On March 1, 2021, Stratford Lighting issued 12% bonds, dated March 1, with a face amount of $630,000. The bonds sold for $621,000 and mature on February 28, 2041 (20 years). Interest is paid semiannually on August 31 and February 28. Stratford uses the straight- line method and its fiscal year ends December 31. Required: 1. to 4. Prepare the...
On February 1, 2021, Cromley Motor Products issued 12% bonds, dated February 1, with a face amount of $60 million. The bonds mature on January 31, 2025 (4 years). The market yield for bonds of similar risk and maturity was 14%. Interest is paid semiannually on July 31 and January 31. Barnwell Industries acquired $60,000 of the bonds as a...
Business Law Assignment 1 Question Sarah is a physiotherapist who works from home. She saw a poster in the window of Cutprice Ltd, a furniture shop on 20 January. The poster showed : "Massage tables HK$30,000. Suitable as an occasional bed or table for the outstanding masseuse. Self assembly." On the notice was a photograph of a pink table. The...
Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During...
General enteries of the given questions. Memo #2 Dated July 8, 2022 Adjust Sales Invoice #122 to Flamer's Steel Flamer's Steel will be using our services on a weekly basis so their rate will be reduced. The amount billed should be reduced to $400 plus $52 HST. Store the sales invoice as a weekly recurring transaction. Memo #3 Dated July...
please a need this, explain your anwers CALCLATOR FULL SCREEN PRINTER VERSION Brief Exercise 21A-6 Skysong Company leased equipment from Costner Company, beginning on December 31, 2016. The lease term is 4 years and requires equal rental payments of $68,064 at the beginning of each year of the lease, startine en the commencement date (December 31, 2016). The equipment has...
SA 2: The following are account balances of Phineas Company on 12/31/18. Accounts payable $2,000 Accounts receivable 7,000 Buildings and equipment 54,000 Contributed capital 20,00 Bonds payable 15,300 Cash 8 800 Retained earnings 17.000 Accumulated depreciation (24,000) Inventory 5,500 Patents 3,000 Prepare a classified balance sheet for Phineas Company on December 31, 2018 HTML
Q#2 a. What is the present value of $3,000 received 5 years fronm now, assuming 20% interest? b. What is the present value of an annuity of $50,000 received over 20 years, assuming 9% interest? c. What is the future value of $12,000, invested now at 10%, at maturity in 3 years? d. What is the future value of an...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, 1/60; the invoice is dated November 5. Nov. 7 Returned 35 defective units from the November 5...
The inventory records for Radford Co. reflected the following Beginning inventory @ May 1 First purchase @ May 7 second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 1,200 units @ $4.00 1,300 units @ $4.20 1,500 units @ $4.30 1,100 units @ $4.40 3,900 units @ $5.90 Determine the amount of cost of goods...