On January 1, 2019, Stronger Industries issued $480,000 of 9%, five-year bonds that pay interest semiannually on June 30 and December 31. They are issued at $499,483 and their market rate is 8% at the issue date. After recording the entry for the issuance of the bonds, Bonds Payable had a balance of $480,000 and Premium on Bonds Payable had a balance of $19,483. Stroger uses the effective interest bond amortization method. The first semiannual interest payment was made on June 30, 2019. Complete the necessary journal entry for the interest payment date of June 30, 2019 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

Answers

Answer 1

Answer:

Journal Entry to record the first interest payment

June 30, 2019

Dr. Interst Expense $19,979.32

Dr. Premium on Bond $1,620.68

Cr. Cash $21,600

Explanation:

First, we need to calculate the premium on bond amortization as follow

Premium on bond amortization = Coupon Payment - Interest Expense

Premium on bond amortization = ( $480,000 x 8% x 6/12 ) - ( $499,483  x 8% x 6/12 )

Premium on bond amortization = $21,600 - $19,979.32

Premium on bond amortization = $1,620.68


Related Questions

The Auto Division of Big Department Store had a net operating income of $560,000, a net asset base of $4,000,000, and a required rate of return of 12%. Sales for the period totaled $3,000,000. The residual income for the period is: a.$360,000. b.$80,000. c.$120,000. d.$480,000.

Answers

Answer:

b.$80,000

Explanation:

The computation of the residual income is given below;

= net operating income - (required rate of return of net asset base)

= 560,000 - (4,000,000×12%)

=  $80,000

hence, the residual income is $80,000

Therefore the option b is correct

The same is relevant and considered too

Live Trap Corporation received the data below for its rodent cage production unit. OUTPUT INPUT 49,200 cages Production time 630 labor hours Sales price: $3.40 per unit Wages $ 7.40 per hour Raw materials (total cost) $ 31,000 Component parts (total cost) $ 15,355.

Required:
Find the total productivity in Units Sold and Dollars of Sales per Dollar Input.

Answers

Answer:1) Total productivity in units sold = 0.96 units sold per dollar input

2) Total productivity in dollars== $ 3.28 dollars in sales per dollar input

Explanation:

Total output = output cages x  sales price  = 49,200 cages x  $3.40 per unit =   =  $ 167,280  

Total Input =wages+components+ raw materials

Wages = 630 labor hours x $7.40 = $4,662  

                                 Raw materials = $ 31,000  

                          Component parts  = $ 15,355  

                                          Total input =$51,017

1) Total productivity in units sold = Output in units / Input in dollars

=49,200 cages/$51,017   =0.96 units sold per dollar input

2) Total productivity in dollars= Output in dollars / Input   =$ 167,280/$51,017  = $ 3.28 dollars in sales per dollar input

Pine Street Inc. makes unfinished bookcases that it sells for $58.09. Production costs are $37.97 variable and $10.12 fixed. Because it has unused capacity, Pine Street is considering finishing the bookcases and selling them for $73.08. Variable finishing costs are expected to be $6.64 per unit with no increase in fixed costs. Prepare an analysis on a per unit basis showing whether Pine Street should sell unfinished or finished bookcases.

Answers

Answer:

Pine Street should sell finished bookcases.

Explanation:

                                  Differential analysis

                                 Sell unfinished  Process further  Net income

                                                                                        Increase (decrease)

Sale price per unit        58.09                    73.08                  14.99

Cost per unit

Variable                         37.97                     44.61                  -6.64

Fixed                              10.12                      10.12                      0

Total                              48.09                     54.73                  8.35

Net income per unit      10                         18.35                  8.35

So, the book cases should be sold after processed further.

Blade Breeze Company manufactures ceiling fans and uses an activity-based costing system. Each ceiling fan has 20 separate parts. The direct materials cost is $70, and each ceiling fan requires 2.50 hours of machine time to manufacture. Additional information is as follows:
Activity Allocation Base Predetermined Overhead Allocation Rate
Materials handling Number of parts $ 0.08
Machining Machine hours 7.20
Assembling Number of parts 0.35
Packaging Number of finished units 2.80
What is the cost of machining per ceiling fan? (Round any intermediate calculations and your final answer to the nearest cent.)
A) $18.00
B) $70.00
C) $144.00
D) $196.00

Answers

Answer:

Machining= $18

Explanation:

Giving the following information:

Each ceiling fan requires 2.50 hours of machine time to manufacture.

