Parilo Company acquired $170,000 of Makofske Co., 5% bonds on May 1, 20Y5, at their face amount.
Question:
Journalize the entries to record the following:
a. The initial acquisition of the bonds on May 1.
b. The semiannual interest received on November 1.
c. The sale of the bonds on November 1.
d. The accrual of $1,000 interest on December 31, 20Y5?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
a 20Y5 May 1 Investments x Makofske Co Bonds 170000 Cash 170000 b 20Y5 Nov 1 Cash 4250 In...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
3 Potter Inc. is preparing budget for the second quarter of 20YY. 4 April sales are estimated to be $400,000 of which, 5 $100,000 will be cash and $300,000 be sales on account. 6 Potter expects sales...
-
Journalize the entries to record the following selected bond investment transactions for Olson Technologies: (a) Purchased for cash $90,000 of Hart Industries 7% bonds at 100 plus accrued interest of...
-
Journalize the entries to record the following selected bond investment transactions for First Union: (a) Purchased for cash $400,000 of Medford City 5% bonds at 100 plus accrued interest of $4,500....
-
Which statements about try-with-resources are true? (Choose two.) A. Any resource used must implement Closeable. B. If more than one resource is used, then the order in which they are closed is the...
-
In this simulation, you are asked to address questions related to investments. Prepare responses to allparts. KWW_Professional Simulation Time Remaining 3 hours 20 minutes Investments Unspit Split...
-
Giant acquired all of Small's common stock on January 1, 2011. Over the next few years, Giant applied the equity method to the recording of this investment. At the date of the original acquisition,...
-
Suppose that in the maintenance of a large medicalrecords file for insurance purposes the probability of an error in processing is 0.0010, the probability of an error in filing is 0.0009, the...
-
Zimmerman Companys annual accounting year ends on December 31. It is December 31, 2014, and all of the 2014 entries except the following adjusting entries have been made: a. On September 1, 2014,...
-
(a) Consider a put option on a non-dividend paying stock when the stock price is 4.50, the exercise price is 5.00, the continuously compounded rate of return is 3.5% per annum, the volatility is 18%...
-
A ride hailing company has their DB structured in 3 major tables as described in the SCHEMA section below. Write a query to fetch the top 100 users who traveled the most distance using the service....
-
During 20Y8, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security ___________ Shares Purchased _________ Cost Hawking Inc. ...................
-
Kalyagin Investments acquired $220,000 of Jerris Corp., 7% bonds at their face amount on October 1, 20Y2. The bonds pay interest on October 1 and April 1. On April 1, 20Y3, Kalyagin sold $80,000 of...
-
SKI tries to match the maturity of its assets and liabilities. Describe how SKI could adopt either a more aggressive or more conservative financing policy.
-
Bank assets equal bank liabilities plus bank capital. a. Bank assets are the uses for bank funds. i. They include reserves, securities, and loans. ii. Over the years, commercial and industrial loans...
-
Vanessa Jones is the manager of the phenolics department of PlastiTech, a manufacturer of industrial plastics and composite materials. She is facing a dilemma. There is an opening in her department,...
-
Patagonia is a world-leading textile manufacturer that specializes in clothing for children and adults. Employees are the primary source of workplace improvements in this company, where empowerment...
-
The best way to describe the relationship between the design and manufacturing departments at Waverly Prestressed Concrete (WPC) is warfare . A typical conversation between the vice president for...
-
The FIFA World Cup was one of the biggest sporting events of 2018. The file WC2018Players contains data of the players of the 32 teams that qualified for the event. A dummy variable is included to...
-
Find the probability of a couple having a baby girl when their fourth child is born, given that the first three children were all girls. Is the result the same as the probability of getting four...
-
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
-
In the long run, the normal selling price must be set high enough to cover what factors?
-
In the long run, the normal selling price must be set high enough to cover what factors?
-
Although the cost-plus approach to product pricing may be used by management as a general guideline, what are some examples of other factors that managers should also consider in setting product...
-
How does Ozy media differentiate itself from competitor? or how does it build brand identity?
-
Moe Glee's business acquired a group of assets two years ago to help with expansion plans, but Moe would now like to review the use of some of those assets. Moe's close friend Ana Maui Harry's has...
-
Analyze the centrality of Off Whites' significant collaborations with other luxury and sportswear brands for accruing valuable brand equity.?
Study smarter with the SolutionInn App