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Inessa [10]
3 years ago
11

Franklin corporation issues $50,000, 10%, five-year bonds on january 1 for $52,100. interest is paid semiannually on january 1 a

nd july 1. if franklin uses the straight-line method of amortization of bond premium, the amount of bond interest expense to be recognized on july 1 is
Business
2 answers:
Harman [31]3 years ago
3 0

Answer:

Amount of interest expenses to be recognized on July 1 =   $50,000 x 10% x 6/12  =  $2,500

Explanation:

slava [35]3 years ago
3 0

Answer:

$2,290

Explanation:

Since Franklin sold their bonds at a premium (higher than face value), they must discount the premium from their interest expense.

total interest expense = coupon paid - amortization of bond premium

  • coupon = $50,000 x 10% x 1/2 = $2,500
  • amortization of bond premium = ($52,100 - $50,000) / 10 periods = $2,100 / 10 = $210

total interest expense = $2,500 - $210 = $2,290

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On december 1, milton company borrowed $480,000, at 8% annual interest, from the tennessee national bank. interest is paid when
Vlad [161]
Debit Interest Expense [$480,000 x 8% x 360/360] = $38,400.00
<span>Credit Interest Payable = $38,400.00</span>
5 0
3 years ago
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Dr. Tanaka was served with a malpractice lawsuit based on allegedly removing the wrong organ. Following discovery, it becomes cl
lord [1]

The lawyer should make a motion for summary judgment.

<h3><u>Explanation:</u></h3>

A motion for summary judgement can be considered as a request that is made to the court for ruling other party that it has no case since there were no facts on the case. When the party makes the motion, it claims that the jury must rule in the moving party's side or the case should not move before a jury.  

A party can involve in filing a motion for summary judgment when the party feels that there are no facts in the case or problem. In the example given, there exists no evidence against the doctor and hence no jury can rule in favor of the plaintiff. Thus, the Doctor's lawyer should make a motion for summary judgment.

3 0
3 years ago
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A calendar year corp. has substantial accumulated E&amp;P, but it expects to incur a deficit in current E&amp;P for the year due
Vadim26 [7]

Answer:

The statement is inaccurate.

Explanation:

Comment on the validity of this statement. LO 3 (p. 19-9).

The statement is inaccurate. When a deficit exists in current E & P and a positive balance exists in accumulated E & P, the accounts are netted at the date of distribution. If a positive balance results, the distribution is a divide to the extent of the balance. Any loss in current E & P is deemed to accrue ratably throughout the year unless the parties can show otherwise.

4 0
3 years ago
White Company has two departments, Cutting and Finishing.
GaryK [48]

Answer:

Cutting = $10.99 per machine hour

Finishing= $15.28 per direct labour hours.

Explanation:

The question requests the predetermined overhead rate for Cutting department and Finishing department

Step 1: What is the formula for the pre-determined overhead rate

For the Cutting Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Machine Hours +Variable Manufacturing Overhead rate per machine hour.

= $390,000/$43,400) + $2

= $10.99 per machine hour

For the Finishing Department

Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Labour Hours +Variable Manufacturing Overhead rate per machine hour.

= $496,000/43,000) + $3.75

= $15.28 per direct labour hours.

7 0
3 years ago
Is shift work involved for lawyers??
Mamont248 [21]

Answer:

I think so.

Explanation:

This may be depending on the job you have in the Lawyer Occupation, but because they must do different types of work and must go to several different clients, I would say yes. Sorry if this is wrong, but I hope it helps!

4 0
3 years ago
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