!Required information[The following information applies to the questions displayed below.]Doyle Company issued $394,000 of 10-year, 7 percent bonds on January 1, Year 1. The bonds were issued at face value.Interest is payable in cash on December 31 of each year. Doyle immediately invested the proceeds from the bond issue inland. The land was leased for an annual $79,500 of cash revenue, which was collected on December 31 of each year,beginning December 31, Year 1.Requireda. Prepare the journal entries for these events, and post them to T-accounts for Year 1 and Year 2.Complete this question by entering your answers in the tabs below.Req A1Req A2Prepare the journal entries for Year 1 and Year 2. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)View transaction listView journal entry worksheetNoDateGeneral Journal1Jan 01Bonds payableCashDebitCredit

Doyle Company Journal Entries (Year 1)Transaction: Issuance of Bonds and Investment in Land (January…

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Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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On January 1, 20X4, Gold Company purchased a computer with an expected economic life of five years. On January 1, 20X6, Gold sold the computer to TLK Corporation and recorded the following entry Consolidation Worksheet Entries Cash Accumulated Depreciation Computer Equipment Gain on Sale of Equipment Debit 39,000 Credit 16,000 40,000 15,000 TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of $ 45,000 including the gain on the sale of equipment, and TLK reported income from its own operations of $ 85,000 for 20x6. There is no change in the estimated economic life of the equipment as a result of the intercompany transfer. In the preparation of the 20X6 consolidated balance sheet, computer equipment will be Multiple Choice Credited for $24,000. O Debited for $1,000. Debited for $15,000 Debited for $ 40,000
Marvelous Music provides music lessons to student musicians. Adjusting entries are performed on a monthly basis. An unadjusted trial balance dated December 31, 2020, follows. (Bear in mind that adjusting entries have already been made for the first 11 months of 2020, but not for December.) Prepare the necessary adjusting entry. Prepare an adjusted trial balance. An unadjusted trial balance is given below. MARVELOUS MUSIC UNADJUSTED TRIAL BALANCE DECEMBER 31, 2020 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15,800 Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,100 Unexpired insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 Sheet music supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
James sold his home for $379,000. If the real estate commission was 5.5%, how much commission did he have to pay? O $20,845 to the listing broker. O $10,422.50 to the listing broker and $10,422.50 to the selling broker. O $45.845 to the listing agent. O $20.845 to the buyer's broker.
20) The certificates of indebtedness of the issuer to the holder is a type of loan, where corporations are borrowing from general public and to be repaid on the date of maturity. What does the term certificate stand for? a. All b. Share c. Bond d. Retained earnings
11. Subject :- Accounting Bramble Corp has issued three different bonds during 2022. Interest is payable annually on each of these bonds. 1. On January 1, 2022, 1,400, 7% 5 year $1000 bonds dated January 1, 2022 were issued at face value. 2. On July 1, $794,000 8% 5 year bonds dated Julay 1, 2022 were issued at 101. 3. On Spetember 1, $360,000 6% 5 year bonds dated September 1, 2022 were issued at 97. Prepare the journal entry to record each bond transaction at the date of issuance.
The stockholders' equity section of Brent Corporation's balance sheet as of December 31, 2016 Stockholders' Equity Common stock, $5 par value; authorized, 2,000,000 shares; issued, 400,000 shares $2,000,000 Paid in capital in excess of par $850,000 Retained Earnings $3,000,000 Total $5,850,000 The following events occurred during 2017: 1.) Jan 5 10,000 shares of authorized and unissued common stock were sold for $9 per share. 2.) Jan 16 Declared a cash dividend of 40 cents per share, payable February 15 to stockholders of record on February 5. 3.) Feb 11 40,000 shares of authorized and unissued common stock were sold for $11 per share. 4.)Apr 1 A two-for-one split was…
50 questions remaining Which one (1) of the following situations may have an effect upon the premium charged for a Homeowners Comprehensive policy/ A) Theft coverage on unscheduled jewellery up to a $2,000 limit. B) The house is unoccupied for three (3) months during the winter. DC) The insured installs a wood burning stove. D) The insured's mother-in-law moves into the house.
On August 31, 2019, Brown Corporation purchased 90% shares of Owen Company's common stock for $6,500,000 cash. On January 1, 2019, Owen Company had common stock of $4,500,000 and retained earnings of $1,800,000. The balance sheet information available for Owen Company on August 31, 2019, showed the following: Book Value Fair Value Inventory (FIFO) $1,300,000 $1,500,000 Equipment (net) 1,900,000 1,500,000 Land 3,000,000 3,000,000 The equipment had a remaining useful life of ten years. Owen Company reported $240,000 of net income in 2019 and declared $60,000 on December 1 of the year. Required: Prepare the workpaper entries on December 31, 2019 assuming the full equity method is used. :39
Packed Corporation owns 60 percent of Snowball Enterprises’ stock. On January 1, 20X1, Packed sold $1.18 million par value, 6 percent (paid semiannually), 20-year, first mortgage bonds to Kling Corporation at 97. On January 1, 20X8, Snowball purchased $354,000 par value of the Packed bonds directly from Kling for $351,980. Required: Prepare the consolidation entry needed at December 31, 20X8, to remove the effects of the intercorporate bond ownership in preparing consolidated financial statements. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round your intermediate calculations. Round your final answers to nearest whole dollar
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Mr. Malakas deposited P5 000 on the day his son was born. If the money is worth 12% compounded quarterly, how much money will his son have on his 21st birthday?
Direction: Write TRUE if the statement is true and FALSE if the statement is false. _1. A written partnership contract is required to be prepared whenever a partnership is formed. _2. All partnerships are subject to income tax. 3. A partner's contribution in the form of industry or service is recorded by debiting the account "Industry". _4. In the partnership books, there are as many capital and drawing accounts as there are partners. _5.A partners contribution in the form of noncash assets should be recorded at its fair market value in the absence of an agreed value. _6.A partnership is much easier and less expensive to organize than corporation. 7. A newly organized partnership should always open a new set of books . _8. All partnerships have at least one general partner. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership 10. The property invested in a partnership by a partner becomes the property of the partnership.…

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