Question
In: Accounting
1.) Littlefield Industries purchased a bond on September 1 of the current year for $200,000 and...
1.) Littlefield Industries purchased a bond on September 1 of the current year for $200,000 and classified the investment as trading debt. The market value of the trading debt investment at year-end is $196,000. The adjustment is ______.
2.) On January 1, 2019, Commercial Equipment Sales issued $36,000 in bonds for $19,700. These are six−year bonds with a stated interest rate of 9%, and pay semiannual interest on June 30 and December 31. Commercial Equipment Sales uses the straight-line method to amortize the Bond Discount. What amount is debited to Interest Expense on June 30, 2019?
3.) A $$33,000, three- month, 1212% note payable was issued on December 1, 2018. What is the amount of accrued interest on December 31, 2018? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)
Solutions
ekkarill92 answered 8 months agoRelated Solutions
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller,
Inc., purchased a new machine on September 1 of the current year at
a cost of $138,000. The machine’s estimated useful life at the time
of the purchase was five years, and its residual value was $8,000.
The company reports on a calendar year basis.
Required:
a-2.
Prepare a complete depreciation schedule, beginning with the
current year, using the 200 percent declining-balance method.
(Assume that the half-year convention is used).
a-3.
Prepare a complete depreciation schedule, beginning...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $160,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $10,000. The company reports on a
calendar year basis. Required: a-1. Prepare a complete depreciation
schedule, beginning with the current year, using the straight-line
method. (Assume that the half-year convention is used). a-2.
Prepare a complete depreciation schedule, beginning with the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $170,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $10,000. The company reports on a
calendar year basis. Required:
a-1. Prepare a complete depreciation schedule, beginning with
the current year, using the straight-line method. (Assume that the
half-year convention is used).
a-2. Prepare a complete depreciation schedule, beginning with
the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $149,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $9,000. The company reports on a
calendar year basis.
Please help me with the equations how to work this problem.
Required:
a-1. Prepare a complete depreciation schedule,
beginning with the current year, using the straight-line method.
(Assume that the half-year convention...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $108,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $8,000. The company reports on a
calendar year basis.
Required:
a-1. Prepare a complete depreciation schedule,
beginning with the current year, using the straight-line method.
(Assume that the half-year convention is used).
a-2. Prepare a complete depreciation schedule,
beginning with the...
wanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
wanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $108,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $8,000. The company reports on a
calendar year basis. Required:
a-1. Prepare a complete depreciation schedule, beginning with
the current year, using the straight-line method. (Assume that the
half-year convention is used)
a-2. Prepare a complete depreciation schedule, beginning with
the...
Swanson & Hiller, Inc., purchased a new machine on September 1 of the current year at...
Swanson & Hiller, Inc., purchased a new machine on September
1 of the current year at a cost of $130,000. The machine’s
estimated useful life at the time of the purchase was five years,
and its residual value was $10,000. The company reports on a
calendar year basis. Required:
a-1. Prepare a complete depreciation schedule, beginning with
the current year, using the straight-line method. (Assume that the
half-year convention is used).
a-2. Prepare a complete depreciation schedule, beginning with
the...
Determine the annual rate of return on a 15-year, $200,000 discount bond that you originally purchased...
Determine the annual rate of return on a 15-year, $200,000
discount bond that you originally purchased for $54,500 and sold 6
years later for $80,500.
Bonnie purchased a 10 year bond on 1/1/2000. The bond was purchased to yield 4% per...
Bonnie purchased a 10 year bond on 1/1/2000. The bond was
purchased to yield 4% per year convertible quarterly. The coupons
are paid at 5% convertible quarterly. The bond is redeemable at par
at the amount of 10,000. Bonnie received a coupon on 7/1/2005. What
is the amortization of premium of the coupon she just received?
20.28 20.90 19.65 20.32 20.69
Smith Company started business on September 1. Smith had credit sales of $200,000 in September and...
Smith Company started business on September 1. Smith had credit
sales of $200,000 in September and $300,000 in October. The pattern
for collection of cash from customers is expected to be 40% in the
month of sale (subject to a 2% cash discount), 50% in the month
following the month of sale, and 7% in the second month following
the month of sale, with 3% uncollectible. How much cash did Smith
Company receive from customers on account during October?.
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