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Musya8 [376]
3 years ago
15

Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,700 million on July 1, 2018, at a price of $1,

680 million. For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on June 30 and December 31. What would be the amount(s) related to the bonds that Agee would report in its statement of cash flows for the year ended December 31, 2018, if it uses the indirect method
Business
1 answer:
Gnoma [55]3 years ago
6 0

Answer:

Agee Technology, Inc.

Amounts related to the bonds to report in statement of cash flows for the year ended December 31, 2018:

1. Receipts from Bonds Issue = $1,680 million

2. Payment of Interests on Bonds = -$153 million

Explanation:

a) The interests are based on based on 9% of $1,700 million, the bonds' face value.

b) The same amounts will be reported either using the direct method or the indirect method.  The indirect method adjusts the net income with non-cash expenses instead of using the direct inflows and outflows from operating activities.

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1 year ago
Knelling Company reported a balance in Accounts Receivable of $50,000 and a credit balance of $3,000 in the Allowance for Doubtf
Crank

Answer:

Bad Debt A/c Dr  $9,000

To Credit Allowance for Bad & Doubtful  A/c    $9,000

Explanation:

According to the scenario, the journal entry are given below:

Journal Entry:

Bad Debt A/c Dr  $9,000

To Credit Allowance for Bad & Doubtful  A/c    $9,000

(Being the Bad debt A/c is recorded)

The computation for bad debts are given below:

 Bad debts = Uncollectible Amount - Credit balance in Allowance for doubtful A/c

Where,

Uncollectible Amount = $12,000

Credit balance in Allowance for doubtful A/c = $3,000

By putting the value we get,

= $12,000 - $3,000

= $9,000

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