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Homework Answers
| Date | General Journal | Debit | Credit |
| July 01 | Bonds payable | 28000 | |
|
Loss on retirement of bonds [bal. fig.] |
6000 | ||
| Cash | 28500 | ||
|
Discount on bonds payable [28000-22500] |
5500 | ||
| July 01 | Bonds payable | 28000 | |
|
Premium on bonds payable [29000-28000] |
1000 | ||
| Cash | 28500 | ||
|
Gain on retirement of bonds [bal. fig.] |
500 |
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Connect Homework - Chapter 10 Saved Help Save & Exit Submit Exercise 10-3 Recording bond issuance and interest LO P1 On January 1, Boston Enterprises issues bonds that have a $2,100,000 par value, mature in 20 years, and pay 7% interest semiannually on June 30 and December 31. The bonds are sold at par. points 1. How much interest will Boston pay (in cash)...
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Connect Homework - Chapter 11 Saved Help Save & Exit Submit Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock points 1. A corporation issued 7,000 shares of $5 par value common stock for $42.000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for...
I need help with the whole question. I need explanation and solution Please and Thank you. Connect Homework - Ch...
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Connect Homework - Chapter 10 Saved Help Save & Exit Submit Exercise 10-21C Accounting for finance lease LO C3 On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $36,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2,...
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Connect Homework - Chapter 11 Saved Help Save & Exit Submit Exercise 11-5 Stock issuance for noncash assets LO P1 Sudoku Company issues 29,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $360,000. Prepare the journal entry to record issuance of the stock in exchange for the land...
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Connect Homework - Chapter 9 Saved Help Save & Exit Submit 4 Exercise 9-17B Accounting for income taxes LO P4 Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 29 % of the current month's net income. The income taxes are paid in the first month of each quarter for the...
Tyrell Company issued callable bonds with a par value of $40,000. The call option requires Tyrell...
Tyrell Company issued callable
bonds with a par value of $40,000. The call option requires Tyrell
to pay a call premium of $500 plus par (or a total of $40,500) to
bondholders to retire the bonds. On July 1, Tyrell exercises the
call option. The call option is exercised after the semiannual
interest is paid the day before on June 30. Record the entry to
retire the bonds under each separate situation. 1. The bonds have a
carrying value of...
I need help with the solution and explanation in the whole question Please and Thank you....
I need help with the solution and explanation in the whole
question Please and Thank you.
Connect Homework - Chapter 9 Saved Help Save & Exit Submit 33 Exercise 9-14 Accounting for contingent liabilities LO C3 For each separate situation, indicate whether Cruz Company should (a) record a liability, (b) disclose in notes, or (c) have no disclosure 1 points 1. Cruz Company guarantees the $119,000 debt of a supplier. It is not probable that the supplier will default on...
I need help with the Explanation and Solution for the whole question Please and Thank you....
I need help with the Explanation and Solution for the whole
question Please and Thank you.
Connect Homework - Chapter 11 Help Save & Exit Submit Required information Problem 11-4A Analyzing changes in stockholders' equity accounts LO C3, P2, P3 (The following information applies to the questions displayed below.) Part 1 of 2 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. points Stockholders' Equity (January 1)...
I need help with the whole question. I need explanation and solution Please and Thank you....
I need help with the whole question. I need explanation and
solution Please and Thank you.
Connect Homework Chapter 10 Saved Help Save & Exit Submit 3 Montclair Company is considering a project that will require a $620,000 loan. It presently has total liabilities of $160,000 and total assets of $680,000. Exercise 10-15 Applying debt-to-equity ratio LO A3 1. Compute Montclair's (a) current debt-to-equity ratio and (b) the debt-to-equity ratio assuming it borrows $620,000 to fund the project 2. If...
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I need help with the solution and explanation in the whole question
Please and Thank you.
