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Corley Corp. retired its bonds early which resulted in a gain of $15,000. Question: In the journal entry to record...
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of...
On September 1, 2020, Hall Corp. retired early its 15 year bonds with a face of $500,000, 12% stated rate for $505,000 cash. At that date there was unamortized bond discount of $10,000 on the books. What is the overall net amount of gain or loss the company would show on the retirement of the bonds payable? a. $ 15,000 gain b. $ 18,000 loss c. $ 12,000 loss d. $ 12,000 gain e.$ 15,000 loss
Question 14 The journal entry to record a payment made in January for rent for the...
Question 14 The journal entry to record a payment made in January for rent for the months of February and March would include O a debit to Sue Snow. Drawing and a credit to Rent Expense. a debit to Sue Snow, Capital, and a credit to Cash. O a debit to Prepaid Rent and a credit to Cash. a debit to Rent Expense and a credit to Cash. Question 15 If a transaction is properly analyzed and recorded, one account...
1. record entry for credit loss 2. record entry for fair value adjustment Help Save LED...
1. record entry for credit loss
2. record entry for fair value adjustment
Help Save LED Corporation owns $1.950,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available for sale. The market price of Branch's bonds fell by $1,400,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in Ocl as a temporary unrealized loss in a...
1) Record the entry for credit losses. 2)Record the entry for fair value adjustment market price...
1) Record the entry for credit losses.
2)Record the entry for fair value adjustment
market price of Branch's bonds fell by $1,400,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in Ocl as a temporary unrealized loss in a prior period. LED views $960,000 of the $1,400,000 loss as related to credit losses, and the other $440,000 as...
write down the journal entry that the company ACTUALLY MADE (shown on the right side of...
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
calculate the gain or loss of the retirmentent bonds payable on december 31, 2019 nu Score:...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
Record journal entry for each. During the course of your examination of the financial statements of...
Record journal entry for each.
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $3,000. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $575 cash advance from a customer for merchandise to be manufactured...
SHOW work a. Prepare the journal entry to record the acquisition of the investments. b. Prepare...
SHOW work a. Prepare the journal entry to record the acquisition of the investments. b. Prepare the journal entry to record the end of Year 1 fair value adjustment. c. Assume that Wildwing sells 19,100 ALP Company shares for $12 per share at the beginning of Year 2. Prepare the journal entry required to record the sale. Wildwing does not correct the fair value adjustment account at this time. d. Prepare the journal entry to record the end of Year...
Answers in journal entry for event “a” is incorrect. Please correct. Record the effect, if any,...
Answers in journal entry for event “a” is incorrect. Please
correct.
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,700, representing the cost of a three-year fire insurance policy that was purchased on September 1...
Question 14 The journal entry to record a payment made in January for rent for the months of February and March would include O a debit to Sue Snow. Drawing and a credit to Rent Expense. a debit to Sue Snow, Capital, and a credit to Cash. O a debit to Prepaid Rent and a credit to Cash. a debit to Rent Expense and a credit to Cash. Question 15 If a transaction is properly analyzed and recorded, one account...
1. record entry for credit loss
2. record entry for fair value adjustment
Help Save LED Corporation owns $1.950,000 of Branch Pharmaceuticals bonds and classifies its investment as securities available for sale. The market price of Branch's bonds fell by $1,400,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in Ocl as a temporary unrealized loss in a...
1) Record the entry for credit losses.
2)Record the entry for fair value adjustment
market price of Branch's bonds fell by $1,400,000, due to concerns about one of the company's principal drugs. The concerns were justified when the FDA banned the drug. $100,000 of that decline in value already had been included in Ocl as a temporary unrealized loss in a prior period. LED views $960,000 of the $1,400,000 loss as related to credit losses, and the other $440,000 as...
write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
calculate the gain or loss of the retirmentent bonds payable
on december 31, 2019
nu Score: 1.91 of 2 pts 3 of 6 (5 complete) HW Score: 39.26%, 5.89 of 15 pts Ad E9-28B (similar to) Question Help Ind inly On January 1, 2017, Franklin Corporation issued five year, 6% bonds payable with a face value of $2,000,000. The bonds were issued at 92 and pay interest on January 1 and July 1. Franklin amortizes bond discounts using the straight-line...
Record journal entry for each.
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2021, you discover the following: a. An insurance policy covering three years was purchased on January 1, 2021, for $3,000. The entire amount was debited to insurance expense and no adjusting entry was recorded for this item. b. During 2021, the company received a $575 cash advance from a customer for merchandise to be manufactured...
SHOW work a. Prepare the journal entry to record the acquisition of the investments. b. Prepare the journal entry to record the end of Year 1 fair value adjustment. c. Assume that Wildwing sells 19,100 ALP Company shares for $12 per share at the beginning of Year 2. Prepare the journal entry required to record the sale. Wildwing does not correct the fair value adjustment account at this time. d. Prepare the journal entry to record the end of Year...
Answers in journal entry for event “a” is incorrect. Please
correct.
Record the effect, if any, of the transaction entry or adjusting entry on the appropriate balance sheet category or on the income statement by entering the account name and amount and indicating whether it is an addition (+) or subtraction (-). Column headings reflect the expanded balance sheet equation; items that affect net income should not be shown as affecting stockholders' equity. The first transaction is provided as an...
Service Pro Corp. (SPC) is preparing adjustments for its September 30 year-end. For the following transactions and events, show the September 30 adjusting entries SPC would make. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. Prepaid Insurance shows a balance of zero at September 30, but Insurance Expense shows a debit balance of $2,700, representing the cost of a three-year fire insurance policy that was purchased on September 1...
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