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Problem 8-77A (Algorithmic) Excise Taxes Clinton Power provides electricity to a wide area of western Kentucky. Du...
Cornerstone Exercise 8-29 (Algorithmic) Unearned Sales Revenue Trademark Lawn Services offers a promotion where they will...
Cornerstone Exercise 8-29 (Algorithmic) Unearned Sales Revenue Trademark Lawn Services offers a promotion where they will mow a customer's lawn 15 times if the customer pays $570 in advance. Required: 1. Make the journal entry to record the customers' prepayment of $570. (Record payment received for services not yet performed) 2. Make the journal entry to record Trademark's mowing of the lawn one time. Round your answers to nearest whole number (Record revenue) Check My Work 1 more Check My...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed $716,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $708,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount Accounting sumerie field 2. Prepare the necessary journal entry at June 30, 2020. If required, round...
Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note TIL Perez Company borrowed...
Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note TIL Perez Company borrowed $51,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar Required: 1. Record the borrowing transaction in Perez's journal. 2019, June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019, December 31 Record...
Cornerstone Exercise 9-23 (Algorithmic) Issuance of Long-Term Debt Anne Corp. issued $375,000, 5% bonds. Required: Provide...
Cornerstone Exercise 9-23 (Algorithmic) Issuance of Long-Term Debt Anne Corp. issued $375,000, 5% bonds. Required: Provide the necessary journal entry to record the issuance of these bonds assuming: a. The bonds were issued at par. Cash 375,000 Bonds Payable 375,000 Record issuance of bond at par Check My Work Forrect b. The bonds were issued at 102. Cash Bonds Payable Premium on Bonds Payable Record issuance of bond at premium Check My Work 3 more Check My Work uses remaining....
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported...
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2019: Monon Cable Television Company Income Statement For the year ended December 31, 2019 Sales $519,000 Less operating expenses: Royalties expense Salaries expense $240,000 26,000 83,000 Utilities expense Supplies expense 13,000 Rent expense 79,000 Depreciation expense 28,000 469,000 Income from operations $50,000 Other income (expenses) Gain on disposal of property, plant and equipment $800 Interest expense (1,800) (1,000) Income...
Save Exit Submit Assignment for Grading ructor Question 5 of 8 Problem 9-09 Check My Work...
Save Exit Submit Assignment for Grading ructor Question 5 of 8 Problem 9-09 Check My Work eBook Problem 9-9 Bond Yield and After-Tax Cost of Debt A company's 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells af a price of $748.68. The company's federal-plus-state tax rate is 40%. What is the firm's after-tax component cost of debt for purposes of calculating the WACC? (Hint: Base your answer on the nominal rate.) Round your...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company borrowed $27,500 by issuing 3-year, 8.5% bonds with a face amount of $25,000. Interest is paid annually on December 31. Required: Prepare an amortization table. Note: If an amount box does not require an entry, leave it blank and if the answer is zero, enter "O". Round all amounts to the nearest dollar. And, if necessary, round final year to complete the amortization. Distel...
signment: Chapter 9: Cost of Capital signment Score: 28.57% Email Instructor Save Exit Submit Assignment for Gradin...
signment: Chapter 9: Cost of Capital signment Score: 28.57% Email Instructor Save Exit Submit Assignment for Grading uestions Problem 9-09 Question 5 of 8 Check My Work eBook Problem 9-9 Bond Yield and After-Tax Cost of Debt A company's 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells at a price of $748.68. The company's federal-plus-state tax rate is 40%. What is the firm's after-tax component cost of debt for purposes of calculating the...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020: Accounts payable $59,400 800,000 41,500 Bonds payable (9.4%, due in 2027) Capital lease liability Bonds payable (8.7%, due in 2023) Deferred tax liability Discount on bonds payable (9.4%, due in 2027) Income taxes payable 50,000 133,400 12,600 26,900 38,700 Interest payable 120,000 400,000 Installment note payable (8% equal installments due 2021 to 2024) Notes payable (7.8%,...
eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll...
eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $207,000 Income tax withheld $75,152 Warehouse salaries 114,000 Social security tax withheld 25,620 Office salaries 106,000 Medicare tax withheld 6,405 $427,000 Retirement savings 9,394 Group insurance 7,686 $124,257 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%...
