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Ksju [112]
3 years ago
5

A corporation issues $100,000, 8%, 5-year bonds on January 1, 2007, for $104,200. Interest is paid annually on January 1. If the

corporation uses the straight-line method of amortization of bond discount, the amount of bond interest expense to be recognized in December 31, 2007's adjusting entry is
a. $7,160.
b. $8,000.
c. $8,840.
d. $840.
Business
2 answers:
azamat3 years ago
8 0

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My nickname - Lovely

zlopas [31]3 years ago
7 0

Answer:

Option (a) is correct.

Explanation:

Yearly amortization of the bond discount:

= (Amount of bonds issued - Issued for)

= (100,000 - $104,200) ÷ 5

= -$840

Adding this to the cash payment of interest:

= $100,000 × 8%

= $8,000

We get,

= Interest payment + Yearly amortization of the bond premium

= $8,000 + (-$840)

= $7,160

It is the amount of bond interest expense to be recognized in December 31, 2007.

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Mideast Airlines purchased a 777 aircraft on January 1, 2020 at a cost of
iren [92.7K]

Answer:

3,400,000 accumulated depreciation, 36,600,000 book value

Explanation:

Cost - salvage = amount to be depreciated

40,000,000-6,000,000=34,000,000 amount to be deprecated

34,000,000/20 years =1,700,000 depreciation per year

1,700,000x2-3,400,000 accumulated depreciation after 2 years

40,000,000-3,400,000=36,600,000 book value

8 0
2 years ago
On August 5, 2021, Blossom Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set
Gennadij [26K]

Answer:

$15,960

Explanation:

The total profit on units sold for the consignor:

= Sales Value - Cost of Goods Sold - Shipping Expenses - Commission - Advertising Expenses - Installation and setup costs

= (40 × $720) - (40 × $220) - [$1,850 × (40/50)] - ($28,800 × 5%) - $470 - $650

= $28,800 - $8,800 - $1,480 - $1,440 - $470 - $650

= $15,960

5 0
3 years ago
A company’s ______ delineates management’s aspirations for the business providing a panoramic view of ""where we are going"" and
bogdanovich [222]

Answer:

The correct word for the blank space is: strategic vision.

Explanation:

The strategic vision of a company outlines the path the organization should follow and the set of steps that are to be taken to reach the firm's objectives in the long term. Compared to the mission, the vision is in charge of answering the question of <em>what the impact of the organization's operations will be for the internal environment of the firm</em>.

3 0
3 years ago
How do price ceilings and price floors restrict the free exchange of prices?
Yuki888 [10]
Price ceilings are the limit of the prices to go high above the given ceiling while the price floor limit the prices to go below the given amount. The two restrict the free exchange of prices by putting a range of prices allowable only for a certain product. The prices are already limited between the price floor and the price ceiling.
8 0
3 years ago
Mystic Laboratories reported total assets of $11,200,000 and noncurrent assets of $1,480,000. The company also reported a curren
Anastasy [175]

Answer:

$6,480,000

Explanation:

The computation of the amount of the current liabilities is shown below:

Total assets of $11,200,000

Less: Noncurrent assets $1,480,000

Current Assets = $9,720,000

Now as we know that

Current ratio  = Current Assets ÷ Current Liabilities

Current Liabilites is

= $9,720,000 ÷ 1.5

= $6,480,000

hence, the current liabilities is $6,480,000

3 0
3 years ago
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