Prepare the journal entries to record
Heathrow issues $2,000,000 of 6%, 15-year bonds dated January 1, 2011, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $1,728,224.Prepare the journal entries to record the first two interest payments.
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At the end of 2011, Barker Corporation's preliminary trial balance indicated a current ratio of 1.2. Management is contemplating paying some of its accounts payable balance before the end of the fiscal year.
Kandris Corporation had a balance in accounts receivable of $600,000 and a balance in allowance for doubtful accounts of $55,000, when management decided the account receivable from Dunn Corporation of $2,000 had become uncollectible.
Fudala Snow Removal's cost formula for its vehicle operating cost is $1,370 per month plus $240 per snow-day. For the month of March, the company planned for activity of 19 snow-days, but the actual level of activity was 24 snow-days.
Shortly after the acquisition, the newly acquired Company (a reporting unit) started experiencing operating losses due to unexpected competition which will continue.
Stephen Bosworth, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 9% basis that will enable him to withdraw $26,700per year on June 30.
The production department of Priston Company has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year.
Merchandise costing $3,000 is sold for $4,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit?
Normally, the air conditioners are produced in batch sizes of 20 at a time. A production batch of 20 units requires the following number of hours in each department:
Using the high-low method, calculate the store's total fixed operating costs and variable operating cost per uniform. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
You may need to use the future value or present value tables for this qustion.If Sloane Joyner invests $14,019.74 now and she will receive $40,000 at the end of 11 years, what annual rate of interest will she be earning on her investment?
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