Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $31,400,000 of 20-year, 5% callable bonds on May 1, 2045, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions. Refer to the...
Condensed financial data of P Company appear below: P COMPANY Comparative Statements of Financial Position December 31 2017 2016 $315,000 $250,000 (65,000 (60,000) 75,000 25,000 132,000 53,000 71,00035,000 $635,000 $510,000 Plant assets Investments Prepaid expenses Inventories Accounts receivable Cash 90,000 19,000 120,000 85,000 Total Share capital-ordinary Retained earnings Bonds payable Accounts payable Accrued expenses payable $245,000 $170,000 81,000 160,000 75,000...
Prepare the statement of cash flows using the indirect method CANYON CANOE COMPANY Comparative Balance Sheet December 31, 2018 and 2019 2019 2018 Assets Current Assets: Cash Short-term Investments, net Accounts Receivable, net S 523,693 12,125 23,840 2,422 355 60 7,600 Office Supplies Prepaid Rent 165 2,000 Property, Plant, and Equipment: 155,000 610,000 12,000 150,000 (35,180) 85,000 35,000 12,000 Office...
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors. $ 5.25 Joints LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Cash Accounts receivable Inventory Machinery (net) Franchise (net) Total assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Notes payable Bonds...
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 56,200 $ 66,950 Accounts receivable 47,100 50,600 Inventory 63,200 57,500 Total current assets 166,500 175,050 Property, plant, and equipment 171,000...
Statement of Cash Flows (Direct Method) The Dairy Company's income statement and comparative balance sheets as of December 31 of 2016 and 2015 follow: DAIRY COMPANY Income Statement For the Year Ended December 31, 2016 Sales Revenue $700,000 Cost of Goods Sold $460,000 Wages and Other Operating Expenses 95,000 Depreciation Expense 22,000 Patent Amortization Expense 7,000 Interest Expense 10,000 Income...
An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable...
Dillon Corp. issued $60,000 of 6% (cash payable each December 31), 10-year bonds on January 1, 2020. The bonds are callable at any point after 2024 at 103. The bonds sold on January 1, 2020, at 98. Straight-line amortization of bond discounts and premiums is used. Due to a drop in interest rates, Dillon decided to call in half of...
Entries for issuing and calling bonds; loss Instructions Chart of Accounts Journal Instructions AwN- Hoover Corp., a wholesaler of music equipment, issued $32,700,000 of 20-year, 6% callable bonds on March 1, Year 1, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to...
Statement of Cash Flows (Direct Method) Dair Company's income statement and comparative balance sheets follow. $ 700,000 DAIR COMPANY Income Statement For Year Ended December 31,2017 Sales Cost of goods sold $ 440,000 Wages and other operating expenses 95,000 Depreciation expense 22,000 Amortization expense 7,000 Interest expense 10,000 Income tax expense 36,000 Loss on bond retirement 5,000 Net income 615,000...