On December 31, 2010, Brock & Co. issued a $800,000 of bonds payable at par. The bonds
Question:
Required:
Prepare the journal entries to record the interest payment on June 30, 2011.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Journal Date Account and Exp...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted:
Students also viewed these Accounting questions
-
Refer to the information for Drew Company above. On December 31, 2011, Drew Company issued $350,000, five-year bonds for $320,000. The stated rate of interest was 7 percent and interest is paid...
-
Refer to the information for Sicily Corporation above. Sicily Corporation issued $500,000 in 6 percent bonds (payable on December 31, 2021) on December 31, 2011, for $402,440. Interest is paid on...
-
Watterson Corporations balance sheet showed the following amounts: current liabilities, $70,000; bonds payable, $150,000; and lease obligations,$20,000. Total stockholders equity was $90,000....
-
Determine the x-and y-intercepts on the graph of the equation. Graph the equation. y = x= 1
-
What are the differences between the dimensions of quality of design and quality of conformance?
-
Your bank pays 2.8% interest per year. You put $1300 in the bank today and $750 more in the bank in one year. How much will you have in the bank in 2 years?
-
Are the earthquake depths described in Exercise 3 quantitative data or categorical data? Exercise 3 In a test of the Atkins weight loss program, 40 subjects using that program had a mean weight loss...
-
The information below pertains to October production at Zippy Company's bottling plant, which produces and bottles sports drinks. Each unit consists of a case of 12 bottles: Required(a) Using the...
-
Discuss how Instagram is using collected data and if you feel it is an appropriate use of a user's data. Explain your answer
-
Mountain View Hospital has purchased new lab equipment for $134,650. The equipment is expected to last for three years and to provide cash inflows as follows: Year 1. . . . . . . . $45,000 Year 2. ....
-
M. Nickles Company issued $700,000 of bonds for $684,780. Interest is paid semiannually. Required: 1. Prepare the necessary journal entry to record the issuance of the bonds. 2. Is the yield greater...
-
Refer to the information for Drew Company above. On December 31, 2011, Drew Company issued $350,000, five-year bonds for $320,000. The stated rate of interest was 7 percent and interest is paid...
-
The following accounts appear in an adjusted trial balance of Pilot Consulting. Indicate whether each account would be reported in the (a) Current asset: (b) Property, plant, and equipment; (c)...
-
If a principal amount of $ 1 , 0 0 0 earns 6 % per year compounded annually in the first 2 years and 3 % in the last 2 years, how much will you have total at the end of year 4 ?
-
The research department of Cardinal Novelties has estimated the demand function facing the firm for price increases and price declines from the prevailing price are, respectively: Q = 390 -20P and Q...
-
You bought your house five years ago and you believe you will be in the house only about five more years before it gets too small for your family. Your original home value when you bought it was...
-
You make monthly payments at the beginning of each month that grow at a constant rate of 0.8% each month for the next 120 months. If the first payment is $10 and the interest rate is 0.9% each month;...
-
10.4. The staff of Jefferson Medical Services has estimated the following net cash flows for a food services operation that it may open in its outpatient clinic: Expected Net Cash Flow ($100,000)...
-
If f is an odd function, why is a Sa f(x) dx = 0?
-
The registrar of a college with a population of N = 4,000 full-time students is asked by the president to conduct a survey to measure satisfaction with the quality of life on campus. The following...
-
One or your colleges overall goals is customer satisfaction. In light of that goal, match each of the following stakeholders perspectives with the appropriate objective: Perspective 1. Financial...
-
Identify each of the following as a cost center, a discretionary cost center, a revenue center, a profit center, or an investment center: 1. The manger of center A is responsible for generating cash...
-
Ha Kim is the manager of the Paper Cutting Department in the Northwest Division of Striking Paper Products. Identify each of the following costs as either controllable or not controllable by Kim: 1....
-
A major city in Eastern Canada is planning to build a new wastewater treatment plant to accommodate the increasing water consumption of the city, Plant construction will start in 2018 and is going to...
-
Tim, Sim, and Pim are employed as a Customer Care Agent at ABC Company Limited. Over the past years, they worked well as a team. Kim, recently employed to the company, started to feel uncomfortable...
-
Save-the-Earth Company reports the following income statement accounts for the year ended December 31. Sales discounts Office salaries expense Rent expense-Office space Advertising expense $ 850...
Study smarter with the SolutionInn App