1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Novosadov [1.4K]
3 years ago
8

On July​ 1, 2019, Montana Company has bonds with balances as shown below. Bonds Payable 66,000 Discount on Bonds Payable 3,800 I

f the company retires the bonds for $71,150​, what will be the effect on the income​ statement?
Business
1 answer:
Otrada [13]3 years ago
7 0

Answer:

Loss on the retirement of $4,750

Explanation:

The following have the effect on the income statement which is a loss on the retirement and it amounts to $4,750

It is computed as:

Loss on retirement = Retirement value of the bonds - Issued price of the bonds

= $71,150 - $66,400

= $4,750

Working Note:

Issued Price of bonds = Face value - Discount on bonds payable

= $70,000 - $3,600

= $66,400

You might be interested in
while the washington family was gone for the weekend, their home was broken into and robbed. manny, a professional boxer who liv
Kisachek [45]

Manny's acts would be a past factor in any lawsuit he filed against Mr. Washington, so Manny would lose. Filipino boxer Manny Pacquiao competed as a professional from 1995 until 2021. regarded as one of the greatest professional boxers ever by boxing historians...

<h3>Where does Manny stand historically?</h3>
  • On ESPN's list of the top boxers, pound-for-pound, over the past 25 years, Pacquiao was placed second in 2016. Pacquiao is ranked by BoxRec as the third-best boxer of all time, pound for pound, and as the best Asian boxer ever.
  • A boxer who has won major world championships in eight different weight divisions is known as an octuple champion. The only boxer in history, Manny Pacquiao, has won twelve major world championships in just eight years.

To learn more about Manny pacquiao refer to:

brainly.com/question/28774013

#SPJ4

3 0
1 year ago
Grason Corporation is preparing a budgeted balance sheet for 2018. The retained earnings balance at December 31, 2017 was $533,5
olga nikolaevna [1]

Answer:

D. $605,500

Explanation:

The computation of the expected balance in retained earnings on the 2018 is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $533,500 + $112,000 - $40,000

= $605,500

We simply applied the above formula so that the ending balance could arrive by considering all the items given in the question  

3 0
3 years ago
On June 10, Sheridan Company purchased $7,700 of merchandise from Crane Company, terms 3/10, n/30. Sheridan Company pays the fre
sveta [45]

Answer:

Sheridan Company journal entries:

June 10

  • Dr Merchandise inventory 7,700  
  • Cr Accounts payable 7,700

June 11  

  • Dr Merchandise inventory 430
  • Cr Cash 430

June 12  

  • Dr Accounts payable 800
  • Cr Merchandise inventory 800

June 19

  • Dr Accounts payable 6,900
  • Cr Cash 6,693
  • Cr Merchandise inventory 207

4 0
3 years ago
Prior to adjustment at August 31, Salaries Expense has a debit balance of $272,650. Salaries owed but not paid as of the same da
zlopas [31]

Answer:

A. Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

B. Dr Income summary $275,790

Cr Salary expense $275,790

Explanation:

A. Preparation of the adjusting entry to record accrued salaries as of August 31

August 31

Dr Salary Expense $3,140

Cr Salary expense outstanding $3,140

(To record accrued salaries)

B. Preparation of the Closing entry on August 31

August 31

Dr Income summary $275,790

Cr Salary expense $275,790

($272,650+$3,140)

(To record Closing entry)

5 0
2 years ago
Chutney Channel is a small organization based in Canada that sells specialty condiments made from local ingredients to a wide ar
alex41 [277]

Answer:

he

Explanation:

I

5 0
3 years ago
Other questions:
  • Which is NOT a crucial question about target markets? Select one:
    9·1 answer
  • How often should you typically monitor your checking account?
    6·1 answer
  • Jeeves consulting requires a performance evaluation method that is less time consuming to develop and administer and allows for
    10·1 answer
  • Christy needs $25,000 to purchase a new car. she borrows this amount at an interest rate of 8% for 5 years. what is the amount o
    7·1 answer
  • What concept did Alfred Wegener propose in the early 1900s after studying rock formations, fossils, and the climate of Earth? Th
    6·2 answers
  • An extended warranty contract (Select all that apply.) provides protection beyond the manufacturer's original warranty. is consi
    8·1 answer
  • ________ can be defined as raw numbers or other factual information that, on their own, have limited value to marketers. select
    10·1 answer
  • Describe how you are currently experience or have overcome academic or personal obstacles
    6·1 answer
  • The FOMC believed in November 1994 that the target rate of unemployment was 6.25%. Given the official civilian unemployment rate
    10·1 answer
  • Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The stateme
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!