Use the information below for Harding Company to answer the question that follow. Harding Company Accounts payable $33,032 Accounts receivable 70,950 Accrued liabilities 6,712 Cash 19,849 Intangible assets 43,338 Inventory 71,215 Long-term investments 118,990 Long-term liabilities 70,026 Marketable securities 35,945 Notes payable (short-term) 29,279 Property, plant, and equipment 653,742 Prepaid expenses 2,164 Based on the data for Harding Company, what...
5. The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Macrosoft Corporation. MACROSOFT CORPORATION Income Statement For the Year Ended December 31, 2018 ($ in millions) Revenues and gains: Sales $ 320.00 Gain on sale of cash equivalents 2.50 Gain on sale of investments 24.50 $ 347.00 Expenses and loss:...
Analyzing and Reporting Financial Statement Effects of Bond Transactions Assume that on January 1, Comcast issues $500,000 of 5-year, 10% coupon bonds payable, yielding an effective annual interest rate of 8%. Interest is payable semiannually on June 30 and December 31. B) Complete Comcast’s financial statement effects template for b. semiannual interest payment and premium amortization on Jun. 30 of...
Journalizing Business Transactions Prepare journal entries for each of the following transactions (a) through () If transaction requires no entry, select "No entry" as the drop-down answer option a. Receive merchandise inventory costing $9,000, purchased with cash. General Journal Description Debit Credit b. Sell half of inventory in (a) for $7,500 on credit. Description Credit To record cost of inventory...
A business issued a 60-day note for $96,000 to a bank. The note was discounted at 9%. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity. Assume a 360-day year. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar....
its short-anwser questions, you dont have to count something 1. On July 7, 2019, Harris purchased equipment costing $60,000, with an estimated life of 5 years and an estimated salvage value of $6,000. Compute the depreciation expense Harris would recognize on this equipment in 2019, assuming the company uses the straight-line method: (Round to the nearest full month) 2. On...
On February 1, 2021, Strauss-Lombardi issued 11% bonds, dated February 1, with a face amount of $900,000. The bonds sold for $832,290 and mature on January 31, 2041 (20 years). The market yield for bonds of similar risk and maturity was 12%. Interest is paid semiannually on July 31 and January 31. Strauss-Lombardi's fiscal year ends December 31. Required: 1....
[The following information applies to the questions displayed below] On January 1, 2021, the general ledger of Freedom Fireworks Includes the following account balances: Credit Debit $ 11.200 34,680 $ 1,820 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 152,689 67.389 120,680 9.680 17.709 200.000 155489 $384,5ee During...
Question 2 (15 marks) Two years ago, MTR issued $1,000 ten-year bonds that carry a coupon rate of 8% payable semi-annually. Required: a. If you require an effective annual rate of return of 12%, how much are you willing to pay for the bond today? b. What will be the bond price if the yield to maturity falls to 6%...
GIVEN INFORMATION: The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. FOR JOURNAL ENTRIES:...