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Lelechka [254]
2 years ago
6

The following information was taken from the 2021 financial statements of Waterway Industries: Bonds payable, January 1, 2021 $

809000 Bonds payable, December 31, 2021 4830000 During 2021 • A $725000 payment was made to retire bonds payable with a face amount of $807000. • Bonds payable with a face amount of $319000 were issued in exchange for equipment. In its statement of cash flows for the year ended December 31, 2021, what amount should Waterway report as proceeds from issuance of bonds payable?
Business
1 answer:
zalisa [80]2 years ago
4 0

Answer:

the amount reported as proceeds from bond issuance is $4,509,000

Explanation:

The computation of the amount reported as proceeds from bond issuance is as follows

Total Bond Issued during 2021

= Bonds payable, December 31, 2021 - Bonds payable, January 1, 2021 + Bond Payable retired

= $4,830,000 - $809,000 + $807,000

= $4,828,000

Now

Bond issued for cash is

= Total bond issued - Bonds issued in exchange for Equipment

= $4,828,000 - $319,000

= $4,509,000

Hence, the amount reported as proceeds from bond issuance is $4,509,000

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4 0
3 years ago
Diego, age 28, married Dolores, age 27, in 2017. Their salaries for the year amounted to $88,750 and they had interest income of
viva [34]

Answer and Explanation:

a. What is the amount of their adjusted gross income?

Adjusted Gross Income ( AGI ) = $88,750 + $2,660 - $5,170

= $86,240

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b. In order to minimize taxable income, Diego and Dolores will in the amount of

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= 73,540 - 8,100

= $65,440

Taxable income = $65,440

d. What is their tax liability for 2017?

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4 0
3 years ago
Economists know it is best to track inflation because a. It distorts prices b. It distorts statistics about overall economic per
UkoKoshka [18]

Answer:

c. it makes prices rise

Explanation:

Inflation describes a situation where there is a general increase in prices in the country. Inflation is directly linked to economic growth. A high growth rate results in high inflation.

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Low inflation indicates slow economic growth, low employment, and a reduction in prices.

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Answer:

Explanation:

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The journal entries are shown below:

a. No journal entry required

b. Miscellaneous expense A/c Dr $16

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The preparation of the  bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:  

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According to MACRS tax rate table, which of the following classes uses straight-line depreciation?
Vinil7 [7]
The answer is Residential rental property
8 0
3 years ago
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