A(n) _____ is a general belief about a person or group of people that may not be true.

On January 1, 2019, Commercial Equipment Sales issued $ 29 comma 000 in bonds for $ 21 comma 700. These are sixminusyear bonds

maxonik [38]

Answer:

$2,058.33

Explanation:

bond's face value = $29,000

bond's market value = $21,700

interest rate = 10%

n = 6 x 2 coupons = 12

discount on bonds payable = $29,000 - $21,700 = $7,300

discount amortized per coupon payment = $7,300 / 12 = $608.33

total interest expense = ($29,000 x 10% x 1/2) + $608.33 = $1,450 + $608.33 = $2,058.33

the journal entry to record the coupon payment in June 30,2019:

Dr Interest expense 2,058.33

Cr Cash 1,450

Cr Discount on bonds payable 608.33

8 0

3 years ago

American express and discover card are examples of open loop systems. <br> a. True <br> b. False

PtichkaEL [24]

A. True
Btw that's a picture of me.

6 0

3 years ago

Grand River Corporation reported taxable income of $600,000 in year 1 and paid federal income taxes of $155,000. Not included in

Paul [167]

Answer:

$444,000

Explanation:

current earnings and profits = (taxable income - income taxes) - meals expense + tax exempt income = ($600,000 - $155,000) - $3,000 + $2,000 = $444,000

Disallowed expenses are expenses made by an individual or company that the IRS doesn't allow to be deducted, e.g. meals. Tax exempt income is income that is not taxed by the IRS, e.g. DRD includes at least 70% of dividends received.

Deferred gains or unearned revenues are considered a liability and are not included in the income statement.

7 0

3 years ago

ABC Services reported the following transactions for September, 2013. A) The owner opened the business with a capital contributi

NemiM [27]

Answer:

ABC Services

The total liabilities at the end of September, 2013

= $9,000

Explanation:

a) Data and Calculations:

Capital contribution = $23,500

Equipment = $11,500

Cash payment for equipment = $2,500

Note payable on equipment = $9,000

Insurance expense paid = $1,350

Utility expense paid = $980

Rent paid = $2,000

Sales = $12,000

Cash Sales = $7,200 (60% of $12,000)

Credit Sales = $4,800 (40% of $12,000)

Office furniture paid = $9,700

Therefore, total liabilities at the end of September, 2013 = $9,000. This represents the note payable for the office equipment purchased in B.

8 0

3 years ago

Petrus Framing's cost formula for its supplies cost is $1,730 per month plus $11 per frame. For the month of March, the company

Stells [14]

Answer:

-$55 U

Explanation:

For computation of activity variance for supplies cost in March first we need to find the budgeted activity of standard supplies cost and actual activity of standard supplies cost is shown below:-

Budgeted activity of standard supplies cost = Supplies cost + Per frame cost × budgeted Activity frames

= $1,730 + $11 × 613

= $1,730 + $6,743

= $8,473

Actual activity of Standard supplies cost = Supplies cost + Per frame cost × Actual activity frames

= $1,730 + $11 × 618

= $1,730 + $6,798

= $8,528

So, activity variance for supplies cost = Budgeted activity of standard supplied cost - Actual activity of Standard supplies cost

= $8,473 - $8,528

= -$55

7 0

3 years ago