Cornerstone Exercise 8-29 (Algorithmic) Unearned Sales Revenue Trademark Lawn Services offers a promotion where they will mow a customer's lawn 15 times if the customer pays $570 in advance. Required: 1. Make the journal entry to record the customers' prepayment of $570. (Record payment received for services not yet performed) 2. Make the journal entry to record Trademark's mowing of the lawn one time. Round your answers to nearest whole number (Record revenue) Check My Work 1 more Check My...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed $716,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $708,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount Accounting sumerie field 2. Prepare the necessary journal entry at June 30, 2020. If required, round...
Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note TIL Perez Company borrowed $51,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar Required: 1. Record the borrowing transaction in Perez's journal. 2019, June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019, December 31 Record...
Cornerstone Exercise 9-23 (Algorithmic) Issuance of Long-Term Debt Anne Corp. issued $375,000, 5% bonds. Required: Provide the necessary journal entry to record the issuance of these bonds assuming: a. The bonds were issued at par. Cash 375,000 Bonds Payable 375,000 Record issuance of bond at par Check My Work Forrect b. The bonds were issued at 102. Cash Bonds Payable Premium on Bonds Payable Record issuance of bond at premium Check My Work 3 more Check My Work uses remaining....
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2019: Monon Cable Television Company Income Statement For the year ended December 31, 2019 Sales $519,000 Less operating expenses: Royalties expense Salaries expense $240,000 26,000 83,000 Utilities expense Supplies expense 13,000 Rent expense 79,000 Depreciation expense 28,000 469,000 Income from operations $50,000 Other income (expenses) Gain on disposal of property, plant and equipment $800 Interest expense (1,800) (1,000) Income...
Save Exit Submit Assignment for Grading ructor Question 5 of 8 Problem 9-09 Check My Work eBook Problem 9-9 Bond Yield and After-Tax Cost of Debt A company's 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells af a price of $748.68. The company's federal-plus-state tax rate is 40%. What is the firm's after-tax component cost of debt for purposes of calculating the WACC? (Hint: Base your answer on the nominal rate.) Round your...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company borrowed $27,500 by issuing 3-year, 8.5% bonds with a face amount of $25,000. Interest is paid annually on December 31. Required: Prepare an amortization table. Note: If an amount box does not require an entry, leave it blank and if the answer is zero, enter "O". Round all amounts to the nearest dollar. And, if necessary, round final year to complete the amortization. Distel...
signment: Chapter 9: Cost of Capital signment Score: 28.57% Email Instructor Save Exit Submit Assignment for Grading uestions Problem 9-09 Question 5 of 8 Check My Work eBook Problem 9-9 Bond Yield and After-Tax Cost of Debt A company's 8% coupon rate, semiannual payment, $1,000 par value bond that matures in 25 years sells at a price of $748.68. The company's federal-plus-state tax rate is 40%. What is the firm's after-tax component cost of debt for purposes of calculating the...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020: Accounts payable $59,400 800,000 41,500 Bonds payable (9.4%, due in 2027) Capital lease liability Bonds payable (8.7%, due in 2023) Deferred tax liability Discount on bonds payable (9.4%, due in 2027) Income taxes payable 50,000 133,400 12,600 26,900 38,700 Interest payable 120,000 400,000 Installment note payable (8% equal installments due 2021 to 2024) Notes payable (7.8%,...
eBook Calculator Print Item Entries for Payroll and Payroll Taxes The following information about the payroll for the week ended December 30 was obtained from the records of Saine Co.: Salaries: Deductions: Sales salaries $207,000 Income tax withheld $75,152 Warehouse salaries 114,000 Social security tax withheld 25,620 Office salaries 106,000 Medicare tax withheld 6,405 $427,000 Retirement savings 9,394 Group insurance 7,686 $124,257 Tax rates assumed: Social security, 6% Medicare, 1.5% State unemployment (employer only), 5.4% Federal unemployment (employer only), 0.6%...
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