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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Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Classification of income statement and retained earnings statement items.The bad debt rate was increased from 1% to 2%, thus increasing bad debt expense. what be classified as what?
Vivid-View Theater sells books of theater tickets to its customers at $28 per book. Each book contains a certain number of tickets to future shows.
A manufacturing concern follows the practice of charging the cost of direct materials and direct labor to work in process but charges off all indirect costs (factory overhead) directly to income summary.
Cabinets, Inc., is a large manufacturer of modular kitchen cabinets, sold primarily to builders and developers. The company uses a standard cost system.
Computer Information Services is a computer software consulting company. Its three major functional areas are computer programming, information systems consulting, and software training.
Assume that the ground beef could be processed into sausage that could be sold for $2.10 per pound to a distributor that wants a special label costing $0.15 per pound attached to the sausage.
Several years ago, Polar Inc. acquired an 80% interest in Icecap Co. The book values of Icecap's asset and liability accounts at that time were considered to be equal to their fair values.
The actual manufacturing overhead incurred at Hogans Corporation during April was $64,400, while the manufacturing overhead applied to Work in Process was $80,000. The company's Cost of Goods Sold was $295,000 prior to closing out its Manufacturin
Starr Scopes, Inc., produces telescopes for use by high school students. All direct materials used in the production of telescopes are added at the beginning of the manufacturing process.
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