1. On January 1, 2017, Park Rapids Lumber Company issued $80 million in 20-year, 10.5% bonds payable. Interest is payable semiannually on June 30 and December 31.

1. Record the journal entry when the bonds were issued on January 1, 2017 when the market rate was 10%, and record the payment of bond interest on June 30^th and December 31^st for 2017 and 2018.

      b.    Compute the net bond liability at December 31, 2018.

            c. On January 1, 2019 the bonds were repurchased for 101. Record the journal entry for the repurchase of the bonds.   This transaction is very similar to the sale of a fixed asset. 101 is the same as 101% of the face value of the bond.

Required:
1. Complete the below table to calculate each year's current ratio.

How do I journalize paid Fuentes Company in full in the amount of $1500 within the discount period in the general journal?

The comparative balance sheet of Navaria Inc. for December 31, 20Y3 and 20Y2, is shown as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2 Assets 3 Cash $626,170.00 $585,760.00 4 Accounts receivable (net) 227,840.00 208,880.00 5 Inventories 641,390.00 616,790.00 6 Investments 0.00 240,820.00 7 Land 327,380.00 0.00 8 Equipment 704,290.00 554,020.00 9 Accumulated depreciation-equipment (167,160.00) (148,930.00) 10 Total assets $2,359,910.00 $2,057,340.00 11 Liabilities and Stockholders’ Equity 12 Accounts payable $424,670.00 $404,080.00 13 Accrued expenses payable 43,080.00 52,050.00 14 Dividends payable 24,920.00 19,300.00 15 Common stock, $4 par 140,000.00 102,000.00 16 Paid-in capital: Excess of issue price over par—common stock 417,400.00 280,600.00 17 Retained earnings 1,309,840.00 1,199,310.00 18 Total liabilities and stockholders’ equity $2,359,910.00 $2,057,340.00 Additional data obtained from an examination of the accounts in the ledger for 20Y3 are as follows: A. The investments were sold for $279,890 cash. B. Equipment and land were acquired for cash. C. There were no disposals of equipment during the year. D. The common stock was issued for cash. E. There was a $206,210 credit to Retained Earnings for net income. F. There was a $95,680 debit to Retained Earnings for cash dividends declared. Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required. Labels and Amount Descriptions Cash used for dividends Cash used for merchandise Cash used for purchase of equipment Cash used for purchase of land Cash received from customers Cash from sale of common stock Cash from sale of investments December 31, 20Y3 Decrease in accounts payable Decrease in accounts receivable Decrease in accrued expenses payable Decrease in inventories Decrease in cash Depreciation For the Year Ended December 31, 20Y3 Gain on sale of investments Increase in accounts payable Increase in accounts receivable Increase in accrued expenses payable Increase in cash Increase in inventories Loss on sale of investments Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outflow for each section, if required. Navaria Inc. Statement of Cash Flows (Label) 1 Cash flows from operating activities: 2 3 Adjustments to reconcile net income to net cash flow from operating activities: 4 5 6 Changes in current operating assets and liabilities: 7 8 9 10 11 12 13 Cash flows from (used for) investing activities: 14 15 16 17 18 19 Cash flows from (used for) financing activities: 20 21 22 23 24 Cash at the beginning of the year 25 Cash at the end of the year

You work for a manufacturing company and have just completed the budget process for the upcoming business year. At the end of the first quarter you take the actuals and compare them to the budget. You notice there are differences which need explanation and create the static and flexible budget variances. You present this to management and they request you to explain the variances in more detail.

Use your own calculations to create the Flexible Budget Performance Report and present this. You also need to explain the reasons for the variances and who is responsible. Explain the calculations used to create this report.

Explain why the variances using standard costs better reflect the actual variance and how to determine who is responsible for each variance

Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review.

1. Received contributions from investors and issued $230,000 of common stock on April 1.
2. Acquired a barn for $180,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance.
3. Provided $18,000 in animal care services for customers on April 3, all on credit.
4. Rented stables to customers who cared for their own animals; received cash of $14,000 on April 4 for rent earned this month.
5. On April 5, received $3,350 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue).
6. Purchased and received hay and feed supplies on account on April 6 for $3,800.
7. Paid $2,600 on accounts payable on April 7 for previous purchases.
8. Received $2,040 from customers on April 8 on accounts receivable.
9. On April 9, prepaid a two-year insurance policy for $4,800 for coverage starting in May.
10. On April 28, paid $1,140 in cash for water and utilities used this month.
11. Paid $14,800 in wages on April 29 for work done this month.
12. Received an electric utility bill on April 30 for $1,560 for usage in April; the bill will be paid next month.

