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Prepare the journal entries to record the accrual of interest and the discount amortization on December 31, 2014. (Round answers to 0 decimal places, e.g. 125.)
Leonhardt Corporation's net income last year was $3,800,000. The dividend on common stock was $2.00 per share and the dividend on preferred stock was $1.80 per share.
On the basis of the schedule above, prepare the journal entries to reflect the bond transactions and accruals for 2013. Capulet Corporation does not use reversing entries.
Isomer Industrial Training Corporation is considering the purchase of new presentation equipment at a cost of $150,000. The equipment has an estimated useful life of 10 years with an expected salvag
Dubois Inc. has $600,000 to invest. The company is trying to decide between two alternative uses of the funds. One alternative provides $80,000 at the end of each year for 12 years, and the other is
Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds on January 1, 2014.
Explain the time value of money. Is it important for accountants to have an understanding of compound interest, annuities, and present and future value concepts? Why?
Demmert Manufacturing incurred the following expenditures during the current fiscal year: annual maintenance on its machinery, $5,400; remodeling of offices, $22,000; rearrangement of the shipping a
In a recent newspaper release, the president of Keene Company asserted that something has to be done about depreciation.
If the sales manager receives a bonus of 15 cents for each unit sold in excess of the break-even point, how many units must be sold each month to earn a return of 25% on the monthly investment in fi
An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate.
CompTac, Inc., which is headquartered in San Francisco, California, is one of the leading software manufacturers in the United Staes. The company invest millions of dollars in researching and develo
Clemente Co. owned all of the voting common stock of Snider Co. On January 2, 2010, Clemente sold equipment to Snider for $125,000. The equipment had cost Clemente $140,000.
Carla and Eliza share income equally. During the current year the partnership net income was $40,000. Carla made withdrawals of $12,000 and Eliza made withdrawals of $17,000.
Explain the rationale for recognizing costs as expenses at the time of product sale. What is the rationale underlying the appropriateness of treating costs as expenses of a period instead of assign
Cash in the amounts of $12,000 and $20,000 was paid and recieved on May 1 and November 1, 2014 respectively. Software sales dueing the July to December 2014 peroid totaled $300,000.
In the Erie Division, cost of goods sold is $60,000 variable and $16,500 fixed, and operating expenses are $25,000 variable and $23,000 fixed. None of the Erie Division's fixed costs will be elimin
Complete the information required below to prepare a partial balance sheet for 2013 and 2014 showing any items related to the contract.
What are the major uses of cash. other than operation, and how have these varied over the three-year period presented?no words limits.
Regional Airways, Inc., a small two-plane passenger airline, has asked for your assistance in some basic analysis of its operations. Both planes seat 10 passengers each.
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 $27,000 per year on June 30, beginni
A school district wants to establish a separate fund to acquire, store, and sell school supplies to individual schools within the district. What type of fund should it use?
Procter & Gamble and Wal-Mart are key partners in a shared channel. P&G is one of Wal-Mart's biggest suppliers, and Wal-Mart provides extremely detailed scanner data about customer purchases
A city's General Fund makes a permanent contribution of $800,000 to an Internal Service Fund (ISF) so that the ISF can acquire assets. How should the ISF report the contribution?
City Parks Department activities are financed entirely with General Fund appropriations. It receives two invoices, one from the Lighting Enterprise Fund and one from the Printing Internal Service F