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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Assuming that Norma itemized deductions in 2013, how much may she claim as a deduction for state income taxes on her Federal return for calendar year 2013 (filed April 2014)?
Flynn Industries has three activity cost pools and two products. It expects to produce 3,980 units of Product BC113 and 2,000 of Product AD908.
Mitchell and Debbie, both 55 years old and married, sell their personal residence to Sophie. Sophie pays $225,000 and assumes their $70,000 mortgage. To make the sale they pay $4,000 in commissions and $1,000 in legal costs.
Refer to the above data. Assume that in its financial statements, Charter Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be.
American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2013.
Whims Card Company purchases inventory from China and incurs the following costs: the cost of the merchandise is $50,000, terms are 2/10, n/30.
Clark Paints: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the paint cans instead of purchasing them.
Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,288. The FICA tax rate for social security is 6.2% and the FICA tax rate for Medicare is 1.45%.
Santa Company has $27 per unit in variable costs and $1,000,000 per year in fixed costs. Demand is estimated to be 100,000 units annually.
Appling Enterprises issued 8% bonds with a face amount of $400,000 on January 1, 2013. The bonds sold for $331,364 and mature in 2032 (20 years).
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