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kolbaska11 [484]
3 years ago
8

Dunphy Company issued $20,000 of 8.5%, 10-year bonds at par value on January 1. Interest is paid semiannually each June 30 and D

ecember 31. Prepare the entries for (a) the issuance of the bonds and (b) the first interest payment on June 30.
Business
1 answer:
Rashid [163]3 years ago
4 0

Answer:

(a)

January 1  Cash                      20000 Dr

                      Bonds Payable      20000 Cr

(b)

June 30    Interest expense    850 Dr

                          Cash                       850 Dr

Explanation:

a.

The bonds are issued at par value thus full cash equal to the par value of these bonds will be received on the issuance date.

b.

The ineterst is paid at 8.5% annually. The annual interest oayment equals 20000 * 0.085 = 1700

As this is paid semiannually in equal installments, the semi annual payment for interest on June 30 will be 1700 / 2 = $850

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Kazeer [188]

Answer:

Contribution margin per unit= $12.85

Explanation:

Giving the following information:

Direct materials$ 7.05

Direct labor$ 4.20

Variable manufacturing overhead$ 1.55

Sales commissions $ 1.15

Variable administrative expense$ 0.40

<u>To calculate the contribution margin, we need to use the following formula:</u>

Contribution margin per unit= selling price - total unitary variable cost

Contribution margin per unit= 27.2 - (7.05 + 4.2 + 1.55 + 1.15 + 0.4)

Contribution margin per unit= $12.85

8 0
2 years ago
Macy is a very creative person. Often, when trying to generate a novel or useful idea, she spends several days "mulling over" th
meriva

Answer:

Correct answer is (E) incubation

Explanation:

Incubation stage of the process of gathering information about a creative work or an idea. It is a second stage in creative process where one reflect upon the preparation stage and allow the creative process to continued. It involves using high mental ability to combine thought elements that are stimulated at one point in time.

5 0
3 years ago
In February, a homeowner contracted with a general contractor to have a basement storage space converted to a sauna, but never p
AURORKA [14]

Answer:

Generally real estate liens are prioritized following a temporal order, from first to last. This applies to all liens except taxes. Taxes are always first and they are collected before any other lien in the event of a foreclosure.

In this case, the following priority would go to the mechanic's lien from the the general contractor (as a result from court order), then the mortgage, and finally the other creditors.

4 0
2 years ago
David bought a pickup truck to transport his equipment on weekend fishing trips. He also bought a trailer for his lawn maintenan
trasher [3.6K]

Answer:

B2C and B2B, respectively.

Explanation:

The pickup that David bought to transport equipment on weekend fishing trips should be considered a business to consumer (B2C) transaction David will use it for recreational activities.

The trailer that David bought to transport his lawn maintenance equipment should be considered a business to business (B2B) transaction David will use it for his lawn maintenance business.

6 0
2 years ago
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8
Soloha48 [4]

Answer:

The journal entries for all transactions are as follows;

Explanation:

June 8. Bad Debts Expense            Dr.$8,440

             Accounts-Receivable-Kathy Quantel  Cr.$8,440

Aug 14. Bank                Dr.$3,000

             Bad Debt Expense Dr. $9,500

             Accounts Receivable-Rosalie Oakes            Cr.$12,500

Oct 16. Accounts-Receivable-Kathy Quantel    Dr.$8,440

            Bad Debts Expense                               Cr. $ 8,440

         

           Cash                         Dr. $8,440

           Accounts-Receivable-Kathy Quantel   Cr.$8,440

Dec 31.   Bad debt Expense     Dr. 24,955

              Account Receivable-Wade Dolan Cr.$4,600

              A/R-Greg Gagne                             Cr.$3,600

              A/R-Amber Kisko                             Cr.$7,150

             A/R- Shannon Poole                         Cr.$2,975

             A/R-Niki Spence                                Cr.$6,630

6 0
3 years ago
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