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Brums [2.3K]
2 years ago
13

On November 1, 2017, Austin Services issued $305,000 of five-year bonds with a stated rate of 12%. The bonds were issued at par,

and Austin makes semiannual payments on April 30 and October 31. On December 31, 2017, Austin made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2018, when the first payment was made. What amount of interest expense was recorded for the period of January 1 to April 30, 2018
Business
1 answer:
sergiy2304 [10]2 years ago
8 0

Answer:

$12,200

Explanation:

Calculation to determine the amount of interest expense was recorded for the period of January 1 to April 30, 2018

Interest expense=$305,000*12%*4/12

Interest expense=$12,200

Therefore the amount of interest expense was recorded for the period of January 1 to April 30, 2018 is $12,200

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objectives of controls are of primary interest to an auditor performing a financial statement audit--- Accurate and reliable financial reporting.

What are the primary objectives of internal control?

The primary purpose of internal controls is to help safeguard an organization and further its objectives. Internal controls function to minimize risks and protect assets, ensure accuracy of records, promote operational efficiency, and encourage adherence to policies, rules, regulations, and laws.

What are the 5 internal controls in auditing?

There are five interrelated components of an internal control framework: control environment, risk assessment, control activities, information and communication, and monitoring.

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8 0
1 year ago
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8 0
2 years ago
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On January 1, 2020, Swifty Corporation granted an employee an option to purchase 15000 shares of Swifty's $5 par value common st
nalin [4]

Answer:

For 2021, should recognize compensation expense under the fair value method of $170,500

Explanation:

According to the given data we have the following:

option pricing model determines total compensation expense to be $341,000

Also, The option became exercisable on December 31, 2021, after the employee completed two years of service.

Therefore, in order to calculate the amount should recognize compensation expense we would have to make the following calculation:

amount should recognize compensation expense=$341,000/2

amount should recognize compensation expense=$170,500

For 2021, should recognize compensation expense under the fair value method of $170,500

6 0
2 years ago
If a​ one-year discount bond that pays $1,000 at​ maturity, is held for the entire​ year, and the purchase price is ​$965, then
denis23 [38]

Answer:

3.6%

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965x = 1000

x = 1.03626

That’s an interest rate of 3.6%.

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2 years ago
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Suppose the EPS (earnings per share) of Wal-Mart stock is $2 and the current price per earnings ratio is 10. What is the current
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Answer:

$20

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Price = $20

7 0
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