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Salsk061 [2.6K]
3 years ago
10

The following bond investment transactions were completed during a recent year by Starks Company: Year 1 Jan. 31. Purchased 75,

$1,000 government bonds at 100 plus accrued interest of $375 (one month). The bonds pay 6% annual interest on July 1 and January 1. July 1. Received semiannual interest on bond investment. Aug. 30. Sold 35, $1,000 bonds at 98 plus $350 accrued interest (two months).
a. Journalize the entries for these transactions.
b. Provide the December 31, Year 1, adjusting journal entry for semiannual interest earned on the bonds.
Business
1 answer:
olchik [2.2K]3 years ago
7 0

Answer

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

Download xlsx
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This is because of the rampant advertising activities that can be done through social media and other platforms related to the internet and the global network. The world has become too small already because of the presence of technology in the form of internet connection. The need for advertising firms is no longer that high because with just a click of a button you can already create your own advertising material and reach as many people as you can. This is the reason why a lot of top global advertising firms have seen a lot of mergers in the recent years of advertising.
5 0
3 years ago
Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2020. During its first year, the following transactions occurred:
FromTheMoon [43]

Answer:

Explanation:

Journal entry is a record of transaction in their respective accounts using the debit and credit system. Debit entry represents an increase and credit a decrease.

S / NO             Particulars       Debit          Credit  

 1                      Cash                200,000

                       Share stock                               200,000

2                       Inventory             483,000

                   Account payable                             483,000

3.                 Account receivable   675,000

                              Sales                                       675,000

                      Cost of goods             405,000

                         Inventory                                       405,000

4                            Cash                        562,000

                     Account receivable                              562,000

5                    Account payable               431,000

                            Cash                                                  431,000

6                       Motor Vehicle                 39,000

                               Cash                                                  39,000

7                            Rent                        25200

                     Prepaid rent                       2100

                           Cash                                                         27300

8                    Operating Expenses      20,000

                              Cash                                                       18,000

                       Operating exp payable                                  2,000

9                            Depreciation                 2,000

                             Motor Vehicle                                              2,000

10                  Dividends payable                   8500

                               Cash                                                             8500

7 0
3 years ago
Trusper Company was organized on January 1, Year 1 and has had 1,000 shares of $200 par value, 10% cumulative preferred stock ou
Masja [62]

Answer:

Trusper Company

The total amount of dividends that will be paid to common stockholders during Year 2 is:

$40,000.

Explanation:

a) Data and Calculations:

10% cumulative preferred stock = $200,000 ($200 * 1,000)

Common stock = $3,000 (3,000 * $1)

Dividends in Year 1 for cumulative preferred stockholders = $20,000 ($200,000 * 10%)

Dividends outstanding after Year 1 for cumulative preferred stockholders = $15,000 ($20,000 - $5,000)

Dividends for Year 2 for cumulative preferred stockholders = $35,000 ($20,000 + $15,000).

Total dividend paid to common stockholders during Year 2 = $40,000 ($75,000 - $35,000)

b) The unpaid cumulative preferred stock dividend of $15,000 for Year 1 will be added to the dividend of the Year 2.  The common stockholders are not paid any dividends in Year 1.  But in Year 2, they will get $40,000 after the cumulative preferred stock dividends are paid.

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2 years ago
Which type of loan requires that you pay the interest accumulated during college?
butalik [34]
B. the subsidized federal loan /////////////////////

7 0
3 years ago
Read 2 more answers
Fenland Co. plans to retire $120 million in bonds in five years, so it wishes to fund a savings account at the beginning of each
solniwko [45]

Answer:

240,000,000

Explanation:

Each year you would need to invest 240,000,000 into the saving account over a period of five years to get to the desired amount. If they are only putting in 12%of the retirement funds that would 14,400,000 and that would take about 8 years.

8 0
3 years ago
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