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
jonny [76]
2 years ago
6

The balance sheet for Monty Consulting reports the following information on July 1, 2022. Long-term liabilities Bonds payable $1

,380,000 Less: Discount on bonds payable 55,200 $1,324,800 Monty decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022.
Business
1 answer:
ASHA 777 [7]2 years ago
3 0

Answer:

Date     Accounts & Explanation               Debit             Credit

July 1,   Bonds payable                          $1,380,000

2022    Loss on bonds redemption      $82,800

                    Discount on bonds payable                     $55,200

                    Cash A/C                                                    $1,407,600

                    [$1,380,000*102%]

             (To record the redemption of bond)

You might be interested in
The amount of the estimated average income for a proposed investment of $73,000 in a fixed asset, giving effect to depreciation
nika2105 [10]

Answer: $7,575

Explanation:

Based on the information given in the question, the amount of the estimated average income for a proposed investment will be calculated as:

= Expected total income yield / Number of years

= $30300/4

= $7,575

Therefore, the amount of the estimated average income for the proposed investment is $7575.

7 0
2 years ago
________ occurs when production is in accordance with consumer preferences.
Alika [10]

Answer:

The correct answer is Allocative efficiency.

Explanation:

Although there are different evaluation standards for the concept of allocation efficiency, the basic principle states that, in any economic system, the different options in the allocation of resources will produce both "winners" and "losers" in relation to the choice being evaluated. The principles of rational choice theory, individual maximization, utilitarianism and market theory assume, in addition, that the results for both winners and losers can be identified, compared and measured.

From these basic premises, the objective of maximizing the efficiency in the allocation can be defined according to some neutral principle in which some options are considered “objectively better than others”. For example, an economist might say that a change in policy increases the efficiency of allocation, as long as those who benefit from the change (winners) earn more than the losers lose.

------

NOTE: If you need to extend the explanation given, you can make a comment or add a new question. I will be very pleased to help you.

7 0
2 years ago
a personal account earmarked as a retirement supplement contains $292,200. suppose $250,000 is used to establish an annuity that
Hoochie [10]

Suppose $250,000 is used to establish an annuity that earns 6%, compounded quarterly, and pays $6000 at the end of each quarter. It will take about 120 quarters until the account balance reaches $0.

Amount invested (Present value) = $250000

Quarterly payment (At the end of each quarter) (P) = $4500

Interest Rate (Quarterly) (r) =  6% /4

= 1.5% = 0.015

A number of quarters (n) = ?

Future value at the end  = 0

Present value of Annuity formula:

Present value  = P × (1-(1+r))^{(-n)}  / r

250000 =  4500 × (1-((1+0.015))^{(-n)}  / 0.015

250000 =  300000 × (1-((1+0.015)}}^{(-n)}

250000 / 300000 = 1-(1+0.015)^{(-n)}

0.83333 = 1-(1.015)^{(-n)

n = 120

Hence is shall take 120 Quarters until the account balance is $0.

To learn more about account balance

brainly.com/question/28699225

#SPJ4

3 0
1 year ago
Department M had 600 units 60% completed in process at the beginning of June, 6,000 units completed during June, and 700 units 3
irina [24]

Answer:

5,850 units

Explanation:

Units Incomplete at the beginning of the month:

= No. of units × 40% incomplete

= 600 units × 0.4

= 240 units

Units completed during the month:

= 6,000 - 600

= 5,400 units are completed

Units completed at the end of June:

= 700 units × 30%

= 210 units

Number of equivalent units of production for conversion cost for the period:

= 240 + 5,400 + 210

= 5,850 units

4 0
3 years ago
He allowance method of estimating uncollectible accounts receivable based on an analysis of receivables shows that $640 of accou
dsp73

Answer: <u><em>The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of:  $750</em></u>

Given:

Accounts receivable = $640

Allowance for Doubtful Accounts = $110

<em><u></u></em>

<em><u>Therefore, the correct option is (c).</u></em>

4 0
3 years ago
Other questions:
  • Suppose the Andrews company expands to other markets with good designs, high awareness, and easy accountability, what strategy w
    14·1 answer
  • For traditional retailers selling physical goods, _____ is the biggest constraint limiting a firm's ability to offer customers w
    14·1 answer
  • What is the name of the diagram that shows physical needs must be met befroe all other needs and wants?
    8·1 answer
  • Bonner Corp.'s sales last year were $345,000, and its year-end total assets were $355,000. The average firm in the industry has
    10·1 answer
  • Assume that you work for a company that is developing a new technology to allow noise cancellation of loud parties, neighbors, e
    9·1 answer
  • Kant Corporation retires its $500,000 face value bonds at 102 on January 1, following the payment of interest. The carrying valu
    9·1 answer
  • What is the main difference between a market and a command economy?
    7·1 answer
  • Given the following information, calculate the effective gross income: property: 4 office units, contract rents per unit: $2,750
    13·1 answer
  • Metaline Corp. uses the weighted average method for inventory costs and had the following information available for the year. Th
    12·1 answer
  • Overuse of the priority flag by a business email sender can lead to a reputation as?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!