Required:

1. 1. Prepare the journal entry for each of the above transactions.

2. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations.

3. 3. Prepare an unadjusted trial balance as of April 30.

4. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin.

5. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor.

Can you make t chart and trail balance sheet?

Explain the ancient Greek attitude about money, and why the Greeks were suspicious of this Phrygian invention?

Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,100 Accounts Receivable 50,200 Allowance for Uncollectible Accounts $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $ 190,300 $ 190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54,000.

Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipment was purchased, the company estimated a residual value of $5,200 and a two-year service life

. The company estimates future uncollectible accounts.

The company determines $31,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible.

The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)

Accrued interest expense on notes payable for January.

Accrued income taxes at the end of January are $15,000.

By the end of January, $5,000 of the gift cards sold on January 2 have been redeemed.

Prepare an adjusted trial balance as of January 31, 2021.

The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31.

Other data:

(a) Prepare a ledger using T-accounts. Enter the trial balance amounts and post the

adjusting entries.

(b) Prepare an adjusted trial balance on May 31.

(c) Prepare an income statement and a retained earnings statement for the month of May

and a classified balance sheet at May 31.

(d) Identify which accounts should be closed on May 31.

Q.1 The following information was retrieved from NOOR COMPANY books:

NOOR COMPANY

Comparative Balance Sheet

December 31, 2018 and 2017

Instructions: Using horizontal analysis, calculate the percentage change for each balance sheet item using 2017 as a base year.  

need the vertical and horizontal analysis

Cash Budget

The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:

The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $10,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month.

Current assets as of September 1 include cash of $42,000, marketable securities of $59,000, and accounts receivable of $122,400 ($96,000 from July sales and $26,400 from August sales). Sales on account for July and August were $88,000 and $96,000, respectively. Current liabilities as of September 1 include $10,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of $17,000 will be made in October. Bridgeport’s regular quarterly dividend of $10,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of $41,000.

Required: Please Provide Answers Only

1. Prepare a monthly cash budget and supporting schedules for September, October, and November. Input all amounts as positive values except overall cash decrease and deficiency which should be indicated with a minus sign. Assume 360 days per year for interest calculations.

Determine the amount of sales (units) that would be necessary under

Break-Even Sales Under Present and Proposed Conditions

Darby Company, operating at full capacity, sold 82,350 units at a price of $72 per unit during the current year. Its income statement for the current year is as follows:

The division of costs between fixed and variable is as follows:

Management is considering a plant expansion program that will permit an increase of $504,000 in yearly sales. The expansion will increase fixed costs by $50,400, but will not affect the relationship between sales and variable costs.

Required: Please Provide Answers Only

1. Determine the total variable costs and the total fixed costs for the current year. Enter the final answers rounded to the nearest dollar.

2. Determine (a) the unit variable cost and (b) the unit contribution margin for the current year. Enter the final answers rounded to two decimal places.

3. Compute the break-even sales (units) for the current year. Enter the final answers rounded to the nearest whole number.
units

4. Compute the break-even sales (units) under the proposed program for the following year. Enter the final answers rounded to the nearest whole number.
units

5. Determine the amount of sales (units) that would be necessary under the proposed program to realize the $73,200 of income from operations that was earned in the current year. Enter the final answers rounded to the nearest whole number.
units

6. Determine the maximum income from operations possible with the expanded plant. Enter the final answer rounded to the nearest dollar.
$

The Turners have purchased a house for $170,000. They made an initial down payment of $40,000 and secured a mortgage with interest charged at the rate of 7%/year compounded monthly on the unpaid balance. The loan is to be amortized over 30 yr. (Round your answers to the nearest cent.) (a) What monthly payment will the Turners be required to make? (b) How much total interest will they pay on the loan? (c) What will be their equity after 10 years? (d) What will be their equity after 22 years?