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3 years ago

The discount on bonds payable is?

1 answer:

4 0

The debit balance in this account will be amortized to bond interest expense over the life of thebonds and results in more interest expense than interest paid. A contra liability account that reports the amount of unamortized discount associated with bonds that are outstanding.

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1. ______control environment risk assessment control procedures monitoring information and communication.2. ______provides reaso

Yuki888 [10]

Answer:

Five internal controls
Control procedures.
Risk Assestment.
Information and communication.
Monitoring.
Control environment.

Explanation:

1. Five internal control environment risk assessment control procedures monitoring information and communication.2. Control procedures provides reasonable assurance that business goals will be achieved.3. Risk assessment identify, analyze and assess likeliness of vulnerabilities.4. Information and communication used by management for guiding operations and ensuring compliance with requirements.5. Monitoring used to locate weaknesses and improve controls.6. Control environment overall attitude of management and employees

There are five internal control management that help in controling and managing overall work environment.

4 0

4 years ago

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $

Viefleur [7K]

Answer:

A. $2.40 per Machine hour

B. Underapplied = $10,000

C. cost of goods sold (debit) $10,000 , overheads (credit) $10,000

Explanation:

A) Compute the manufacturing overhead rate for the year

Overhead Rate = Total Fixed Overheads / Budgeted Activity

= $300,000 / 125,000 Machine hours

= $2.40 per Machine hour.

B) What is the amount of under- or over applied overhead at December 31st?

Under Applied Overheads = Actual Overheads > Applied Overheads

Over Applied Overheads = Actual Overheads < Applied Overheads

Actual Overheads = $322,000

Applied Overheads = $2.40 × 130,000 hours = $ 312,000

Underapplied = $10,000

C) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

cost of goods sold (debit) $10,000

overheads (credit) $10,000

7 0

3 years ago

Read 2 more answers

Instead of canceling their contract, William, Laverne, and Laverne's mother, Irma, form another contract in which they all agree

polet [3.4K]

Answer:

yes it is novation

Explanation:

6 0

3 years ago

Read 2 more answers

You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year pay

STALIN [3.7K]

Answer:

Interest for second year $2,114.08

Explanation:

given data

loan Amount = $40,000.00

Interest rate r = 6.00%

time period t = 7

solution

we get here first Equal Monthly Payment EMI that is express as

EMI = $\frac{P \times r \times (1+r)^t}{(1+r)^t-1}$ ................1

here P is Loan Amount and r is rate and t is time period

put here value and we get

EMI = $\frac{40000 \times 0.06 \times (1+0.06)^7}{(1+0.06)^7-1}$

EMI = $7165.40

now

we get here interest for second year that is

Closing balance at year 1 = opening balance + Interest - EMI Payment

Closing balance at year 1 = $40,000 + $2400 - $7165.40

Closing balance at year 1 = $35234.60

so Interest for second year $2,114.08

8 0

4 years ago

Cake is a product of the Chester company which is primarily sold in the Americas Budget segment. Chester starts to create their

alekssr [168]

Answer:

Cake demand next year=1,267,498 units

Explanation:

Y=I+G

where;

Y=cake demand next year

I=initial demand

G=growth demand

Meaning;

Cake demand next year=Initial demand+growth demand

where;

Initial demand=1,207,141 units

growth demand=5% of initial demand

growth demand=(5/100)×1,207,141=60,357.05 units

replacing;

Cake demand next year=1,207,141+60,357.05=1,267,498.05

Cake demand next year=1,267,498.05 units rounded off to the nearest unit=1,267,498 units

5 0

3 years ago