Machining Machine hours 7.20

To calculate the cost of machining per ceiling fan, we need to use the following formula:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Machining= 2.5*7.2

Machining= $18

An improvement in a country's balance of payments means a decrease in its balance of payments deficit, or an increase in its surplus. In fact we know that a surplus in a balance of payments A) is always beneficial. B) is usually beneficial. C) is never harmful. D) is sometimes harmful. E) is always harmful.

Answers

Answer:

Should be D (sometimes harmful).

Gomez argues that we need to increase the nation's output. Chang contends that our top priority should be a more equal distribution of income and output. It can be correctly stated that these two goals are:
A. essentially unrelated.
B. complementary because the realization of one will promote fulfillment of the other.
C. at least partially competing because the redistribution of income might impair incentives to work and produce.
D. complementary because a more equal distribution of income always promotes economic growth.

Answers

Answer:

I can't understand the question

Choose the correct statements about the ROC curve.
A. By plotting the true-positive rate against the false-positive rate for different threshold values, the ROC curve can be used to select the optimal model.
B. ROC stands for Receiver Operating Characteristic curve, which was originally developed to detect enemy aircrafts on radar.
C. The ROC curve is a useful diagnostic tool for determining the optimal classification model.
D. The ROC curve was originally developed to optimize healthcare and detect congestive heart failure readmission rate.

Answers

Answer:

B

Explanation:

The ROC stands for Reviever Operating Characteristics curve ehic was originally developed to detect enemy aircrafts on reader

The correct statement about the ROC curve is that  ROC stands for the Receiver Operating Characteristic curve, which was originally developed to detect enemy aircraft on radar. Thus, option B is correct.

What is a curve?

A curve can be defined as the relation that can be between the teo element. this is represented by the graph that is formed on the basis of the change in the elements that are surrounding it. If there is a change in one thing then there can also be a change in another and it may have an effect.

The best accuracy and false alarm rate for a classification algorithm at the approaches suggested are calculated and plotted to create the ROC curve.

The Receiver Operating Characteristic curve, abbreviated ROC curve, was created to find hostile aircraft using radar. Therefore, option B is the correct option.

Learn more about ROC curve, here:

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#SPJ2

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.
Apr. 2 Purchased $6,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.
Apr. 3 Paid $280 cash for shipping charges on the April 2 purchase.
Apr. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650.
Apr. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.
Apr. 18 Purchased $11,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.
Apr. 21 After negotiations, received from Frist a $600 allowance toward the $11,500 owed on the April 18 purchase.
Apr. 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Answers

Answer and Explanation:

The journal entries are shown below:

On April 02

Merchandise inventory  Dr6100

     To Accounts payable-Lyon   6100

On April 03

Merchandise inventory  $280

       To Cash  $280

On April 04

Accounts payable-Lyon  $650

       To Merchandise inventory  $650

On April 17

Accounts payable-Lyon  $5450

        To Merchandise inventory  $109

        To Cash  $5341  [($6100 − $650) × (100% − 2%)]  

On April 18

Merchandise inventory  $11500

    To Accounts payable-First Corp.  $11500

On April 21

Accounts payable-First Corp.  $600

      To Merchandise inventory  $600

On April 28

Accounts payable-First Corp.  $10900

     To Merchandise inventory  $109

     To Cash  $10791 [($11500 − $600) × (100% − 1%)]

Hobson Company bought the securities listed below during 2020. These securities were classified as trading securities. In its December 31, 2020, income statement Hobson reported a net unrealized holding loss of $10,000 on these securities. Pertinent data at the end of June 2021 is as follows: SecurityCostFair Value X$360,000 $340,000 Y 190,000 160,300 Z 420,000 405,000 What amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021

Answers

Answer:

$54,700

Explanation:

Calculation to determine What amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021

Security Cost Fair value Gain(loss)

X $360,000 $340,000 -$20,000

Y $190,000 $160,300 -$29,700

Z $420,000 $405,000 -$15,000

Total $970,000 $905,300 -$64,700

Unrealized holding loss on Income statement ended June 30,2021 = $64,700 - $10,000

