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dsp73
4 years ago
12

PLEASE HELP ME

Business
1 answer:
zloy xaker [14]4 years ago
3 0
I would say b, c, and d
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Farmland Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was
Stells [14]

Answer:

Please see journal entries below

Explanation:

The entries below are made in the books of Farmland Corporation, the issuer of the bond.

Upon redemption, journal entries would be as follows.

Debit: Bond Account $396,000 (cash paid to bond investors)

Credit: Cash/Bank Account $396,000 (cash paid to bond investors)

Debit: Profit/Loss Account $8,000 (premium paid over carrying value of bond, calculated below: )

Credit: Bond Account $8,000 (premium paid over carrying value)

Premium over carrying value is calculated as follows:

Redemption value - carrying value

= (\frac{redemption price}{carrying price} *face value) - carrying value

=(\frac{99}{100} *$400,000) - $388,000

= $396,000 - $388,000

= $8,000

3 0
4 years ago
The decision of what entry mode to use is primarily based on all of the following factors EXCEPT: a. the firm's unique set of re
grin007 [14]

Answer: C. The worldwide economic situation

Explanation:

https://www.studystack.com/flashcard-2772205

7 0
3 years ago
Read 2 more answers
On November 1, 2018, Cullumber Farm entered into a contract to buy a $162000 harvester from John Deere. The contract required Cu
Vikki [24]

Answer:

The journal entry to record the contract on November 1, 2018 includes: credit to Accounts Receivable for $162000

Explanation:

Following the Accrual accounting - an accounting method that revenue or expenses are recorded when a transaction occurs rather than when payment is received or made. On November 1, 2018, Cullumber Farm had to pay $162,000 in advance to John Deere. John Deere recorded the cash receiving by the entry:

Debit Cash $162,000

Credit Accounts Receivable $162,000

The company did not record revenue because they did not sell the harvester. This was only the advance payment.

3 0
3 years ago
ouvenir sheets to stamp collectors. The postal service purchases the souvenir sheets from a supplier for $1.80 each. St. Vincent
alekssr [168]

Answer:

Total contribution margin= $1,220,000

Explanation:

Giving the following information:

Purchase price= $1.8

Selling price= $14

Number of untis= 100,000

<u>First, we will determine the unitary contribution margin:</u>

Unitary contribution margin= selling price - unitary variable cost

Unitary contribution margin= 14 - 1.8

Unitary contribution margin= $12.2

<u>Now, the total contribution margin:</u>

Total contribution margin= 100,000*12.2

Total contribution margin= $1,220,000

7 0
3 years ago
Although it is a small company, Zorn Enterprises owns a large number of inexpensive rental housing units in Texas and Louisiana.
inna [77]

Answer:

D) The firm receives more than 70 percent of its income from rents and other passive sources.

Explanation:

Many small corporations change from C corporations to S corporations since S corporations eliminate the double taxation issues. Although S corporations have some limitations specially regarding the number of stock owners (currently limited to 100) and their nationality or legal residence status. They can only issue one type of stock which limits their ability to increase capital. S corporations cannot have more than 70 percent of their income from passive sources (this includes rent).  

7 0
3 years ago
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