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jonny [76]
3 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]3 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)

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Solution:

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A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350
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Answer:

Ending inventory= $494

Explanation:

Giving the following information:

On January 26, the company sells 350 units. 150 units remain in ending inventory on January 31.

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3 years ago
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4 0
2 years ago
Which of the following is an example of a price floor​? A. Safeway charges​ $1 more than Fred Meyer charges for a 5 pound bag of
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Answer:

C. The government guarantees that potato farmers will receive at least​ $50 a ton.

Explanation:

Price floor is implemented by the government or a group where price control is imposed or limit is placed on how low a price a product can be sold.

For price floor to be effective it must be higher than the equillibrum price.

Equillibrum price is the price at which quantity consumers are willing to pay for is equal to quantity suppliers re willing to sell.

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4 0
3 years ago
Martin is offered an investment where for $6000 today, he will receive $6180 in one year. He decides to borrow $6000 from the ba
Effectus [21]

Answer:

maximum interest rate = 3%

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Explanation:

given data

investment = $6000

receive = $6180

borrow = $6000

to find out

maximum interest rate bank needs to offer on the loan

solution

we consider here maximum interest rate bank needs to offer is = r

so value of investment will be express here as

value of investment = amount to be borrowed × ( 1 + r )    ................1

put here value we get rate r

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so correct option is A) 3%

3 0
3 years ago
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