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3 years ago

These are selected account balances on December 31, 2017.

Business

1 answer:

lesantik [10]3 years ago

5 0

Answer:

D. $1,725,000

Explanation:

Given the above information,

Total amount of property, plant and equipment = land (location of the office building) + office building + equipment + office furniture - Accumulated depreciation

= $150,000 + $1,200,000 + $675,000 + $150,000 - $450,000

= $1,725,000

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A mobile veterinary business, preferred pet care, inc., created a mission statement long before it opened its doors for business

Artemon [7]

I had to look for the options and here is my answer:
Based on the mission of a mobile veterinary business given above, aside from the ones listed, other criteria that should be considered for their mission statement is the description of the customers that they serve and also their social responsibility to the area where they operate since they transfer from one place to another.

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3 years ago

During the recent economic crisis, many financial managers and corporate officers have been criticized for (a) poor decisions, (

Ksju [112]

<span>During the recent financial crisis, many financial managers and corporate officers have been criticized for (c) Large salaries. This criticism is certainly justified given that most executives received exorbitant compensation despite a plunge in the value of their companies. Thus, their salaries are not justifiable as they are not serving the needs of the shareholders whose interest they should serve. </span>

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3 years ago

King Company issued bonds with a face amount of $1,600,000 in 2015. As of January 1, 2020, the balance in Discount on Bonds Paya

zimovet [89]

Answer:

January 1, 2020

Bonds Payable 1600000 Dr

Loss on Redemption of bonds 36800 Cr

Discount on Bonds Payable 4800 Cr

Cash 1632000 Cr

Explanation:

The redemption of bonds before the maturity usually requires a payment for redemption which is a certain percentage of its face value. It is usually higher than the face value. The above bonds are redeemed at 102 which means at 102% of the face value of the bonds. Thus, the cash paid to redeem the bonds is,

Cash = 1600000 * 102% = 1632000

The bonds have a carrying value, which is the face value less discount or add premium, of,

Carrying value = 1600000 - 4800 = $1595200

If they are redeemed for an amount in excess of the carrying value, they are redeemed at a loss.

The loss on redemption is,

Loss = 1595200 - 1632000 = $36800

5 0

3 years ago

n January 1, 2018, Waller Sales issued $ 20 comma 000 in bonds for $ 18 comma 300. These are eightminusyear bonds with a stated

spayn [35]

Answer:

$18,106.25

Explanation:

For computing the carrying value of the bonds , first we have to determine the discount amortization for 8 years which are shown below:

= (Issued amount - proceeds from the bonds) ÷ time period

= ($20,000 - $18,300) ÷ 8 years × 2 years

= $106.25

Now the carrying value would be

= Proceeds from the bonds + discount amortization for 8 years

= $18,000 + $106.25

= $18,106.25

Since the time period is 8 which are paid in semi-annual so we double the time period

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3 years ago

Bramble Corporation factors $252,500 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathl

attashe74 [19]

Answer:

Explanation:

Before passing the journal entry we have to do the calculations which is shown below:

The accounts receivable is $252,500

Financial charge = 2% of accounts receivable = $252,500 × 2% = $5,050

Recourse obligation fair value = $4,940

The loss on receivables sold would be = $5,050 + $4,940 = $9,990

Reserve amount = 4% of accounts receivable = $252,500 × 2% = $10,100

Now the journal entry would be shown below:

Cash A/c Dr $237,350

Reserve A/c Dr $10,100

Loss on receivables sold A/c Dr $9,990

To Recourse liability $4,940

To Accounts receivable $252,500

(Being the sale of receivables with recourse is recorded)

4 0

3 years ago