On January 2, 2020, a calendar-year corporation sold 6% bonds with a face value of $3220000. These bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for $2959000 to yield 8%. Using the effective-interest method of computing interest, how much should be charged to interest expense in 2020?
a. $237590.
b. $236720.
c. $257600.
d. $193200.
In: Accounting
Joe’s Dry Dock Co. purchased equipment on January 1, 2015, at a cost of $650,000. The equipment was estimated to have a 12-year life with a residual value of $50,000. Fisher uses straight-line depreciation. At the beginning of 2020, Joe’s revised its total estimated life to total 10 years, with no residual value. Required:
Prepare journal entries to record Joe's depreciation expense for both 2019 and 2020.
In: Accounting
1. How has the relationship between pollsters and the media developed over time both in terms of the field of polling journalism overall, and specifically, The Marist Poll? 3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?
3. What lessons in polling journalism from the 2016 presidential election can be applied to the current 2020 presidential campaign?
In: Economics
Build a html form with the following elements. The form must be within a table structure.
• Current date: a non-editable
textbox and should be in the format as shown (e.g.
12 October 2020 Monday 05:35 PM)
• Number of weeks till end of the year: a label showing the total
number of weeks from now till 31st Dec 2020. (e.g. 17 days is 2
weeks and 3 days)
In: Computer Science
1. As of December 31, 2020, the Russell Corporation has
10,000 shares ($100 PAR) 10% preferred stockissued and outstanding
20,000 shares of common stock ($10 par value) issued and outstanding
Dividends for 2018 and 2019 have NOT been paid – THEREFORE THERE ARE TWO YEARS OFF DIVIDENDS IN ARREARS ON THE PREFERRED STOCK.
At December 31, 2020, Russell Corp. declares total cash dividends of $500,000 to be paid to both the preferred stockholders and the common stockholders. Fill in the table below to indicate the amount of cash that will be distributed to both the preferred stockholders and the common stockholders, on December 31, 2020, under each of the independentsituations
|
Distributed to preferred stockholders |
Distributed to common stockholders |
|
|
Preferred stock is NON cumulative and NON participating |
||
|
Preferred stock is cumulative and NON participating |
In: Finance
Saul Goodman, Jesse Pinkman, and Walter White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for Mr. White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021. What was Pinkman’s total share of net income for 2021?
A) $62,160.
B) $101,310.
C) $135,150.
D) $96,000.
E) $111,000.
In: Accounting
Saul Goodman, Jesse Pinkman, and Walter White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following:
(1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year;
(2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages:
(a) 20% for Goodman;
(b) 40% for Pinkman; and
(c) 40% for White.
Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021. What was White’s total share of net income for 2021?
A) $99,060.
B) $126,900.
C) $62,160.
D) $93,060.
E) $96,000.
In: Accounting
Saul Goodman, Jesse Pinkman, and Walter White formed a partnership on January 1, 2020, and made capital contributions of $125,000 (Goodman), $175,000 (Pinkman), and $250,000 (White), respectively. With respect to the division of income, they agreed to the following: (1) interest of an amount equal to 10% of the that partner’s beginning capital balance for the year; (2) annual compensation of $15,000 to Pinkman; and (3) the remainder of the income or loss to be split among the partners in the following percentages: (a) 20% for Goodman; (b) 40% for Pinkman; and (c) 40% for White. Net income was $200,000 in 2020 and $240,000 in 2021. Each partner withdrew $1,500 for personal use every month during 2020 and 2021.What was the total capital balance for the partnership at December 31, 2021?
A) $936,000.
B) $805,000.
C) $924,000.
D) $882,000.
E) $860,000.
In: Accounting
Frank operates a construction business in Dallas, Texas. On May 1, 2020, Frank purchased a warehouse for his business. The warehouse cost $1,500,000 ($500,000 for land and $1,000,000 for improvements). In November 2020, Frank purchased the following business property: equipment for $100,000, light-duty truck for $50,000, and office furniture for $50,000. Please calculate Frank’s 2020 depreciation deductions. You can ignore bonus depreciation and Section 179. Be sure to explain your calculations fully.
What income would Frank report if he decided to sell the warehouse and equipment on January 1, 2022 so he could upgrade the business? Assume he could sell the warehouse for $1,500,000 and the equipment for $190,000 ($95,000 for equipment, $47,500 for truck, and $47,500 for office furniture). Be sure to fully explain your answer.
In: Accounting
Sunland Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2019, the company expends $329,000 on a research project, but by the end of 2019 it is impossible to determine whether any benefit will be derived from it.
Part 1
The project is completed in 2020, and a successful patent is obtained. The R&D costs to complete the project are $119,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84 in 2020 total $18,500. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
In: Accounting