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nadya68 [22]
3 years ago
12

On January 1, Greene Inc. issued $5,000,000, 9% bonds for $4,685,000. The market rate of interest for these bonds is 10%. Intere

st is payable annually on December 31. Greene uses the effective-interest method of amortizing bond discount. At the end of the first year, Greene should report unamortized bond discount of:_____.
a. $274,500.b. $285,500.c. $258,050.d. $255,000.
Business
1 answer:
skad [1K]3 years ago
5 0

Answer:

b.$296,500.

Explanation:

Calculation to determine what Greene should report as unamortized bond discount

First step is to calculate the discount amount

Discount Amount= ($5,000,000 × .09) - ($4,685,000 × .10)

Discount Amount= $18,500

Now let determine the unamortized bond discount

Unamortized bond discount=$315,000 - $18,500 Unamortized bond discount= $296,500

Therefore Greene should report unamortized bond discount of $296,500

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Answer:

C. 36,800 pounds

Explanation:

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The Material used in May is  38,000 pounds (19000 × 2pounds)

Add: Ending balance of Material needed 6,400 {(16,000 × 2) ×20%

Less: opening balance of material -$7,600 [(19,000 × 2) × 20%)}

So,

Purchases of raw materials for May  is 36800 pounds

Hence, the correct option is c. 36,800 pounds

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3 years ago
According to federal regulations, the expedited review process may be used when the study procedures pose: a minor increase over
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The answer is no more than minimal risk and the research activities fall within regulatory categories identified as eligible. In addition, an expedited review procedure contains a review of research connecting human subjects by the Institutional Review Board chairperson or by one or more experienced reviewers chosen by the chairperson from between members of the Institutional Review Board in agreement with the requirements set onwards in 45 CFR 46.110. The expedited review process is conducted at an Institutional Review Board expedited review session. The submission goes through by staff in discussion with the Chair as needed, to govern if an expedited review process may be directed. If the procedure encounters the regulatory standards for an expedited review, it will be sent to the expedited review conference.
4 0
3 years ago
Read 2 more answers
A ship carrying rose folwer to France for valtines day was insured against lossess arising from accident . The ship reached the
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Answer:

The insurance company is not liable because no accident happened. The flowers spoiled due to a failure in the transportation process, not due to an accident. The principle of insurance involved here is the principle of proximate cause (or nearest cause).

This principle states that the insurance company will only be liable for losses resulting from an event covered by the policy. The insured event that caused the loss must be the nearest cause of the loss. In this case it doesn't apply because the insured event was an accident and the proximate cause was an error in the transportation process.

7 0
3 years ago
Carroll City levies $200,000 of property taxes for its current fiscal year. One percent of the tax levy is expected to be uncoll
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Answer:

$198,000

Explanation:

Following amount of property tax revenues should the city report in the government-wide financial statements for the current fiscal year

During the year collection =  $170,000

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Prior year taxes =  $3,000

Total = $170,000 + $25,000 + $3,000 = $198,000

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4 years ago
A company purchased $60,000 of 5% bonds on May 1 at par value. The bonds pay interest on March 1 and September 1. The amount of
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Answer:

The interest accrued is $2,500.

Explanation:

The income accrued will arise after the date of purchase (May 1) of the bonds to the ending date of the accounting period (December 31). This duration is equal to 8 months.`

For the first four months (May 1 to September 1) the income accrued will be the income received semiannually for these four month:

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And for the remainder 4 months (September 1 to December 31)

Income Accrued = $60,000 * 4/12 * 5% = $1,000

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3 years ago
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