Unrealized holding loss on Income statement ended June 30,2021 = $54,700

Therefore the amount of unrealized holding loss on these securities should Hobson include in its income statement for the six months ended June 30, 2021 is $54,700

Hamasaki Company owns 30% of CDW Corp. stock and has significant influence. Hamasaki received $6,500 in cash dividends from its investment in CDW. The entry to record receipt of these dividends includes a debit to Cash for $6,500 and a credit to Equity Method Investments for $6,500.

a. True
b. False

Answers

Answer:

A. True

Explanation:

Account Title Debit Credit

Cash 6500

Investment in CDW Corp. 6500

Risk means different things to different people, depending on the context and on how they feel about taking chances.

a. True
b. False

Answers

Answer:

you are true that the risk means different things to different people, depending on the context and on that they feel very happy about taking chances to do anything

According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes.a. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4%; federal unemployment, 0.8%.

Answers

Answer: $9,800

Explanation:

Payroll taxes = Social security + Medicare +State unemployment + Federal unemployment

= (110,000 * 6%) + (110,000 * 1.5%) + (25,000 * 5.4%) + (25,000 * 0.8%)

= 6,600 + 1,650 + 1,350 + 200

= $9,800

provides the following data: 20X920X8 Cash$41,000 $25,000 Accounts Receivable, Net102,000 62,000 Merchandise Inventory72,000 50,000 Property, Plant, and Equipment, Net181,000 120,000 Total Assets$396,000 $257,000 Additional information for the year ending December 31, 20X9: Net Credit Sales$550,000 Cost of Goods Sold150,000 Interest Expense25,000 Net Income181,000 Calculate the rate of return on total assets for 20X9.

Answers

Answer:

63.09%

Explanation:

Note Missing question is attached as picture below

Average total assets = (Opening total assets+Closing total assets)/2

Average total assets = ($396,000 + $257,000) / 2

Average total assets = $653,000 / 2

Average total assets = $326,500

Return on total assets = (Net income + Interest expense)/Average total assets

Return on total assets = ($181,000 + $25,000) / $326,500

Return on total assets = $206,000 / $326,500

Return on total assets = 0.6309342

Return on total assets = 63.09%

Mitch and Jennifer have adjusted gross income of $125,000 and they have not planned for their children's education. Their children are ages 17 and 18 and the parents anticipate paying $20,000 per year, per children for education expenses. Which of the following is the most appropriate recommendation to pay for the children's education?
A) 529 Savings Plan
B) PLUS Loan
C) Pell Grant
D) Coverdell ESA

Answers

Answer: B) PLUS Loan

Explanation:

Seeing as they did not plan ahead and the children are about to start school, the best option they have is a loan. In light of that, they should go for a Parent Loan for Undergraduate Students (PLUS) loan.

A PLUS loan is provided by the Federal government to parents to help them pay for the tuition fees of their children at undergraduate level. It has a lower interest rate but is only given to people whose credit history are not to bad.

Solving for PMT of an annuity​) To pay for your​ child's education, you wish to have accumulated ​$ at the end of years. To do this you plan on depositing an equal amount into the bank at the end of each year. If the bank is willing to pay percent compounded​ annually, how much must you deposit each year to reach your​ goal?

Answers

Answer:

$783.87

Explanation:

Complete question "To pay for your​ child's education, you wish to have accumulated ​$10,000 at the end of 8 years. To do​this, you plan to deposit an equal amount into the bank at the end of each year. If the bank is willing to pay 13 percent compounded​annually, how much must you deposit each year to obtain your​goal?"

NPER = 8

FV = 10,000

Rate = 13%

PV = 0

Future Value of Annuity = PMT(Rate, NPER, PV, FV)

Future Value of Annuity = PMT(13%, 8, 10000, 0)

Future Value of Annuity = 783.8671964727014

Future Value of Annuity = $783.87

So, one must deposit $783.87 each year to reach the goal.

