Reed Corp. sells $500,000 of bonds to private investors on January 1, 2020. The bonds are due in five years, have a 8% coupon rate, and interest is paid semi-annually on June 30 and December 31. The bonds were sold to yield 6%.
Required:
1 Determined the bond issue prince.
2 Prepare journal entry to record the interest payment on June 30, 2020.
3 Prepare journal entry to record the interest payment on December 31, 2020.
4 What was the bond interest expense reported in Reed’s 2020 income statement?
5 How would the bonds be reported on the balance sheet on December 31, 2020, the fiscal year-end?
In: Accounting
This information is available for Bramble Corp. for 2018, 2019,
and 2020.
|
2018 |
2019 |
2020 |
||||
| Beginning inventory | $ 115,000 | $ 314,500 | $ 411,500 | |||
| Ending inventory | 314,500 | 411,500 | 477,000 | |||
| Cost of goods sold | 901,000 | 1,126,000 | 1,301,000 | |||
| Sales revenue | 1,208,000 | 1,599,500 | 1,892,500 |
a) Calculate inventory turnover for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 2 decimal places, e.g. 1.52.)
b) Calculate days in inventory for Bramble Corp. for 2018, 2019, and 2020. (Round answers to 1 decimal place, e.g. 1.5. Use 365 days for calculation)
c) Calculate gross profit rate for Bramble Corp. for 2018, 2019,
and 2020. (Round answers to 0 decimal places, e.g.
125%)
In: Accounting
Journal entries for the following scenarios:
| 2/29/2020 | Defer revenue | Phone Consulting services recorded on invoice #1009 for $875 for Rooney Enterprises were deemed unearned as of 2/28/2020. Use journal entry 15 to defer this revenue. | |
| 2/29/2020 | Accrue depreciation | Depreciation Expense of $1,700 ($850, $500, and $350 for Building, Furniture & Fixtures, and Machinery & Equipment, respectively). Use journal entry 17 to record this depreciation. | |
| 2/29/2020 | Accrue revenue | Phone Consulting services of $3,500 were performed on 2/28/2020 for a new customer, Rigel Works, but not invoiced or recorded into the accounting records. Use journal entry 18 to accrue this revenue. |
In: Accounting
[The following information applies to the questions displayed below.]
The stockholders’ equity of TVX Company at the beginning of the day on February 5 follows:
|
Common stock—$10 par value, 150,000 shares authorized, 69,000 shares issued and outstanding |
$ | 690,000 | |
| Paid-in capital in excess of par value, common stock | 525,000 | ||
| Retained earnings | 675,000 | ||
| Total stockholders’ equity | $ | 1,890,000 | |
On February 5, the directors declare a 16% stock dividend
distributable on February 28 to the February 15 stockholders of
record. The stock’s market value is $41 per share on February 5
before the stock dividend. The stock’s market value is $35 per
share on February 28.
1. Prepare entries to record both the dividend declaration and its distribution.
Record the declaration of 16% stock dividend.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Feb 05 | |||
Record the distribution of 16% stock dividend.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Feb 28 | |||
2. One stockholder owned 600 shares on February 5 before the dividend. Compute the book value per share and total book value of this stockholder’s shares immediately before and after the stock dividend of February 5. (Round your "Book value per share" answers to 3 decimal places.)
| Before | After | |
| Book value per share | ||
| Total book value of shares | $ |
3. Compute the total market value of the investor’s shares in part 2 as of February 5 and February 28.
| February 5 | February 28 | |
| Total market value of shares |
In: Accounting
I can't figure out how to create the decision tree with the sending a messaged situation!
The crew of Endurance can visit two planets (Mann’s and Edmunds’). They can choose to visit neither planets, one of the two planets, or both planets. The characteristics of Mann’s planet are below:
• 30% chance of finding a perfectly habitable planet
• can support all of Earth’s current population if it is
• can support none of Earth’s population if it is not
And the characteristics of Edmunds’ planet are below:
• 50% chance of finding a perfectly habitable planet
• can support 50% of Earth’s current population if it is (because it is not as large as Mann’s planet)
• can support 20% of Earth’s current population if it is not (because it is still partially habitable)
The crew also needs to decide when to send a message to Earth to let them know which planet to migrate to. The possible outcomes for the different time steps of when they send that message are below:
• If they send the message before visiting both planets, none of the Earth’s population would have perished on Earth before receiving that message.
• If they send the message after visiting only one planet (either one), 10% of the Earth’s population would have perished on Earth before receiving that message.
• If they send the message after visiting both planets, 25% of the Earth’s population would have perished on Earth before receiving that message.
What should the crew do to save as many of Earth’s population as possible? Specifically, which planet or planets should they visit, if any and in what order, and when should they send the message to Earth? Draw a decision tree to solve this problem.
In: Math
draw and label one or two separate ad-as models to show recessionary and inflation gaps (5%). Then discuss how neoclassicals recommend each of recessionary and inflationary gaps to be closed to return to an economy with full employment (10%).
In: Economics
Explain why have some developing countries such as South Korea managed to close the development gap and catch up economically with the developed countries?
How South Korea closed the development gap and reach the developed countries?
In: Economics
The pH of a water is measured to be 7.0. The concentration of bicarbonate was measured to be 1.3*10^-3 M. What are the concentrations of carbonate, carbonic acid, and CT (total carbonates)? Assume this system is closed to the atmosphere and the temperature is 25 C.
In: Chemistry
At a certain temperature, the Kp for the decomposition of H2S is 0.842.
Initially, only H2S is present at a pressure of 0.126 atm in a closed container. What is the total pressure in the container at equilibrium?
H2S (g) <---> H2(g) + S(g)
In: Chemistry
What does economic theory suggest is the long run relationship between changes in a country’s level of savings and its level of investment? Explain how your answer depends upon whether or not the economy is open or closed.
In: Economics