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svetoff [14.1K]
3 years ago
9

On the first day of the fiscal year, a company issues a $8,800,000, 7%, 10-year bond that pays semiannual interest of $308,000 (

$8,800,000 × 7% × ½), receiving cash of $7,655,303. Required:Journalize the first interest payment and the amortization of the related bond discount.
Business
1 answer:
andrezito [222]3 years ago
4 0

Answer and Explanation:

The journal entry is shown below:

Interest expense $403,391

       To Cash $308,000

       To Discount on note payable $95,391

{($8,800,000 - $7,655,303) ÷ 12}

Here we debited the interest expense as it increased the expenses and credited the cash as it decreased the assets and credited the discount on note payable  

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Current information for the Healey Company follows:
Zarrin [17]

Answer:

The correct answer would be option A, $125800.

Explanation:

Cost of goods manufactured= Total costs + beginning work in process - Ending work in process

Total costs include Direct Materials, Direct labor and Factory Overheads. So the Above formula can be written as:

CGM = (Direct materials + Direct Labor + Factory overhead) + Beginning WIP  - Ending WIP

Now

Direct Materials = Beginning raw materials + Purchased Raw Materials - Ending Raw materials

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Now Direct labor given is = 42800

And Factory Overheads = 30000

So,

Total costs= direct materials + Direct Labor + Factory Overhead

Total Costs= 58600 + 42800 + 30000  

= 131400  

Beginning work in process = 22400

Ending work in process = 28000

NOW Costs of Goods Manufactured/CGM = Total Cost + Beginning WIP -Ending WIP

= 131400+22400-28000

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4 years ago
What portion of discretionary spending is typically spent on defense?
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2/ About two thirds of the discretionary spending is spent on defense.
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3 years ago
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When a business or even an individual hires someone to work for a specific job, the outcome of that job belongs to the employer.

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Brenda and John are married file a joint return and have a son being age 5 they live with Brenda's mother the entire year Brenda
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To learn more about Qualifying child, refer

brainly.com/question/14328499

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2 years ago
If a mutual fund portfolio earned a return that exceeded the return on the S&amp;P 500 stock index, you may conclude that the fu
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Answer:

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