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On March 31, 2009, Bundy Corporation retires $10 million of bonds when they have unamortized premium of $500,000 by repurchasing them in the market at 98 ½. Calculate the gain or loss on the
On December 31, 2006, Roberts Company sold $100,000, ten-year, 8% bonds at 104.5. The bonds were dated January 1, 2006, and interest is payable each December 31. The company uses the straight-line a
On April 1, 2009, Kolbe purchased a car that cost $35,000 which had an estimated residual value of $5,000 and an estimated useful life of five years. To the nearest dollar, what is the amount of dep
On March 15, 2009, Ryan Company purchased $10,000 of merchandise on credit subject to terms, 2/10, n/30. Ryan records its purchases using the gross amount. The periodic inventory system is used. If
When preparing the monthly bank reconciliation, the accountant for Kansett Motors noted that all cash deposits for the month were listed on the bank statement except one for $1,200 that was made on
Using the above information, Marion would report net cash flow from operating activities for the new period as
The accounts payable account has a beginning balance of $12,000 and we purchased $50,000 of inventory on credit during the month. The ending balance was $10,000. How much did we pay our creditors du
Assume the partners share debt equally. Immediately after the formation, the basis of Stephanie's partnership interest is:
Renner corporation's taxable income differ from its accounting income computed for this past year. An item that would create a permanent difference in accounting and taxable income for Renner would
Members of a religious order provide professional nursing services for a health-care facility that is run by their order. The members are not compensated but their order provides lodging, food, and
Under a perpetual inventory system, record all of the journal entries required for the above transactions.
The total assets and the total liabilities of a business at the beginning and at the end of the year appear below. During the year, the owner had withdrawn $50,000 for personal use and had made an a
Determine the cost of direct materials used in production by Monterey during the month ended October 31, 2010
Dougherty Company employs 20 individuals. Eight employees are paid $12 per hour and the rest are salaried employees paid $3,000 a month. How would total costs of personnel be classified?
On the issue date, the market rate of interest is 6%. Compute the price of the bonds on their issue date. The following information is taken from present value tables:
What is Dog Hut's break-even point next year in Sales dollars?
Cash dividends of $80,000 were declared during the year. Cash dividends payable were $10,000 and $15,000 at the beginning and end of the year, respectively. The amount of cash for the payment of div
Jilk Inc.'s contribution margin ratio is 58% and its fixed monthly expenses are $36,000. Assuming that the fixed monthly expenses do not change, what is the best estimate of the company's net operat
The lease payments were determined to have a present value of $671,008 at an effective interest rate of 8%. With respect to this capitalized lease, Penn should record for 2008.
What is the amount of the minimum annual lease payment? (Rounded to the nearest dollar.)
George Martin Corporation purchased a depreciable asset for $300,000, and the estimated useful life is 9 years. The staright-line method is used for depreciation. In 2008, George Martin changed its
Purchased $100,000 of U.S.Treasury 6% bonds, paying 102 plus accrued interest of $1000. the securities are held for short-term profits what would be the journal entry to record this transaction.
A company paid $37,800 plus a broker's fee of $525 to acquire 8% bonds with a $40,000 maturity value. The company intends to hold the bonds to maturity. The cash proceeds the company will receive wh
During 2011, Doane earned $200,000 and paid dividends of $60,000 on April 1 and October 1. On July 1, 2011, Rich sold half of its stock in Doane for $264,000 cash. What should be the gain on sale of