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Hoochie [10]
3 years ago
14

Sin Qua Corporation is a company listed on the stock exchange and issues corporate bonds. Which statement is most likely true?

Business
1 answer:
ch4aika [34]3 years ago
8 0

Answer:

Investors will have to pay tax on the interest income received from the bonds.

Explanation:

Interest earned from corporate bonds and capital gained through corporate bond transactions is taxable income.  The interest earned from a corporate bond is subject to taxation by both the federal and state governments.

The government will not sell sin Qua corporation bonds as it is a public company.  Bonds do not pay interest quarterly but rather semi-annually or annually.  Again, the maturity of the bond is determined at the time they are issued. Creditworthiness will only affect the bond price but not its maturity period.

Investors will have to pay tax on the interest income received from the bonds is thus the correct statement.

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In reviewing the accounting records of the transportation services fund, an internal service fund of douglas city, you notice th
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A person is completing a Form U4 to become registered and notices that the document requires his signature. The person has an av
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A company uses an application that controls who can connect to a sensitive database and what they can do. What is this security
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5 0
1 year ago
Wrote off an uncollectible account for $650. Provided $88,000 of services on account. Provided $32,000 of services and collected
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Answer:

This question is incomplete. Since it is missing most of the information, I looked for a similar question and found this:

2018:

  • Issued $10,000 of common stock for cash.
  • Provided $78,000 of services on account.
  • Provided $36,000 of services and received cash.
  • Collected $69,000 cash from accounts receivable.
  • Paid $38,000 of salaries expense for the year.
  • Adjusted the accounting records to reflect uncollectible accounts expense for the year.
  • Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.
  • Closed the revenue account. Closed the expense account.

2019:

  • Wrote off an uncollectible account for $650.
  • Provided $88,000 of services on account.
  • Provided $32,000 of services and collected cash.
  • Collected $81,000 cash from accounts receivable.
  • Paid $65,000 of salaries expense for the year.
  • Adjusted the accounts to reflect uncollectible accounts expense for the year.
  • Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

<h2>journal entries 2018 </h2>

Issued $10,000 of common stock for cash.

Dr cash 10,000

   Cr common stock 10,000

Provided $78,000 of services on account.

Dr accounts receivable 78,000

    Cr service revenue 78,000

Provided $36,000 of services and received cash.

Dr cash 36,000

    Cr service revenue 36,000

Collected $69,000 cash from accounts receivable.

Dr cash 69,000

    Cr accounts receivable 69,000

Paid $38,000 of salaries expense for the year.

Dr wages expense 38,000

    Cr cash 38,000

Adjusted the accounting records to reflect uncollectible accounts expense for the year.  Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 450

    Cr accounts receivable 450

Closed the revenue account. Closed the expense account.

Dr service revenue 114,000

    Cr income summary 114,000

Dr income summary 38,450

    Cr wages expense 38,000

    Cr bad debt expense 450

Dr income summary 75,550

    Cr retained earnings 75,550

<h2>income statement 2018</h2>

Service revenue           $114,000

Expenses:

  • Wages $38,000
  • Bad debt $450    <u>($38,450) </u>

Net income                   $75,550

<h2>balance sheet 2018 </h2>

Assets:

Cash $77,000

Accounts receivable $8,550

total assets                                           $85,550

Equity:

Common stock $10,000

Retained earnings $75,550

total equity                                            $85,550

<h2>statement of cash flows 2018</h2>

Cash flows form operating activities:

Net income                                      $75,550

adjustments:

Increase in accounts receivable     <u>($8,550) </u>

net cash from operating activities  $67,000

Cash flow from financing activities:

Common stocks issued                   $10,000

Net cash increase                           $77,000

beginning cash balance                <u>          $0 </u>

Ending cash balance                      $87,000

<h2>journal entries 2019</h2>

Wrote off an uncollectible account for $650.

Dr bad debt expense 650

    Cr accounts receivable 650

Provided $88,000 of services on account.

Dr accounts receivable 88,000

    Cr service revenue 88,000

Provided $32,000 of services and collected cash.

Dr cash 32,000

    Cr service revenue 32,000

Collected $81,000 cash from accounts receivable.

Dr cash 81,000

    Cr accounts receivable 81,000

Paid $65,000 of salaries expense for the year.

Dr wages expense 65,000

    Cr cash 65,000

Adjusted the accounts to reflect uncollectible accounts expense for the year.  Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.

Dr bad debt expense 745

    Cr accounts receivable 745

<h2>income statement 2019</h2>

Service revenue             $120,000

Expenses:

  • Wages $65,000
  • Bad debt $1,395    <u>($38,450) </u>

Net income                      $53,605

<h2>balance sheet 2019</h2>

Assets:

Cash $125,000

Accounts receivable $14,155

total assets                                           $139,155

Equity:

Common stock $10,000

Retained earnings $129,155

total equity                                            $139,155

<h2>statement of cash flows 2019</h2>

Cash flows form operating activities:

Net income                                      $53,605

adjustments:

Increase in accounts receivable     <u>($5,605) </u>

net cash from operating activities  $48,000

Net cash increase                           $48,000

beginning cash balance                 <u>$77,000 </u>

Ending cash balance                    $125,000

<h2>net realizable value accounts receivable</h2>

net realizable value of accounts receivable 2018 = $8,550

net realizable value of accounts receivable 2019 = $14,155

4 0
2 years ago
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