Homework Answers
Solution:
| Question No. | Answer | Calculations / Explanation |
| 1 | 2 | In total 2 types of bonds has been issued, first on January 1st and second on July 1st. |
| 2 | July 1st | On July 1st, a discount bond has been issued |
| 3 | $ 35,000 | On December 31st, an interest of $35,000 has been paid on discount bond |
| 4 | $ 1,927,840 | ( $ 19,21,280 + $ 6,560) Carrying amount of discount bond is sum of cash received at the time of bond plus discount amortized till date. |
| 5 | January 1st | On January 1st, a premium bond has been issued |
| 6 | $ 42,750 | ( $ 21,375 + $ 21,375) is the total interest paid during the year on June 30th and December 31st. |
| 7 | 10 Years | In first year total premium amortized is $ 5,896 which is 1/10 th of total premium. So, amortization period is 10 years. |
| 8 | $ 1,003,064 | ( $1,008,960 - $2,948 - $2,948 ) Carrying amount of premium bond is cash received at the time of bond issued minus premium amortized till date. |
| 9 | $ 16,500 | On December 31st, an interest of $ 16,500 has been paid on notes payable |
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May 1, 2020
Bonds payable with a par value of $937,200, which are dated
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coupon bonds, bear interest at 12% (payable annually at January 1),
and mature January 1, 2030. (Use interest expense account for
accrued interest.)
Dec. 31
Adjusting entries are made to record the accrued interest on
the bonds, and the amortization of the proper...
PLEASE HELP....Read the information carefully & (h.
Interest expenses) is part on the assignment.
Calculate Payroll
K. Mello Company has three employees-a consultant, a computer
programmer, and an administrator. The following payroll information
is available for each employee:
Consultant Computer Programmer Administrator
Regular earnings rate $2,110 per week $36 per hour $46 per
hour
Overtime earnings rate Not applicable 2 times hourly rate 1.5
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For hourly employees, overtime is paid...
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