Assimilation: Written Workrections: Analyze the given table In a short bond paper, rewrite table anden answer the questions below. Submit the output on the specified dateof retrieval.Name: Ricky QuitonPosition: ClerkFor the month of September 2020Basic Salary:Allowances:Gross Earnings:P 15,532.001,000.00DEDUCTIONSDescriptionSocial Security SystemPhilHealthAmount of DeductionP 1,504.75900.00200.00Pag-IBIGCurrent AbsencesTotal Deductions756.96NET PAYQuestions:1. How much is Mr. Quiton's gross earnings?2. How much is his total deductions?3. After subtracting the deductions to the gross earnings, how much ishis net earnings?

solution given basic salary 15532 Allowances 1000 Deductions Social…

Answered: Questions: . How much is Mr. Quiton's…

Questions: . How much is Mr. Quiton's gross earnings? . How much is his total deductions? - After subtracting the deductions to the gross earnings, how much is is net earnings?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 96PSA

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Bats 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
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
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