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Simora [160]
3 years ago
15

On October 1, 2016, Concord Corp. issued $924,000, 7%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pa

y interest annually on October 1. Financial statements are prepared annually on December 31.
Prepare a tabular summary to record the issuance of the bonds and the adjustments to record the accrual of interest on December 31, 2016.
Business
1 answer:
Advocard [28]3 years ago
8 0

Answer:

Tabular summary is attached with this answer in MS EXCEL file.

Explanation:

The journal Entries for the Transactions are as follow

                                                                         Dr.               Cr.

October 1, 2016           Cash                      $924,000

                                    Bond Payable                          $924,000

December 31 , 2016    Interest Expense  $16,170

                                    Interest Payable                       $16,170

Interest Expense = $924,000 x 7% x 3/12 = $16,170

Download xlsx
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One major benefit of using the Bank Feeds feature in QuickBooks Online is that as you _________________ or __________________ tr
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Answer:

1.  Exclude

2.  Add

3.  Reconciled

Explanation:

QuickBooks Online supports Bank feeds features, which in turn allows a user to perform ADDITION or EXCLUSION of transactions online, which results in such transaction are marked RECONCILED.

Hence, one of the major benefits of using the Bank Feeds feature in QuickBooks Online is that as you EXCLUDE or ADD transactions in QuickBooks Online from the downloaded transactions from the bank, they are marked RECONCILED. This makes the end-of-period bank reconciliation more efficient.

8 0
3 years ago
The price of ______ goods is a determinant of demand.
ryzh [129]

Generally, the price of <u>other goods</u> is an important determinant of demand for a product.

<h3>What are the determinants of demand? </h3>

The determining factor for demand level of a product includes changes in income, prices of related goods, consumer expectations, consumer tastes etc.

Therefore, the price of <u>other goods</u> is an important determinant of demand for a product.

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6 0
1 year ago
Corinne works in procurement for a major electronics company. One of her challenges is ensuring that raw metals, such as tungste
kvv77 [185]

Corinne is very excited because she works with a new company that uses due diligence to track these precious metals from mine to manufacturer to ensure they are not "conflict metals. ".

<h3>What is Due Diligence?</h3>

This refers to the conscious steps which a person takes in order to ensure that he is not committing an offense or taking a good background check.

Hence, we can see that because of Corinne's work with a major electronics company, she is charged with doing due diligence on the raw materials to ensure that they are not "conflict metals. ".

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8 0
2 years ago
Part 1 Ken is the produce manager at saying way a large Supermarket that is part of a national chain. After completing a few man
Dvinal [7]

The people who may be significantly affected by the outcome of this negotiation by the manager include the employer and the customers.

<h3>Who is a manager?</h3>

It should be noted that a manager simply means an individual who oversees the team in a company and ensures that the goals of the company are achieved.

In this case, Ken is the produce manager at saying way a large Supermarket that is part of a national chain and after completing a few management courses offered by his employer, as well as five years of service at the supermarket, he is up for a promotion to assistant manager and is about to negotiate his new salary.

In this case, the people who may be significantly affected by the outcome of this negotiation by the manager include the employer and the customers. This was illustrated in the information.

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4 0
1 year ago
Which of the following accounts would not appear on a schedule of cost of goods manufactured?
kotykmax [81]

The following accounts would appear on a schedule of cost of goods manufactured- Depreciation of factory equipment

Explanation:

<u>The cost of goods manufactured (COGM) schedule</u> is used to calculate the cost of all the items produced during a given reporting period.

<u>The cost of good manufactured schedule</u> gives companies an idea about their production cost(i.e whether it is too high or low) in relation to the sales they are making

<u>The formula to calculate the COGM i</u>s:

Add: Direct Materials Used

Add: Direct Labor Used

Add: Manufacturing Overhead

Add: Beginning Work in Process (WIP) Inventory

Deduct: Ending Work in Process (WIP) Inventory

= COGM

7 0
3 years ago
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