1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Katena32 [7]
3 years ago
15

Hoffman Corporation issued $60 million of 9%, 15-year bonds at 106. Each of the 60,000 bonds was convertible into one share of $

1 par common stock. Prepare the journal entry to record the issuance of the bonds. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Business
1 answer:
Hatshy [7]3 years ago
8 0

Answer:

Dr Cash $63,600,000

Cr Premium on Bonds $3,600,000

Cr Bonds payable $60,000,000

Explanation:

Preparation of the journal entry to record the issuance of the bonds.

Dr Cash $63,600,000

(106%*$60,000,000)

Cr Premium on Bonds $3,600,000

($63,600,000-$60,000,000)

Cr Bonds payable $60,000,000

(To record issuance of the bonds)

You might be interested in
Herb has $20,000 in an interest-bearing time deposit with the Applebottom Bank and Trust Company. While earning a relatively att
topjm [15]

Answer:

CD   Certificate of deposit.

Explanation:

Is a type of savings account that has a fixed interest rate and fixed term of months or years.  Is a financial product commonly sold by banks, trhift institutions, and credit union.   Are similar to savings accounts in the way that they are insured "money in the bank"

4 0
3 years ago
Alfonso has noticed that increases in unemployment insurance claims are associated with recessions, and therefore be advocates l
7nadin3 [17]

Answer:

<em>c. The reasoning of both Alfons and Mary suffers from the omitted variable problem</em>

Explanation:

The issue of omitted variables occurs as a result of mis-specification of a linear regression model, which could be either because the impact of the omitted variable on both the dependent variable is unclear, or the evidence was not accessible.

This causes you to omit the variable from your regression, resulting in over-estimation (upward bias) or underestimation (downward) of the influence of one of the other predictor variables.

3 0
3 years ago
Assume a division of Hewlett-Packard currently makes 12,000 circuit boards per year used in producing diagnostic electronic inst
madam [21]

Answer:

The net benefit is -$26,000

Explanation:

Given the above information,

The total cost of manufacturing 12,000 circuit boards

= 12,000 × $34

= $408,000

Total purchase price

= 12,000 × $34

= $408,000

Fixed overhead cost applied

= 12,000 × $6

= $72,000

The rental income = $46,000

Outsourcing cost

= Total purchase price + Fixed overhead cost applied - Rental income

= $408,000 + $72,000 - $46,000

= $434,000

Therefore, Net benefit

= Total cost of manufacturing - Outsourcing cost

=$408,000 - $434,000

= -$26,000

8 0
3 years ago
Mcdougald Corporation is a service company that measures its output by the number of customers served. The company has provided
ANEK [815]

Answer:

The spending variance for "Employee salaries and wages" for March would have been closest to $1,200F .

Explanation:

Customers served (q)

Employee salaries and wages ($58,400 + $1,000q)

The spending variance for "Employee salaries and wages" for March would have been closest to

         Actual Results      Flexible Budget     Revenue and Spending Variances

(q)          26                 26      

($58,400 + $1,000q) $ 83,200 $ 84,400    $1,200F

6 0
3 years ago
If you needed financial advice, whom would you ask? Why?
kap26 [50]

Answer: financial advisors

Explanation: A financial advisor can help you create a long-term investing strategy, weigh the pros and cons of different account types, pick mutual funds, rebalance your investing portfolio, and set savings benchmarks to help you reach your long-term goals.

Hope this helped

6 0
4 years ago
Other questions:
  • Which option best describes a trustworthy person? A. a dependable person B. an honest person C. a person who has never harmed ot
    15·2 answers
  • In 2001, puerto rico enacted a law that requires specific labels on cement sold in puerto rico and imposes fines for any violati
    15·1 answer
  • Bonita Industries is constructing a building. Construction began on January 1 and was completed on December 31. Expenditures wer
    10·1 answer
  • The Talbot Corporation makes wheels that it uses in the production of bicycles. Talbot's costs to produce 110,000 wheels annuall
    15·1 answer
  • What is the crown on the ambitious rank?
    6·2 answers
  • As a preferred stockholder, you are entitled to numerous preferences and privileges over common stockholders. If you are a prefe
    9·1 answer
  • In supermarket retailing, _____ percent of endcaps should be unadvertised "sale" items that will cause the customer to be alert
    9·1 answer
  • A contract for sale of real estate usually calls for the seller to provide evidence of title as a requisite to completing the sa
    15·2 answers
  • Discuss the relationship between a fishing business and a supermarket <br>​
    6·1 answer
  • A country with a trade surplus generally has a favorable balance of payments, which means?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!