In 2012, Wingen Inc. sold 325,000 units at $8 each .Sales volume is expected to increase by 15 percent in 2013 while the price of each unit is expected to decrease by 15 percent. the expected sales revenue for 2013 is a. $373,750 b.$2,541,500 c.$1,878,500 d.$2,990,000

Answers

Answer:

$2541500

Explanation:

Given :

2012 :

Units sold = 325,000

Price per unit = $8

2013 :

Projected increase in volume = 15%

Projected decrease in price = 15%

Expected revenue = sales price * volume sold

Volume in 2013:

Projected Unit sold in 2013 = (1 + 0.15) * 325000 = 373750

units

Projected Price in 2013 = (1 - 0.15) * Price in 2012 = (1 - 0.15) * $8 = $6.80

Expected revenue = $6.80 * 373750 = $2541500

Accounts receivable arising from sales to customers amounted to $85,000 and $75,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $285,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is:____.
a. $275,000.
b. $445,000.
c. $285,000.
d. $295,000.

Answers

Answer:

d. $295,000

Explanation:

Calculation to determine what the cash flows from operating activities to be reported on the statement of cash flows is:

Using this formula

Cash flows from operating activities =Net income + Decrease in accounts receivable

Let plug in the formula

Cash flows from operating activities=$285,000+($85,000-$75,000)

Cash flows from operating activities=$285,000+$10,000

Cash flows from operating activities=$295,000

Therefore the cash flows from operating activities to be reported on the statement of cash flows is:$295,000

Assume that an analyst is using the constant dividend growth model to value a stock. Which of the following scenarios would be certain to cause her to decrease her estimate of the stock's value (assuming, of course, that all other factors are held constant)?
A. She believes the company has become riskier, and therefore increases her required rate of return for the stock.
B. She increases her estimate of the company’s next year’s dividend.
C. She increase her estimate of the expected annual rate of growth in the company’s dividends.
D. She decreases her required rate of return for the stock.
E. None of the above would cause her to decrease her estimate of the stock’s value.

Answers

Answer: A. She believes the company has become riskier, and therefore increases her required rate of return for the stock.

Explanation:

The formula for the Constant dividend growth model of valuing stock is:

= Next dividend / (Required return - growth rate)

From the formula above, one can tell that if the required return is higher, it would result in a lower value for stock because it would divide the numerator more.

If the analyst believes that the company is riskier and increases the required return, the value would therefore reduce if other measures are kept constant.

A company makes wireless routers. Their profit from each sale is $86.5. Every router that is returned as faulty results in a loss of $10.5. These routers cannot be resolved and therefore are scrapped. If 2% are faulty, what is the profit(or loss) the company can expect to make from selling 96.0 units

Answers

Answer:

The expected profit is $8,117.57

Explanation:

The computation of the profit or loss that the company could expect is given below:

The Probability of non-faulty router is

= 1 - 0.02

= 0.98

Now  

Expected profit/loss is

= 96 × (0.98 × 86.5 - 0.02 × 10.6)

= $8,117.57

hence, The expected profit is $8,117.57

If Hawk Manufacturing incurs $600,000 during a joint manufacturing process before the split-off point, that $600,000 represents the

Answers

Answer:

Joint cost incurred in the process

Explanation:

In domain of accounting, a joint cost can be regarded as a cost that is been incurred in a joint process. Joint costs may encompass costs like direct material,overhead costs as well as direct labor that is been incurred during a joint production process.

joint production process can be regarded as one whereby one input give yields of multiple outputs. This process helps to automatically creates other types of output product when creating one type of output.

For instance, Joint cost when a Manufacturing company incurs $600,000 during a joint manufacturing process before the split-off point, that $600,000 represents the Joint cost .

Which 2 statements are true regarding Intuit-approved QuickBooks Online apps?

Answers

Answer: • You or your client can add apps to the client's account

• They must be available via the Apps screen in QuickBooks Online Accountant or apps.com

Explanation:

You didn't give the options to the questions but I got the options online. Quickbook refers to an accounting software package that is used by businesses to pay bills, accept payments, do payroll functions etc.

The correct statements regarding Intuit-approved QuickBooks Online apps include:

• You or your client can add apps to the client's account.

• They must be available via the Apps screen in QuickBooks Online Accountant or apps.com

Answer:

They must be developed by Intuit

The must be available via the Apps screen in QuickBooks Online Accountant or apps.com

Explanation:

QuickBooks Online.com

8794979666++++45626563.

Answers

Added, the answer is 8,840,606,229. Was this even the question? Looks like it was just spam lol

Why should you rotate food when thawing it

Answers

Answer: So it thaws more evenly, also to prevent bacteria

Explanation:

The best way to think of presentation slides is... as a medium meant to be used in conjunction with someone speaking. as a stand-alone medium that communicates on its own. as something to keep the audience entertained during a presentation. something superfluous to a presentation but still expected.

