Answer and Explanation:
The journal entry to record the issuance of the bond is as follows:
Cash Dr (5,000 × 103) $515,000
Discount on bond payable Dr $4,485,000
To Bond payable (5,000 × $1,000) $5,000,000
(Being the issuance of the bond is recorded)
Here cash and discount on bond payable is debited and credited the bond payable
Answer:
B. work-in-process inventories.
Explanation:
Partially completed goods that are in the process of being converted into a finish product are defined as work-in-process inventories.
Generally, the work-in-process inventories include the following raw materials cost, direct labor cost and factory overhead cost.
These category of products are only partially completed and as such are waiting for further processing, still undergoing fabrication or kept in a buffer storage.
Answer:
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Answer
The answer and procedures of the exercise are attached in the following archives.
Explanation
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Net Income 516,000
Explanation:
Net income = revenue - expenses
sales revenue 1,318,000
COGS (549,000) (A)
Operating expenses <u> (253,000) </u>
Net Income 516,000
(A)
<u>To calculate the COGS we will use the inventory identity</u>
50,000 + 554,000 = 55,000 + COGS
50,000 + 554,000 - 55,000 = COGS
COGS = 549,000