Homework Answers
on February 1, 2018, Scott & Sons issued 4% bonds dated February , 2018, with a...
on February 1, 2018, Scott & Sons issued 4% bonds dated February , 2018, with a face amount of bonds February 1 2018, with a face amount of $10,000000. The mature in 20 years. The effective interest rate for these bonds was 5% interest is paid semiannually on July 31 and January 31.The company's fiscal year is the calendar year (December 31) dollar Round all answers to the nearest a Determine the selling price of the bond issue. (5 points)...
4.Inventory balances for Balmer Company in April 2018 are as follows: April 1, 2018 April 30,...
4.Inventory balances for Balmer Company in April 2018 are as follows: April 1, 2018 April 30, 2018 Raw materials $ 40,000 $ 35,000 Work in process 67,500 59,800 Finished goods 150,000 120,000 During April, purchases of direct materials were $58,000. Direct labor and factory overhead costs were $82,000 and $110,000, respectively. Prime costs for April were:
Company issued a $130,000, 4%, 10-year bond payable at 97 on January 1, 2018. Interest is...
Company issued a $130,000, 4%, 10-year bond payable at 97 on January 1, 2018. Interest is paid semiannually on January 1 and July 1. 1. Journalize the issuance of the bond payable on January 1, 2018. 2. Journalize the payment of semiannual interest and amortization of the bond discount or premium on July 1, 2018.
Question 4 Pharoah Ltd. purchased a delivery truck on May 1, 2018, at a cost of...
Question 4 Pharoah Ltd. purchased a delivery truck on May 1, 2018, at a cost of $81,720. The truck is expected to have a residual value of $8,080 at the end of its 4-year useful life. Pharoah has a December 31 year end. Calculate the depreciation expense using the diminishing-balance method for 2018 and 2019. Assume the depreciation rate is equal to one time the straight-line rate. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2018 13620 2019
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a...
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a 6 year mortgage note for $50,000 at 15%. The note will be paid in equal installments of $13,500 beginning January 1, 2019. Calculate the balance in the Mortgage Payable account after the payment of the first installment. $13,500 $42,500 $44,000 $36,500
Question 4 (25 points) On January 1, 2018, Investor Company purchased Investee Company bonds with a...
Question 4 (25 points) On January 1, 2018, Investor Company purchased Investee Company bonds with a face value of $660,000. Investor Company paid $628,295.58 in cash for the investment. Investor Company treated the investment as Available-For-Sale. The bonds mature on December 31, 2020. The bonds pay 10% interest each December 31. At the time of the purchase, the market rate for bonds of identical risk and maturity was 12% Investor Company prepared the following amortization table for the bonds. Date...
Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1. on July 1, 2018, as...
Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1. on July 1, 2018, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $480,000 for the investment in bonds and will receive interest semiannually on June 30 and December Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July...
On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with a...
On February 1, 2018, Sanford & Son issued 12% bonds dated February 1, 2018, with a face amount of $100,000. The bonds sold for $117,160 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semiannually on July 31 and January 31. Sanford & Son's fiscal year is the calendar year. Required: 1. Prepare the journal entry to record the bond issuance on February 1, 2018. 2. Prepare the entry to record interest...
On January 1, 2018, Blshop Company Issued 8 % bonds dated January 1, 2018, with a...
On January 1, 2018, Blshop Company Issued 8 % bonds dated January 1, 2018, with a face amount of $20.7 million. The bonds mature In 2027 (10 years). For bonds of similar risk and maturity, the market yleld Is 10 %. Interest Is pald semlannually on June 30 and December 31. (FV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriete factor(s) from the tables provided. Round your intermedilate...
On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face...
On January 1, 2018, Bishop Company issued 10% bonds dated January 1, 2018, with a face amount of $19.3 million. The bonds mature in 2027 (10 years). For bonds of similar risk and maturity, the market yield is 12%. Interest is paid semiannually on June 30 and December 31. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your intermediate calculations to the...
on February 1, 2018, Scott & Sons issued 4% bonds dated February , 2018, with a face amount of bonds February 1 2018, with a face amount of $10,000000. The mature in 20 years. The effective interest rate for these bonds was 5% interest is paid semiannually on July 31 and January 31.The company's fiscal year is the calendar year (December 31) dollar Round all answers to the nearest a Determine the selling price of the bond issue. (5 points)...
Question 4 Pharoah Ltd. purchased a delivery truck on May 1, 2018, at a cost of $81,720. The truck is expected to have a residual value of $8,080 at the end of its 4-year useful life. Pharoah has a December 31 year end. Calculate the depreciation expense using the diminishing-balance method for 2018 and 2019. Assume the depreciation rate is equal to one time the straight-line rate. (Round answers to 0 decimal places, e.g. 5,275.) Depreciation expense 2018 13620 2019
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a 6 year mortgage note for $50,000 at 15%. The note will be paid in equal installments of $13,500 beginning January 1, 2019. Calculate the balance in the Mortgage Payable account after the payment of the first installment. $13,500 $42,500 $44,000 $36,500
Question 4 (25 points) On January 1, 2018, Investor Company purchased Investee Company bonds with a face value of $660,000. Investor Company paid $628,295.58 in cash for the investment. Investor Company treated the investment as Available-For-Sale. The bonds mature on December 31, 2020. The bonds pay 10% interest each December 31. At the time of the purchase, the market rate for bonds of identical risk and maturity was 12% Investor Company prepared the following amortization table for the bonds. Date...
Lance Brothers Enterprises acquired $560,000 of 4% bonds, dated July 1. on July 1, 2018, as a long-term investment Management has the positive intent and ability to hold the bonds until maturity. The market interest rate (yield) was 5% for bonds of similar risk and maturity. Lance Brothers paid $480,000 for the investment in bonds and will receive interest semiannually on June 30 and December Prepare the journal entries (a) to record Lance Brothers' investment in the bonds on July...
On January 1, 2018, Blshop Company Issued 8 % bonds dated January 1, 2018, with a face amount of $20.7 million. The bonds mature In 2027 (10 years). For bonds of similar risk and maturity, the market yleld Is 10 %. Interest Is pald semlannually on June 30 and December 31. (FV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1 (Use appropriete factor(s) from the tables provided. Round your intermedilate...
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