Prepare the journal entry to record the redemption of the bonds before maturity at 96. Assume the balance in Premium on Bonds Payable is $4,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
Q: Kate's Kale Chips produces a healthy snack made primarily of kale. Each bag of the product sells for…
A: Product cost is the cost which is incurred on the manufacture of the goods. It includes the cost of…
Q: Baskin Promotions, Incorporated sells T-shirts decorated for a variety of concert performers. The…
A: Performance Report :— It is a report prepared to compare budgeted cost Or budgeted revenue for…
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: OT Company y D decides to factor $60 its accounts receivables with recourse. The factoring company…
A: The accounts receivables means the amount that received in future. The accounts receivables arises…
Q: Beginning work in process Direct materials used Direct labor Manufacturing overhead Total…
A: Cost sheet is the statement which is prepared by an entity to show the amount of cost incurred on…
Q: Bandar Industries manufactures sporting equipment. One of the company's products is a football…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Variance…
Q: Jan1,2018 business purchased $3200 of inventory from MCA inc. Paid in cash
A: The journal keeps the record of business transactions on daily basis. The assets and expenses are…
Q: Required information Comprehensive Problem 15-81 (LO 15-1, LO 15-2, LO 15-3, LO 15-4, LO 15-5, LO…
A: Beginning tax basis of Lance: 12300 Beginning tax basis of Francesca: 4700 Partnership…
Q: On January 1, 2021, Thomson Inc. had the following account balances in its shareholders' equity…
A: Introduction: A journal entry is a record of a commercial transaction kept in an organization's…
Q: Required information [The following information applies to the questions displayed below.] National…
A: Allocation of cost :— It means distribution of cost to their cost object on the basis of allocation…
Q: The actual margin per unit and margin per unit estimated in the plan are $6 and $8, respectively.…
A: The margin variance is computed by deducting the actual margin from the budgeted margin. The formula…
Q: Checkbook balance:$1,792.50 Bank statement balance: $972.00 Checks outstanding (checks written…
A: Ideally cash balance as per cashbook must reconcile with bank balance as per bank statement. If…
Q: The manager offers to give the worker a flat wage of $10 and a bonus of $20 if revenue is high.…
A: Wages are direct expense for the production of goods. Every Business Entity try to reduce the Direct…
Q: Type A: First cost P250,000 Annual operating cost $65,000 Insurance and property taxes = 4% Payroll…
A:
Q: 10-2 (Algo) Reporting Bonds Issued at Par LO 10-2 The following information applies to the questions…
A: Price of bond is the present value of coupon payment and present value of par value of bond taken on…
Q: Paving taxes on stocks
A: Assuming tax period 2022 As per the rules…
Q: Sandra deposits $3000 at the beginning of each semiannual period for 16 years at 8% interest…
A: Interest Rate - The fees assessed to the borrower in exchange for the assets taken from the lenders…
Q: If straight-line and double-declining balance depreciation rates for n = 8 years are calculated and…
A: The straight-line method of depreciation is one of the most common methods that charges depreciation…
Q: SANOFI Company uses a flexible budget for manufacturing overhead based on direct labor hours.…
A: The flexible budget is prepared on to compare the actual results with flexible data of production.…
Q: A building with an appraisal value of $133,629 is made available at an offer price of $158,926. The…
A: The cost basis recorded in the buyer's accounting records to recognize this purchase is $111820…
Q: On June 1, 2022, City Car Sales sells a new car costing P4,726,400 for P6,804,000. A used car is…
A: According to the given question, we are required to compute the net income for City Car Sales. Net…
Q: Dior, Christian and Jovani have capital balances of P240,000, P400,000 and P144,000, respectively…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: eleTube Inc. manufacturers TVs. Unfortunately, some of the company's data was misplaced by an IT…
A: The total cost of production of a good comprises of the total fixed cost of production and the total…
Q: False Tax policies can be defined as Government's attitudes, objectives and actions with respects to…
A: The number of questions which has been asked is the four question which are multiple choice…
Q: Yoshi Company completed the following transactions and events involving its delivery trucks. Year…
A: Depreciation is the non-cash expense which is reported in the books to record the regular usage of…
Q: Handy Home sells windows (80% of sales) and doors (20% of sales). The selling price of each window…
A: Lets understand the basics. Contribution margin is a margin generated by the business from the…
Q: 1. What is the title of the annual report? How many pages are in the annual report?
