Answer:
The journal entries are as follows:
(i) On January 1,
Cash A/c Dr. $1,800,000
To Bonds payable A/c $1,800,000
(To record the issuance of bonds for cash)
(ii) On June 30th,
Interest expense A/c Dr. $90,000
To cash A/c $90,000
(To record the semiannual interest payment)
(iii) On December 31st,
Interest expense A/c Dr. $90,000
To cash A/c $90,000
(To record the semiannual interest payment)
Workings:
Interest expense:
= $1,800,000 × 10% × (6/12)
= $1,800,000 × 0.1 × 0.5
= $90,000
Answer:
The correct answer is letter "B": reports.
Explanation:
Financial reports are the accounting statements managers request to find out what the performance of the company is. Based on that information that could be digitally formatted, top executives can decide what course the firm should take. If the current strategy is not working as expected, adjustments could be made or new strategies can be adopted to run the business effectively.
Answer:
LIFO conformity rule.
Explanation:
LIFO refers to the Last in first out method. In this inventory system, the firm sells last units at first stage and then sells according to that
According to the given situation, the LIFO conformity rule requires that the taxpayer follow the same inventory cost flow as used for tax reporting purposes in the financial statement.
Therefore the correct answer is LIFO conformity rule.
Answer:
The correct answer is: change more quickly than ever before.
Explanation:
Changes appear in the world day by day faster. In the business field, the ability to adapt has become a <em>competitive advantage </em>for firms because the capacity they have to face different scenarios such as the implementation of <em>new technology, political stress </em>or <em>natural disasters</em> has gotten more importance. If companies want to survive these situations, they have to come up with a contingency plan.