2. Are grants renewable, Do you need to complete a FAFSA in order to be eligible for need-based grants?

Prepare journal entries to record the issuance of the bonds and the retirement of bonds. (Show computations and round to the n..

Vikentia [17]

Answer:

issuance entry:

cash 2,850,000 debit

discount on BP 150,000 debit

bonds payable 3,000,000 credit

--to record issuance--

bonds payable 600,000 debit

loss on redemption 30,000 debit

interest expense 56,250 debit

cash 662,250 credit

discount on BP 24,000 credit

--to record redemption ---

Explanation:

proceeds at issuance : $3,000,000 x 95/100 = 2,850,000

the difference will be the discount.

Now, when the bonds are retired we have to check the weight:

3,000,000 --> 120,000

600,000 --> 120,000/3,000,000 x 600,000 = 24,000

cash outlay 600,000 x 101/100 = 606,000

loss redemption

we pay 606,000

for bonds which are worth: 600,000 - 24,000 = 576,000

The loss is the difference.

then, we calcualte the accrued interest:

principal x rate x time

3,000,000 x 7.5% x 3/12 = 56,250‬

this will be an interest expense

as well as an additional cash outlay

5 0

3 years ago

Mi familia y yo fuimo al cine y noscoperamo papra la entrada que fue $245 si mi hermana dio 1/5 del total mientras yo di 4/10 y

Blizzard [7]

Answer: (55 x 30) + 245 = 1895

Explanation:

translation from spanish to english: My family and I went to the movies and we collected for the entrance that was $ 245 if my sister gave 1/5 of the total while I gave 4/10 and my father gave the rest how much money each one contributed.

Spanish:

la parte superior es la respuesta, espero que esté bien.

english:

the top is the answer, hope it was right.

7 0

2 years ago

A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and Page 565 $5,440

Juli2301 [7.4K]

Answer:

$68,000

Explanation:

The long-term note payable is a debt that is formally established through a written agreement. An example of long-term note payable is a bank loan.

When the principal and the interests of a long-term note are paid, they represent Cash outflows from the business and are recorded in the Cashflow Statement. However, their treatments are different. Another way to put it is that they bring a reduction in the cash of the organisation.

The $68,000 principal amount paid is an outflow from the company that is recorded in the financing activity section of the Cash Flow Statement

The Interest of $5,440 is also an outflow from the business but it is reported in the operating activity section of the Cash Flow Statement. The reason for its report is that it is actually reported in the Organisation's Statement of Income as an expense for the year. It, therefore, qualifies as an operating activity expense or outflow.

7 0

3 years ago

Information and communication technologies are developing at a very fast rate. How have these technologies affected globalizatio

Radda [10]

Answer:

bokunopico yesyedyee

5 0

2 years ago

Your boss asks you to compute the company's cash conversion cycle. looking at the financial statements, you see that the average

EleoNora [17]

Cash conversion cycle is an efficiency ratio which measures the number of days for which a companyâ€™s cash is tied up in inventories and accounts receivable. It is aimed at assessing how effectively a company is managing its working capital. Formula Cash Conversion Cycle = DSO + DIO â€“ DPO Where, DSO is days sales outstanding = Average Accounts Receivable Ă— 365 Ă· Credit Sales DIO is days inventory outstanding = Average Inventories Ă— 365 Ă· Cost of Goods Sold DPO is days payables outstanding = Average Accounts Payable Ă— 365 Ă· Cost of Goods Sold DSO=(97,900*365)/324,000=110.2 DIO=(126,300*365)/282,000=163.5 DPO=(115,100*365)/282,000=149 Cash Conversion Cycle = DSO + DIO â€“ DPO Cash Conversion Cycle = 110.2+163.5-149=125(Approx)

7 0

3 years ago