Any part of a machine which———

- Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable

Leni [432]

Answer:Please see answer in explanation column

Explanation:

The Journal entry is shown below:-

1. To record the issue of bonds payable

Date Account titles and explanation Debit Credit

March 1 20Y1 Cash $22,000,000

To Bonds payable $22,000,000

2.To record Interest on the bonds paid

Date Account titles and explanation Debit Credit

Sept 1 20Y1 Interest expense $770,000

Cash $770,000

Calculation:

Interest = face value of bonds x interest rate x time

=$22,000,000 x 7% x 6/12

=$770,000

3. To record bonds on retirement is recorded

Date Account titles and explanation Debit Credit

Sept 1 2045 Bonds payable $22,000,000

Loss on retirement of bonds $440,000

To Cash $22,440,000

Calculation:

Cash = $22,000,000 × 102/ 100) = 22,440,000

Loss on retirement of bonds = $22,440,000 - $22,000,000 = $440,000

8 0

3 years ago

A company has net credit sales of $ 1 comma 300 comma 000, beginning net accounts receivable of $ 270 comma 000, and ending ne

AveGali [126]

Answer:

66.36 days

Explanation:

Calculation of the days' sales in accounts receivable .

Using this formula

Accounts Receivable Turnover Ratio = [Net credit sales (Beginning net account receivable +Ending net account receivable)/2)]

Let plug in the formula

[$1,300,000/($270,000 + $202,000)/2)]

$1,300,000/($472,000/2)

=$1,300,000/236,000

=$5.50 Days' sales in receivables

= 365/5.5

= 66.36 days

Therefore the days' sales in accounts receivable will be 66.36 days

5 0

3 years ago

1. The reason why the Demand Curve slopes downward is because -

denis23 [38]

Answer:

The right answer is C; There is an inverse relationship between price and quantity demanded

Explanation:

The law of demand indicates that there is an inverse relationship between the price and the quantity demanded of a good.

This means that if the price of a good increases, then demand decreases and if the price decreases, demand tends to rise at the same time.

4 0

4 years ago

Madison Corporation's production cycle starts in the Processing Department. The following information is available for April: Un

Nastasia [14]

Answer:

Equivalent units = 270,000

Explanation:

Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.

Completed Units= total units in process during April - Closing WIP

= 280,000 - 25,000 = 255,000

Note that the description 'total units in process in during April', implies that the opening inventory is inclusive in the figure of 280,000.

Equivalent units = degree of completion(%) × units

Item Equivalent units

Completed units 255,000 255,000× 100% = 255,000

Closing work in progress 25,000 25,000× 60% = 15,000

Total equivalent units 270,000

Equivalent units = 270,000

6 0

3 years ago

Where can you get a job in welding and what are the basic requirements?

Irina-Kira [14]

Welders require little formal education.

A welder fuses metal components to form a final product that meets a client's request. They need physical strength and proper skills to manage hazardous and heavy welding equipment. Welders are employed in a myriad of industries, including construction, steel, aerospace, and motor vehicles, each of which may depend on their level of expertise.

Hope this helps!

6 0

3 years ago

Any part of a machine which————