Journal entry to record the transaction problem
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.
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Which of the following is not true about closing entries?
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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 this investment in Rich's 2011 income statement.
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 when the bonds mature equal:
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 estimates to a total useful life of 5 yearswiht a
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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.
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 operating income in a month when sales are $103,000?
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