Answer:
The journal entry on maturity is as follows:
Dr bonds payable $240,000
Cr cash $240,000
Being redemption of bonds
Explanation:
At the end of the life of the bond,the bond premium or discount would have been fully amortized,hence the only entry left to be made is to debit bonds payable account with face value of the bond and a credit of the same amount to cash account to record the outflow of cash.
The face value of the bond is $240,000,hence the $240,000 is debited to bonds payable in order to finally cancel the debt obligation.
Answer:
Dr Mohan account 627
Cr Sales 627
Explanation:
Preparation of Journal entry
If the amount of RS. 600 is the goods costing that was supplied to mohan in which the issued invoice is 10% above cost with a 5% discounts the First step will be to calculate the Invoice price.
Calculation of the invoice price
Invoice price=[600+10%*600)+[5%*(600+10%*600)]
Invoice price=(600+60)-[5%*(600+60)]
Invoice price=660-(5%*660)
Invoice price=660-33
Invoice price=627
Now let prepare the Journal entry
Dr Mohan account 627
Cr Sales 627
(Being to record good sold to Mohan)
I thought it would be B. Because if she is doing audit and knows someone in the company that is helping with the audit, she is NOT legally able to do the audit! That is what I learned in accounting anyway. I am not sure though just an input.I would pick B.
Answer:
The ethical dilemma that Marco Manager is facing having to choose between trying to keep an existing friendship (at least he believes that they are friends) or doing the right thing as a manager, which would involve investigating why the money is missing and most certainly firing the employee.
Answer:
Two Different MMMFs
The tax rate to produce identical yields is 16.67%
Explanation:
For Fund A & B to produce identical yields:
Fund's A yield of 5% must equal Fund B's 6% (1 - 0.28).
Therefore, 5% = 6% (1 - tax rate)
Let (1 - tax rate) be x.
That is 0.05 = 0.06x
x = 0.05/0.06 = 0.8333
Therefore, (1 - tax rate) = 0.8333
Tax rate = 1 - 0.8333
Tax rate = 0.1667
<u>Check: if 5% = 6% (1 - tax rate)</u>
0.05 = 0.06 (1 - 0.1667)
0.05 = 0.049998
0.05 = 0.05
The above calculation shows that if Fund B is taxed at 16.67% instead of 28%, it would have identical yields with Fund A.