Answers

Answer: as a medium meant to be used in conjunction with someone speaking.

Explanation:

Presentation slides are meant to augment what the person presenting is saying. They are to provide proof as well as a visual depiction of the words of the presenter so that the audience can understand the presentation better.

For instance, a person giving a presentation on the earrings potential of a business will use charts and tables to show the expected increase. The charts and tables will help show the point that the person is trying to make so that the audience understands.

Forrester Company is considering buying new equipment that would increase monthly fixed costs from $396,000 to $684,000 and would decrease the current variable costs of $80 by $20 per unit. The selling price of $120 is not expected to change. Forrester's current break-even sales are $1,188,000 and current break-even units are 9,900. If Forrester purchases this new equipment, the revised contribution margin ratio would be:

Answers

Answer:

50%

Explanation:

Contribution margin is used to determine the profitability of a product. it is price less variable cost

Contribution margin ratio = (price - variable costs) / price

variable cost = 80 - 20 = 60

price = 120

(120 - 60) / 120 = 50%

A large auto auction company has personnel that specializes in sourcing. Once car suppliers are found and evaluated, another group of employees purchases the cars to sell at the auction. Which of the following is known as a component of a supply chain during the purchasing process?

a. demand
b. planning
c. sourcing

Answers

Answer:

procurement

Explanation:

Procurement is the process of obtaining the goods or services for the business motive. It is to be associated at the time when the company required to solicited the services or purchased the goods on the wider scale

So as per the given situation, the procurement is the component of the supply chain that could be considered for the purchasing process

So this is the answer but the same is not provided in the given options

The Lumber Division of Paul Bunyon Homes Inc. produces and sells lumber that can be sold to outside customers or within the company to the Construction Division. The following data have been gathered for the coming period:
Lumber Division:
Capacity200,000 board feet
Price per board foot$2.50
Variable production cost per bd. ft.$1.25
Variable selling cost per bd. ft.$0.50
Construction Division:
Board feet needed60,000
Outside price paid per bd. ft.$2.00
If the Lumber Division sells to the Construction Division, $0.35 per board foot can be saved in shipping costs.
If current outside sales are 130,000 board feet, what is the minimum transfer price that the Lumber Division could accept?
a. $1.25
b. $1.40
c. $1.75
d. $2.50

Answers

Answer:

b. $1.40

Explanation:

The computation of the minimum transfer price that the Lumber Division could accept is shown below:

= Variable production cost per bd. ft. + Variable selling cost per bd. ft.

= $1.25 + $0.50

= $1.40

Hence, the minimum transfer price that the Lumber Division could accept is $1.40

Therefore the option b is correct

The minimum transfer price that the Lumber Division could accept is $1.40.

What is transfer price?

Transfer pricing is the method in which the product is sold out bey one subsidiary to another but within the company.

This method is used when the subsidiaries of a parent company are measured as separate earnings essences.

The computation of the minimum transfer price:

The minimum transfer price is found out by apply the formula:

[tex]\text{Minimum Transfer Price}= \text{Variable Production Cost per bd. ft.}-\text{Variable Selling Cost per bd. }[/tex]

According to the given case,

Variable production cost per bd. ft. = $1.25,

Variable selling cost per bd. ft. = $0.50.

Now apply the values in the above formula, we get:

[tex]\text{Minimum Transfer Price}= \text{Variable Production Cost per bd. ft.}-\text{Variable Selling Cost per bd. }\\\\\text{Minimum Transfer Price}= \$1.25 + \$0.50\\\\\text{Minimum Transfer Price}=\$1.40[/tex]

Therefore, the minimum transfer price that the Lumber Division to accept is $1.40. So, option D is correct.

