Question
In: Accounting
Glen Avon Inc. specializes in the production of telecommunication satellites. The company has a 6-month fiscal...
Glen Avon Inc. specializes in the production of telecommunication satellites. The company has a 6-month fiscal end on December 31 and June 30. In 2004 the company decides to expand their operations and finances it by issuing 4,000 bonds at a 14% coupon rate (annual). The bonds pay interest on October 31 and April 30, and are due on April 30, 2019. a. (3 points) Assuming the bonds are issued on April 30, 2004 at 104, record the journal entry(ies) for the issue. b. (5 points) Record the proper adjusting entry(ies) for the 6-month fiscal end on June 30, 2004. c. (4 points) Record the interest payment on October 31, 2014. d. (8 points) On November 30, 2014, the company purchases 90 percent of the bonds back at 110 plus accrued interest. Record the proper journal entry(ies) for the repurchase. On November 30,2014(D) What amount should be debited for premium on bonds payable when you are repurchasing the bonds to take the premium account off of the books? This date is 10 + years after the bonds were issued.
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ekkarill92 answered 1 year agoRelated Solutions
Glen Avon Inc. specializes in the production of telecommunication satellites. The company has a 6-month fiscal...
Glen Avon Inc. specializes in the production of
telecommunication satellites. The company has
a 6-month fiscal end on December 31 and June 30. In 2004 the
company decides to expand their
operations and finances it by issuing 4,000 bonds at a 14%
coupon rate (annual). The bonds pay
interest on October 31 and April 30, and are due on April 30,
2019.
a. (3 points) Assuming the bonds are issued on April 30, 2004 at
104, record the journal
entry(ies)...
Glen Avon Inc. specializes in the production of telecommunication satellites. The company has a 6-month fiscal...
Glen Avon Inc. specializes in the production of
telecommunication satellites. The company has
a 6-month fiscal end on December 31 and June 30. In 2004 the
company decides to expand their
operations and finances it by issuing 4,000 bonds at a 14%
coupon rate (annual). The bonds pay
interest on October 31 and April 30, and are due on April 30,
2019.
a. (3 points) Assuming the bonds are issued on April 30, 2004 at
104, record the journal
entry(ies)...
Glen Pool Club, Inc., has a $145,000 mortgage liability. The mortgage is payable in monthly installments...
Glen Pool Club, Inc., has a $145,000 mortgage liability. The
mortgage is payable in monthly installments of $1,491, which
include interest computed at an annual rate of 12 percent (1
percent monthly).
a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance.
b. Prepare the journal entry to record the
second monthly payment.
c. Will...
Glen Pool Club, Inc., has a $147,000 mortgage liability. The mortgage is payable in monthly installments...
Glen Pool Club, Inc., has a $147,000 mortgage liability. The
mortgage is payable in monthly installments of $1,512, which
include interest computed at an annual rate of 12 percent (1
percent monthly).
a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance.
b. Prepare the journal entry to record the
second monthly payment.
c. Will...
Earthcom Inc. is in the telecommunications industry. The company builds and maintains telecommunication lines that are...
Earthcom Inc. is in the telecommunications
industry. The company builds and maintains telecommunication lines
that are buried in the ground. The company is a public company and
has been having some bad luck. One of its main underground
telecommunications lines was cut by accident and the company cannot
determine the exact location of the problem. As a result, many of
the company’s customers have lost service. Because Earthcom did not
have a backup plan, it is uncertain about how long...
ABC Company is creating the production plan for the coming month. The company has collected the...
ABC Company is creating the production plan for the coming
month. The company has collected the following data on the average
marketing demand during the past 25 months. Month Demand 1 60 2 65
3 67 4 58 5 59 6 56 7 65 8 65 9 69 10 65 11 70 12 71 13 64 14 75 15
70 16 72 17 65 18 77 19 62 20 59 21 78 22 58 23 60 24 68 25 59...
How exchanging rate affected Avon Products Inc.? And how the company is protecting itself from it?
How exchanging rate affected Avon Products Inc.? And how the
company is protecting itself from it?
Montreal Manufacturing Inc. has the following cost and production data for the month of April. Beginning...
Montreal Manufacturing Inc. has the following cost and
production data for the month of April.
Beginning WIP
16,000
units
Started in production
100,000
Completed production
90,000
Ending WIP
26,000
The beginning inventory was 60% complete for conversion costs. The
ending inventory was 40% complete for conversion costs. Materials
are added at the beginning of the process.
Costs pertaining to the month of April are as follows:
Beginning inventory costs are:
Materials
$63,000
Direct labour
18,000
Factory overhead...
Montreal Manufacturing Inc. has the following cost and production data for the month of April. Beginning...
Montreal Manufacturing Inc. has the following cost and
production data for the month of April.
Beginning WIP
17,100
units
Started in production
104,500
Completed production
91,300
Ending WIP
30,300
The beginning inventory was 60% complete for conversion costs. The
ending inventory was 40% complete for conversion costs. Materials
are added at the beginning of the process.
Costs pertaining to the month of April are as follows:
Beginning inventory costs are:
Materials
$66,100
Direct labour
19,500
Factory overhead...
Question 31 Montreal Manufacturing Inc. has the following cost and production data for the month of...
Question 31
Montreal Manufacturing Inc. has the following cost and production
data for the month of April.
Beginning WIP
17,100
units
Started in production
104,500
Completed production
91,300
Ending WIP
30,300
The beginning inventory was 60% complete for conversion costs. The
ending inventory was 40% complete for conversion costs. Materials
are added at the beginning of the process.
Costs pertaining to the month of April are as follows:
Beginning inventory costs are:
Materials
$66,100
Direct labour
19,500
...
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