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densk [106]
3 years ago
9

Madrid Company plans to issue 8% bonds with a par value of $4,000,000. The company sells $3,600,000 of the bonds at par on Janua

ry 1. The remaining $400,000 sells at par on July 1. The bonds pay interest semiannually on June 30 and December 31. 1. Record the entry for the first interest payment on June 30. 2. Record the entry for the July 1 cash sale of bonds.
Business
1 answer:
sesenic [268]3 years ago
4 0

Answer:

The first interest payment:

Dr interest  expense   $144,000

Cr cash                                         $144,000

The issuance of the remaining bonds"

Dr cash           $400,000

Cr bonds payable            $400,000

Explanation:

The first  interest paid on the bonds on 30 June is $144,000 ($3,600,000*8%*6/12) which is debited to interest expense account and credited to cash account as outflow of cash from the company.

The cash received from selling the remaining bonds is par value of $400,000 which is debited to cash account and credited to bonds payable account.

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3 years ago
Turkey Corp., a cash basis calendar year C corporation in Savannah, Georgia, has $100,000 of accounts receivable on the date of
Viefleur [7K]

Answer:

The correct answer is $24,500.

Explanation:

According to the scenario, the given data are as follows:

Total Account receivable = $100,000

Amount collected = $70,000

So, if there is sufficient taxable income, then assume tax rate to be 35%.

So, we can calculate the Gains tax by using following formula:

Gain tax = Amount collected × Tax rate

By putting the value, we get

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5 0
3 years ago
The focus of what a person or organization ought to do in when faced with a particular situation is referred to as: a. Substanti
galben [10]

Answer:

c. Normative ethics

Explanation:

Ethics involves the study of the moral principles and guidelines that determines how an individual behaves. Since people and organizations operate in a social environment, where they interact with other organizations and people, ethics has to be considered to improve how people and organizations act and behave.

1. Substantive ethics

Substantive ethics involves the formulation of guiding principles that can be used during cases of ethical dilemma.

2. Emotional ethics

It consists of the feeling and intuition that play a major role into how people behave in a given situation.

3. Normative ethics

It involves the study of ethics by looking at how an individual ought to act and the implications of that behavior. It involves asking questions about how one needs to behave in a given situation then considering the ethics of that action. It is a kind of predetermined cause of action that an individual is supposed to apply in order to arrive at specific ethical behavior.

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6 0
3 years ago
In a merger or acquisition, an asset should be acquired if it: is a firm in the same line of business in which the acquirer has
Scorpion4ik [409]

It generates a positive net present value to the shareholders of an acquiring firm.

<h3>Why Do Companies Merge With or Acquire Other Companies?</h3>

Mergers and acquisitions (M&As) are the acts of combining two or more companies or assets in order to stimulate growth, gain a competitive advantage, increase market share, or influence supply chains.

KEY LESSONS

  • Mergers and acquisitions (M&As) are the acts of combining two or more companies or assets in order to stimulate growth, gain a competitive advantage, increase market share, or influence supply chains.

  • A merger is the joining of two companies in which one of the companies ceases to exist after being absorbed by the other.

  • A merger occurs when one company acquires a majority stake in the target company, which keeps its name and legal structure.

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4 0
2 years ago
Victoria is a top executive working with the managers in the major divisions of a multinational corporation to develop their own
fredd [130]

Answer:

The answer is B

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