Learn more about the transfer price, refer to:

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Again, Inc. bonds have a par value of $1,000, a 25 year maturity, and an annual coupon rate of 16.0% with annual coupon payments. The bonds are currently selling for $873. The bonds may be called in 4 years for 116.0% of par. What quoted annual rate of return do you expect to earn if you buy the bonds and company calls them when possible

Answers

Answer: 24.10%

Explanation:

The quoted annual rate of return that will be expected to be earned if one buys the bonds and company calls them when possible will be calculated thus:

Call price = 1160

Coupon rate = 16%

Number of compounding period per year = 1

Interest per period = 1000 × 16% = 160

Bond price = 873

Number of years to sell = 4

NPER = 4

Quoted annual rate of return will be:

= Rate(NPER, PMT, -PV, FV)

= Rate(4160, -873, 1160)

= 24.10%

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:
a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances:
Cash 42,000
Accounts receivable 201,600
Inventory 58,050
Buildings and equipment (net) 352,000
Accounts payable 85,725
Common stock 500,000
Retained earnings 67,925
653,650 653,650
b. Actual sales for December and budgeted sales for the next four months are as follows:
December (actual) 252,000
January 387,000
February 584,000
March 298,000
April 195,000
c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales.
d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.)
e. Monthly expenses are budgeted as follows: salaries and wages, $17,000 per month; advertising, $57,000 per month; shipping, 5% of sales; other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42,420 for the quarter.
f. Each month's ending inventory should equal 25% of the following month's cost of goods sold.
g. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month.
h. During February, the company will purchase a new copy machine for $1,200 cash. During March, other equipment will be purchased for cash at a cost of $71,000.
i. During January, the company will declare and pay $45,000 in cash dividends.
j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.
Required
Using the data above, complete the following statements and schedules for the first quarter:
1. Schedule of expeted cash collections:
Hillyard Company Schedule of Expected Cash Collections
January February March Quarter
Cash sales 77,400 77,400
Credit sales 201,600 201,600
Total collections 279,000 279,000
2-a. Merchandise purchases budget:
Hillyard Company Merchandise Purchases Budget
January February March Quarter
Budgeted cost of goods sold 232,200* 350,400
Add desired ending inventory 87,600†
Total needs 319,800 350,400
Less beginning inventory 58,050
Required purchases 261,750
*$387,000 sales x 60% cost ratio = $232,200.
†$350,400 × 25% = $87,600.
2-b. Schedule of expected cash disbursements for merchandise purchases:
Hillyard Company Schedule of Expected Cash Disbursements for Merchandise Purchases
January February March Quarter
December purchases 85,725
January purchases 130,875 130,875
February purchases
March purchases
Total cash disbursements for purchases
3. Cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.)
Hillyard Company Cash Budget
January February March Quarter
Beginning cash balance 42,000
Add cash collections 279,000
Total cash available 321,000
Less cash disbursements:
Purchases of inventory 216,600
Selling and administrative expenses 104,960
Purchases of equipment
Cash dividends 45,000
Total cash disbursements 366,560
Excess (deficiency) of cash (45,560)
Financing:
Borrowings
Repayments
Interest
Total financing
Ending cash balance
4. Prepare an absorption costing income statement for the quarter ending March 31.
Hillyard Company Income Statement For the Quarter Ended March 31
Cost of goods sold
Selling and administrative expenses:
5. Prepare a balance sheet as of March 31.
Hillyard Company Balance Sheet March 31
Assets
Current assets:
Total current assets
Total assets
Liabilities and Stocholders' Equity
Current liabilities
Stockholders' equity
Total liabilities and stockholders' equity

Answers

Answer:

1. Schedule of Cash Collection:

Particulars: January February March Quarter

Cash Sales $77,400 $77,400 $118,200 $273,000

Credit Sales $201,600 $201,600 $472,800 $876,000

Total Collections $279,000 $279,000 $591,000 $1,149,000

Explanation:

Cash sales are 20% of total sales where as remaining 80% sales are credit sales. Cash collection schedule prepared will display the actual cash collected from sales. The sales made on credit are collected in the following month.

Kelly Industries issued 11% bonds, dated January 1, with a face value of $140,000 on January 1, 2021. The bonds mature in 2031 (10 years). Interest is paid semiannually on June 30 and December 31. For bonds of similar risk and maturity the market yield is 12%. What was the issue price of the bonds

Answers

Answer:

$131,971.06  

Explanation:

Using a financial calculator, the bond issue price can be determined by first of all set the calculator to its end mode before making the following inputs:

N=20(number of semiannual periods in 10 years=10*2=20)

PMT=7700  (semiannual coupon=face value*coupon rate/2= $140,000*11%/2)

I/Y=6(semiannual yield=12%/2=6%)

FV=140000(the bond's face value is $140,000)

CPT

PV=$131,971.06  

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