Connect Homework - Chapter 9 i Saved Help Save & Exit Submit Required information Problem 9-5A Computing and analyzing times interest earned LO A1 The following information applies to the questions displayed below.) Part 2 of 2 points Shown here are condensed income statements for two different companies (assume no income taxes). Miller Company Sales $1,150,000 Variable expenses (804) 920,000 Income before interest 230,000...
I need help with the whole question. I need explanation and
solution Please and Thank you.
Connect Homework - Chapter 10 Saved Help Save & Exit Submit Exercise 10-3 Recording bond issuance and interest LO P1 On January 1, Boston Enterprises issues bonds that have a $2,100,000 par value, mature in 20 years, and pay 7% interest semiannually on June 30 and December 31. The bonds are sold at par. points 1. How much interest will Boston pay (in cash)...
I need help with the Explanation and Solution with the whole
question Please and Thank you.
Connect Homework - Chapter 11 Saved Help Save & Exit Submit Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock points 1. A corporation issued 7,000 shares of $5 par value common stock for $42.000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for...
I need help with the whole question. I need explanation and
solution Please and Thank you.
Connect Homework - Chapter 10 Saved Help Save & Exit Submit Exercise 10-21C Accounting for finance lease LO C3 On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $36,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2,...
I need help with the Explanation and Solution for the whole
question Please and Thank you.
Connect Homework - Chapter 11 Saved Help Save & Exit Submit Exercise 11-5 Stock issuance for noncash assets LO P1 Sudoku Company issues 29,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $227,000 and the building at $360,000. Prepare the journal entry to record issuance of the stock in exchange for the land...
I need help with the solution and explanation in the whole
question Please and Thank you.
Connect Homework - Chapter 9 Saved Help Save & Exit Submit 4 Exercise 9-17B Accounting for income taxes LO P4 Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 29 % of the current month's net income. The income taxes are paid in the first month of each quarter for the...
Tyrell Company issued callable
bonds with a par value of $40,000. The call option requires Tyrell
to pay a call premium of $500 plus par (or a total of $40,500) to
bondholders to retire the bonds. On July 1, Tyrell exercises the
call option. The call option is exercised after the semiannual
interest is paid the day before on June 30. Record the entry to
retire the bonds under each separate situation. 1. The bonds have a
carrying value of...
I need help with the solution and explanation in the whole
question Please and Thank you.
Connect Homework - Chapter 9 Saved Help Save & Exit Submit 33 Exercise 9-14 Accounting for contingent liabilities LO C3 For each separate situation, indicate whether Cruz Company should (a) record a liability, (b) disclose in notes, or (c) have no disclosure 1 points 1. Cruz Company guarantees the $119,000 debt of a supplier. It is not probable that the supplier will default on...
I need help with the Explanation and Solution for the whole
question Please and Thank you.
Connect Homework - Chapter 11 Help Save & Exit Submit Required information Problem 11-4A Analyzing changes in stockholders' equity accounts LO C3, P2, P3 (The following information applies to the questions displayed below.) Part 1 of 2 The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year (December 31) follow. points Stockholders' Equity (January 1)...
I need help with the whole question. I need explanation and
solution Please and Thank you.
Connect Homework Chapter 10 Saved Help Save & Exit Submit 3 Montclair Company is considering a project that will require a $620,000 loan. It presently has total liabilities of $160,000 and total assets of $680,000. Exercise 10-15 Applying debt-to-equity ratio LO A3 1. Compute Montclair's (a) current debt-to-equity ratio and (b) the debt-to-equity ratio assuming it borrows $620,000 to fund the project 2. If...
I need help with the solution and explanation in the whole question
Please and Thank you.
Connect Homework - Chapter 9 i Saved Help Save & Exit Submit Required information Problem 9-5A Computing and analyzing times interest earned LO A1 The following information applies to the questions displayed below.) Part 2 of 2 points Shown here are condensed income statements for two different companies (assume no income taxes). Miller Company Sales $1,150,000 Variable expenses (804) 920,000 Income before interest 230,000...
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