Question
In: Accounting
A company provides subscriptions to magazines. On October 1st, it collects $10 million and credits to...
A company provides subscriptions to magazines. On October 1st, it collects $10 million and credits to sales revenue. On December 31st, the subscription is 1/3 expired. What would be the adjusting entry at year-end? I don't remember the answer choices but I think they all had unearned revenue and subscription revenue.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
On October 1st American Company purchased this 1,000,000 peso CD when the peso was worth 10...
On October 1st American Company purchased this 1,000,000 peso CD
when the peso was worth 10 cents
This 2 year CD pays interest at 12% with interest paid each
April 1st and October 1st
American Company purchased this 1,000,000 peso CD when the peso
was worth 10 cents
On December 31st The peso was worth 8 cents
On April 1st 2020 the peso was worth 9 cents
On October 1st 2020 the peso was worth 11 cents
On December 1st...
On October 1st, 2018, Franklin Corporation issued $2 million of 13.5% bonds for $1,970,143.36. The bonds...
On October 1st, 2018, Franklin Corporation issued $2 million of
13.5% bonds for $1,970,143.36. The bonds are due in 4 years, and
pay interest semiannually on March 31 and September 30. Assume an
effective yield rate of 14%.
Use the spreadsheet included in the module section to prepare a
bond interest expense and discount amortization schedule using the
straight-line method.
Use the same spreadsheet to prepare a bond interest expense and
discount amortization schedule using the effective interest
method.
Prepare...
On October 1st, 2018, Franklin Corporation issued $2 million of 13.5% bonds for $1,970,143.36. The bonds...
On October 1st, 2018, Franklin Corporation issued $2 million of
13.5% bonds for $1,970,143.36. The bonds are due in 4 years, and
pay interest semiannually on March 31 and September 30. Assume an
effective yield rate of 14%.
Use the spreadsheet included in the module section to prepare a
bond interest expense and discount amortization schedule using the
straight-line method.
Use the same spreadsheet to prepare a bond interest expense and
discount amortization schedule using the effective interest
method.
Prepare...
On October 1, 2016, Ball Company issued 10% bonds dated October 1, 2016, with a face...
On October 1, 2016, Ball Company issued 10% bonds dated October
1, 2016, with a face amount of $350,000. The bonds mature in 8
years. Interest is paid semiannually on March 31 and September 30.
The proceeds from the bond issuance were $355,751.07 to yield
9.70%. Ball Company has a December 31 fiscal year-end and does not
use reversing entries.
Required:
1.
Prepare journal entries to record the issuance of the bonds and
the interest payments for 2016 and 2017...
On October 1, 2016, Ball Company issued 10% bonds dated October 1, 2016, with a face...
On October 1, 2016, Ball Company issued 10% bonds dated October
1, 2016, with a face amount of $350,000. The bonds mature in 8
years. Interest is paid semiannually on March 31 and September 30.
The proceeds from the bond issuance were $355,751.07 to yield
9.70%. Ball Company has a December 31 fiscal year-end and does not
use reversing entries.
Required:
1.
Prepare journal entries to record the issuance of the bonds and
the interest payments for 2016 and 2017...
Harms Way Company (HWC) provides you with the following information for the year ended October 31,...
Harms Way Company (HWC) provides you with the following
information for the year ended October 31, 2019. Your assignment is
to calculate income tax expense, income taxes payable, and deferred
income tax assets/liabilities. The end result will be a journal
entry to record all of that. In addition, you must calculate HWC’s
effective tax rate and prepare a reconciliation to the federal
statutory rate of 21%. Information provided: 1. Income before tax,
as shown on HWC’s GAAP statement of income...
Vadercat Limited issued $50 million 7.5 percent, 10 year bonds on October 1, 2019. The market...
Vadercat Limited issued $50 million 7.5 percent, 10 year bonds
on October 1, 2019. The market rate of interest on the date of the
issue was 8 percent. Interest is payable semi-annually on April 1
and October 1. The company’s year-end is December 31.
Required:
a. Prepare journal entries to record all transactions during the
first year the bonds are outstanding. The company uses the
straight-line method of amortizations.
b. Indicate how the bond obligation would be shown on the...
On October 1, 2017, Santana Rey launched a computer services company called Business Solutions, which provides...
On October 1, 2017, Santana Rey launched a computer services
company called Business Solutions, which provides consulting
services, computer system installations, and custom program
development. Rey adopts the calendar year for reporting purposes
and expects to prepare the company’s first set of financial
statements on December 31, 2017. The company’s initial chart of
accounts follows.
Account
No.
Account
No.
Cash
101
Common Stock
307
Accounts Receivable
106
Dividends
319
Computer Supplies
126
Computer Services Revenue
403
Prepaid Insurance
128
Wages...
On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides...
On October 1, 2019, Santana Rey launched a computer services
company called Business Solutions, which provides consulting
services, computer system installations, and custom program
development. Rey adopts the calendar year for reporting purposes
and expects to prepare the company’s first set of financial
statements on December 31, 2017. The company’s initial chart of
accounts follows.
Account
No.
Account
No.
Cash
101
Common Stock
307
Accounts Receivable
106
Dividends
319
Computer Supplies
126
Computer Services Revenue
403
Prepaid Insurance
128
Wages...
On October 1, 2016, Adria Lopez launched a computer services company called Success Systems, which provides...
On October 1, 2016, Adria Lopez launched a computer services
company called Success Systems, which provides consulting services,
computer system installations, and custom program development.
Adria adopts the calendar year for reporting purposes and expects
to prepare the company's first set of financial statements on
December 31, 2016. The company's initial chart of accounts and
transactions follows. Account No. Account No. Cash 101 Common Stock
307 Accounts Receivable 106 Dividends 319 Computer Supplies 126
Computer Services Revenue 403 Prepaid Insurance...
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