On September 30 2017, Quest work Construction Company issued USD 120,000 face value of 12 per...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On September 30 2017, Quest work Construction Company issued USD 120,000 face value of 12 per cent, 10-year bonds dated Ist January 2017, at USD 100,000 plus accrued interest. Interest is paid semi- annually on June 30th and December 31. Quest works accounting year ends on December 31. The issue cost for the bond was USD 10,000 and the first interest was paid on 30 June 2018.(show all the journal entries for 2017,2018 and 2026 in Quest work account). Ignore the amortisation of interest. On September 30 2017, Quest work Construction Company issued USD 120,000 face value of 12 per cent, 10-year bonds dated Ist January 2017, at USD 100,000 plus accrued interest. Interest is paid semi- annually on June 30th and December 31. Quest works accounting year ends on December 31. The issue cost for the bond was USD 10,000 and the first interest was paid on 30 June 2018.(show all the journal entries for 2017,2018 and 2026 in Quest work account). Ignore the amortisation of interest.
Expert Answer:
Answer rating: 100% (QA)
Date Sept 302017 Journal Entries Cash Discount on bond... View the full answer
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Posted Date:
Students also viewed these accounting questions
-
2. (10 points) Two pure-breeding strains of flies are mated, and the F1 are intercrossed. The first strain has curled wings and black bodies. The second strain has straight wings and brown bodies....
-
[The following information applies to the questions displayed below.] Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2013, for $6,000 cash. Hitzu...
-
During one month, 45 preflight inspections were performed on an airplane at Southstar Airlines. 15 nonconformances were noted. Each inspection checks 50 items. Assuming 2 sigma off-centering, what...
-
Silverago Incorporated, an international metals company, reported a loss on the sale of equipment of $2 million in 2010. In addition, the companys income statement shows depreciation expense of $8...
-
IRC Section 117 provides that qualified educational scholarships are not taxable in certain circumstances. Included in this exclusion are both scholarships and fellowship grants. a. Use Section 117...
-
A shoe manufacturer wants potential customers to compare two types of shoes, one made of the current PVC material \(X\) and one made of a new PVC material \(Y\). Shoes made of both are available....
-
Look at each of the following employees of Agetros Restaurant. Which of the elements of the fraud triangle apply? Perceived pressure (P) Perceived opportunity (O) Rationalization (R) 1. As the...
-
How can HRM technology make a human resource department more productive? How can technology improve the quality of HRM decisions?
-
Porter Corporation reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital...
-
A little exchange economy has just two consumers, named Kenand Barbie, and two commodities, quiche and wine. Kens initial endowment is 3 units of quiche and 2 units of wine. Barbies initial endowment...
-
Maggie plans to purchase a a car for $15,000. She will make a down payment of 20% and take a loan for the balance. If the bank rate will be 0.4% p.m.c.w. with annual payments over a 7-year period,...
-
Explain why a 40 percent across-the-board tax increase on businesses might harm consumers.
-
Who would pay a tax imposed on the supplier when the price elasticity of supply is inelastic and the price elasticity of demand is elastic?
-
What, if any, similarities are there among the theories of economics discussed in this chapter regarding the use of fiscal and monetary policies to stimulate real GDP?
-
Thermal resistance tests on 13 samples of Enterococcus hirae, present in milk, yield the following results in degrees Celsius: Another set of seven samples of milk was tested after pasteurization to...
-
Explain why two indifference curves cannot cross.
-
Given the following information, compute price/earning value. Book value of assets = $550,000 Total sales per share= $261 Earning per share = $28 Dividend payout ratio = 30% Operating cash flow =...
-
Problem 2. (0.6 points, 0.2 points for each question) (a) A company turns its inventory 2 times a month. Its months-of-supply = Its days-of-supply = Please show your analysis below: _months. days. (1...
-
Refer to the information in RE13-3. Assume that on December 31, 2016, Wolipack received interest on the Todd Corporation bonds as well as a $3 dividend per share interest on the Cornett Company...
-
How does materiality affect the accounting for current liabilities?
-
Who records the inventory in a product financing agreement? Why?
-
What is the general reporting format on financial statements prepared in accordance with a comprehensive basis of accounting other than generally accepted accounting principles?
-
What is negative assurance within the context of an auditor's report? How does it differ from positive assurance?
-
What body establishes standards for a. All audits and for reviews of interim financial information and preparation of unaudited financial statements of public companies? b. Reviews and compilations...
Study smarter with the SolutionInn App