The inventory transactions for August of the…
A: Inventory valuation: Inventory valuation is the process applied by a manufacturing company to…
Q: Repair Shop Co. provides electronic repairs and has the following budget for next year: Repair…
A: The time rate is calculated on the basis of the number of hours used for repairs. Loading charge is…
Q: Mike is an independent contractor in 2021. Mike attends a professional trade association in Los…
A: a. The total expenditure allowed as deduction for business purpose would be of only business…
Q: he following is a payroll sheet for Teal Imports for the month of September 2020. The company is…
A: A tax is a governmental organization's mandatory financial obligation or other form of levy enforced…
Q: An analysis of the Marketable Securities control account of Melville Markets, Inc., shows the…
A: calculation of purchase and proceeds from marketable securities are as follows
Q: Consider each of the following independent scenarios:a. Terrin Belson, plant manager for the laser…
A: A responsibility center is a separate business entity with its own aims and objectives, personnel,…
Q: Journal entries 3 Bought goods on credit from Smart Warehouse RM10,100. 4 Sold goods for cash…
A: A journal entry is a type of accounting entry that is used to reflect a business transaction in a…
Q: 2 Varch-2A Time left 0:29:02 Fairfield Company management has budgeted the following amounts for its…
A: Break even point in units = Fixed cost/contribution margin per unit
Q: Lousie income from salary is $ 150000 in the year 2018 - 2019 Short term capital gains is $ 320000…
A: Formula: Tax liability = Taxable income x Tax rate
Q: JJJ Co. was incorporated on January 1, 20x1. The following were the transactions during the year:…
A: ANSWER JJJ Co was incorporation on January 1, 20x1. The following were the transactions during the…
Q: Assume that motor vehicle purchased for RM 80,000 on January 2015 and depreciated at 20% per year…
A: Depreciation is used to denote a decrease in the value of assets, this term is used to denote a…
Q: The following information has been extracted trom the records ol Jayson Company about one of its…
A: Solution Units available for sale = Beginning balance on Jan 1 + Purchase on January 6 + Purchase on…
Q: e beginning of each process. On October 1, 2022, inventories co in Process-Packaging $325,000, and…
A: The answer has been mentioned below.
Q: May Made cash sales of $6,300; the cost of the inventory was $3,700. 1 5 Purchased $2,000 of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The beginning balance of supplies is $4000. On December 31st, the physical count of remaining…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On January 1, 2021, South Company acquired a building for P5,000,000. The entity paid P500,000 down…
A: The question is related to Journal entries to record purchase of Building by signed non interest…
Q: Which of the following would reduce net profit margin but have no effect on gross profit margin? a)…
A: a) Commission paid to salesmen is a selling expense charged against net profit .b) Purchase price…
Q: On June 30, 2021, Streeter Company reported the following account balances: $ (16,100) (74, 250)…
A: The company must account for the goodwill when it purchases another company. The goodwill represents…
Q: Use the following information to answer this question. Bayside, Inc. 2017 Income Statement ($ in…
A: The return on equity (ROE) measure is calculated by dividing net income by shareholders' equity. ROE…
Q: Production cost ($/unit) $60.00 ry holding cost ($/unit) $2.30 Lost sales cost ($/unit) $95.00…
A: Total cost refers to the total expenses born by a company while manufacturing some products.
Q: Which of the following statements is true?a. Job-order costing is used only in manufacturing…
A: Job order costing is utilized when customers purchase small, one-of-a-kind quantities of things.…
Q: You were auditing the borrowings of Faith Logistics Corporation for the year ended December 31,…
A: The notes payable is the long-term liability and it is an agreement where the lender lends money to…
Q: Unit viii question 13
A: In flexible budgeting, budgeted expenses will be adjusted as per the actual production. This is to…
Q: ccurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise…
A: Journal Entries The act of recording or keeping track of any financial or non-financial action is…
Q: The Primus Corp. began the year with $7,451 in its long-term debt account and ended the year with…
A: Long-term debt refers to a company's debts and other obligations that are not due within one year of…
Q: On January 1, 2021, Kristine Company acquired 10% of the outstanding voting shares of another…
A: On Jan-01 , 2021 Kristine Company Acquired 10% outstanding Voting shares of another entity On…
Step by step
Solved in 2 steps with 1 images
- 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.Volunteer 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 premiumBats Corporation issued 800,000 of 12% face value bonds for 851,705.70. The bonds were dated and issued on April 1, 2019, are due March 31, 2023, and pay interest semiannually on September 30 and March 31. Bats sold the bonds to yield 10%. Required: 1. Prepare a bond interest expense and premium amortization schedule using the straight-line method. 2. Prepare a bond interest expense and premium amortization schedule using the effective interest method. 3. Prepare any 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. Assume the company retires the bonds on June 30, 2020, at 103 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
- Aggies 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 semi-annually. The premium 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 premiumRefer to the information in RE13-5. Assume that on December 31, 2019, the investment in Smith Corporation bonds has a market value of 12,500. Prepare the year-end journal entry to record the unrealized gain or loss.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 discount
- Edward 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 discountDisclosure of Debt On May 1, 2019, Ramden Company issues 13% bonds with a face value of 2 million. The bond contract calls for retirement of the bonds in periodic installments of 200,000, starting on May 1, 2020, and continuing on each May 1 thereafter until all bonds are retired. Required: How would the preceding information appear in Ramdens balance sheets on December 31, 2019, and 2020?