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: On January 1, Year 5, Raven Limo Service, Incorporated sold a used limo that had cost $64,000 and…
A: When an asset is sold it leads to a cash inflow for the company. It is also accompanied by a profit…
Q: Test Company uses a normal, process costing system to determine product cost. The company uses the…
A: Under Process costing, prior department's costs are considered to be similar to Direct materials…
Q: An asset was purchased three years ago at a cost of P5,000. It was estimated to have a useful life…
A: Straight-line method- Depreciation expense remains constant in this method throughout an asset's…
Q: Using the information above: a) Calculate FIVE ratios, for BOTH years, which would assist the audit…
A: 1. Gross margin5.5/13.5 = 40.74%7/16 = 43.75%2. Operating margin0·5/13·5 = 3.70%1·9/16 = 11·88%3.…
Q: Make accounting entries for following perpetual inventory transaction Nov3,2019 sold inventory on…
A: In the given case, the inventory is sold on credit. In case of perpetual inventory transaction, cost…
Q: Alma Corp. issues 2,150 shares of $9 par common stock at $15 per share. When the transaction is…
A: When the share is issued at an excess price than a par value of a share, it is recorded to the…
Q: retirement benefit cost that is taken to other comprehensive income
A: The employee benefits is computed for the year as principals laid down in IAS19
Q: b. Prepare journal entries for the following selected transactions of the Eastern Kidney…
A: Capital Fund :- Type of Charitable Activities which gives long term benefits. Operating Fund :- it…
Q: Vitex, Incorporated manufactures a popular consumer product and it has provided the following data…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: A company bought land one year prior to start-up for 100,000$. Total capital investment spent at the…
A: Price is that amount which is paid to buy any product or service. In another word, the price is the…
Q: BAK Corp is considering purchasing one of two new diagnostic machines. Either machine would make it…
A: Solution: Net present value is computed as = Present value of cash inflows - Initial Investment…
Q: Required What is the standard direct material amount per garden spade? What is the standard cost…
A: Variance analysis is a quantitative analysis of the difference between actual and budgeted plan. By…
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: Maria Am Corporation uses the weighted-average method in its process costing system. The Baking…
A: The total cost to be accounted is the sum of cost in beginning work in process inventory and the…
Q: The Old Machine was bought one year ago and has been depreciated using the straight line basis You…
A: Machines are replaced by the companies because of declining performance due to wear and tear, which…
Q: Mark the correct statements [ ]Lead time is the interval between when an order is placed and when…
A: Inventory Management: Businesses may decide which goods to order when and in what amounts by using…
Q: Express the Balance Sheets/Financial Position and Income Statement in common-size percents, using…
A: A full-size income statement is an income statement where each line item is expressed as a…
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: How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating…
A: The Gross profit is the excess of revenue over the cost of goods sold. It is the amount available…
Q: A tractor for over-the-road hauling is purchased for $85,000.00. It is expected to be of use to the…
A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: The following transactions pertains to Bahrain Company for 2021: a) Materials purchased on account,…
A: The direct costs incurred are debited to work in process account. The indirect costs are debited to…
Q: During Year 1, China Enterprises experienced the following events. (1) Earned $13,400 of revenue on…
A: We will use the concept of accounting equation here. The accounting equation states that a company’s…
Q: Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the…
A: Predetermined overhead rate is based on the estimated overhead charges incurred and is determined on…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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 discountAggies 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 premiumVolunteer 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
- Pharoah Company issued $500,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit CreditOriole Company issued $510,000 of bonds on January 1, 2020. (a) Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation eTextbook and Media List of Accounts Save for Later I Debit 510000 Credit 510000 Attempts: 0 of 1 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit AnswerThe balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $3,100,000 Less: Discount on bonds payable 217,000 $2,883,000 Cullumber decides to redeem these bonds at 103 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
- The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $1,280,000 51,200 $1,228,800 Pina Colada decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Crane Company issued $1,730,000 of bonds on January 1, 2022. (a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 97, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation (1) (2) (3) Debit CreditThe balance sheet for Pharoah Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds payable $2,000,000 160,000 Pharoah decides to redeem these bonds at 105 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. (Credit acco entered. Do not indent manually.) Date Account Titles and Explanation July 1 H $1,840,000 titles are automatically indented when au Debit Credit
- King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Payable is $4,800. At that time, King redeemed the bonds at 102.Assuming that no interest is payable, make the entry to record the redemption. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1On 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…On January 1, 2022, Ivanhoe Company issued $322,500, 7%, 5-year bonds at face value. Interest is payable annually on January 1. (a) 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 Jan. 1, 2022 Account Titles and Explanation Debit I Credit