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Nana76 [90]
3 years ago
13

The City of Twizzle issues $10,000,000 face value of general obligation bonds for $9,800,000. The bonds will be used for the con

struction of new city streets. What journal entry should the City make in its Capital Projects Fund to record the issuance of these bonds?
Business
2 answers:
RoseWind [281]3 years ago
5 0

Answer:

Dr Cash $9,800,000

Dr Other financing use—bond issue discount $200,000

Cr Other financing source—long-term debt issued $10,000,000

Explanation:

Journal entries

Dr Cash $9,800,000

Dr Other financing use—bond issue discount $200,000

Cr Other financing source—long-term debt issued $10,000,000

$10,000,000 -$9,800,000

=$200,000

Therefore since $10,000,000 face value of general obligation bonds for $9,800,000 we are to debit Cash $9,800,000 as well as Other financing use—bond issue discount $200,000 which is the difference between $10,000,000 -$9,800,000 while we credit

Other financing source—long-term debt issued at $10,000,000

Oksanka [162]3 years ago
5 0

Answer:

The City of Twizzle will debit its Cash/Bank account with $9,800,000 as well as Debit entry of $200,000  for discount on bond account.  The credit enry of $10,000,000 will recorded in the bond account.

Date               Description                            DR                      CR

                    Cash/Bank                            9,800,000

                    Discount on Bonds                   200,000

                    Bond  Payable                                                    10,000,000

Explanation:

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Advantages corporations had over small business included: a. raw material discounts b. reduction of unit cost c. specialists d.
kondaur [170]

Answer:

a. Raw material discounts

b. Reduction of unit cost

c. Specialists

d. Better production methods

Explanation:

a. Corporations have various advantages over small businesses. Because they buy  raw materials in bulk they are able to negotiate volume discount. This gives them more advantage over the small business who cannot buy in bulk.

b. A fall out from the above is reduction of unit cost or average cost, when discount is received it reduces the total cost of material and by implication the unit cost.

c. Because of their size and financial strength, corporation is able to attract qualified employees as opposed to small businesses that are limited by their financial position.

d. Corporations because of their financial strength are able to finance research with view to discovering a better production methods. This may be impossible to small businesses.

8 0
3 years ago
Baxter Company produces​ children's wiffle ball sets using a threeminusstep sequential process that includes​ molding, coloring
anyanavicka [17]

Answer:

C) WIP InventoryWIP Inventory-Finishing

Explanation:

Cost of WIP is transferred through Molding to Coloring to the last process of the production finishing. After completing the finishing the balls are ready and the cost is transferred from WIP InventoryWIP Inventory-Finishing to Finished goods Inventory. So, the correct answer is C) WIP InventoryWIP Inventory-Finishing.

5 0
3 years ago
Suppose that you deposit? $10,000 in an account that pays? 6% interest and you want to know how much will be in your account at
dimaraw [331]

Answer:

B.    =PV(.06,10,0,10000)

Explanation:

In MS Excel the formula of Present value re is as  "=PV( rate, nper, pmt, [fv] )".

PV = Present value

rate = Interest rate= 6% = 0.06

nper = number of periods  = 10

pmt = payment made each period = 0 in this scenario

fv = future value = 10,000

So, according to the formula the correct sequence is =PV(.06,10,0,10000)

which is correctly mentioned in option B.

3 0
3 years ago
Bamba Corporation's cost formula for its selling and administrative expense is $47,900 per month plus $52 per unit. For the mont
Oksanka [162]
I think it is D
Hope my answer help you
4 0
3 years ago
Suppose that, due to exceptionally good weather in the Mid West, the United States experiences an increase in grain production i
Eva8 [605]

In this question, we are not provided with the specific numbers that are necessary to produce a graphical approach. Therefore, we cannot provide that part of the answer. However, we are able to talk, in general terms, about what an increase of grain production in the United States would cause in the rest of the world.

This is an effect of what is known as globalization. Globalization refers to the integration of the world's markets in goods and services, as well as flows of investment and people across national boundaries.

In order for globalization to take place, several processes have to occur first. Nations begin specializing in the production of good and services in which they are relatively low-cost producers. This allows for mutual gains for people in trading countries. However, while some groups might benefit, some others might be harmed by this pattern, such as those producing the goods that compete with the imports. In this example, some countries might benefit, but those that compete with the United States in terms of grain production might be damaged by the increased production of the United States.

6 0
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