FREE Trial

Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $700,000 of 10-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal

Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $700,000 of 10-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions for the current year:

May 1. Issued the bonds for cash at their face amount.

Nov. 1. Paid the interest on the bonds.

Dec. 31. Recorded accrued interest for two months.

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

May 1 Issued the bonds for cash at their face amount Cash a c Or Bank a c 700000 Dr whats comes in …View the full answer


answer-question
Related Book For  answer-question
Accounting

Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

See More Books
Question Details
Chapter # 14
Section: EXERCISE
Problem: 5
Posted Date: April 12, 2021 05:10:54
See More Questions

Students also viewed these Business questions

Q:
Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $870,000 of 10-year, 10% bonds on May 1 of the current year at face...
A:
Journal entries May 1 Issued bonds for cash at face value Particulars Debit credit Amount in Cash......
Q:
Journalize the entries to record the following selected transactions. a. Sold $652,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $384,680. If an amount...
A:
Answers a Accounts title Debit Credit Account......
Q:
Amoruso Co. produces and distributes semiconductors for use by computer manufacturers. Amoruso Co. issued $7,500,000 of 15-year, 10% bonds on April 1 of the current year at face value, with interest...
A:
Apr 1 Cash 7 500 000 Bonds Payab......
Q:
Your firm needs to decide how much to ship along each route AND which of the new stores to open. Opening Gamma incurs a fixed cost of $225. Opening Omega incurs a fixed cost of $200. The relevant...
A:
Click to View...
Q:
Suppose that the experience curve for the production of a certain type of semi-conductor has a slope of 80 percent. Suppose over a five-year period, cumulative production experience increases by a...
A:
AVC is independent of output at any point in time and that factor pr......
Q:
Ian McCarthy was president and CEO of Beazer Homes USA, Inc., a publicly held home construction company that was required to restate its quarterly and annual financial statements due to a fraudulent...
A:
Yes Section 304 of the Sarbanes Oxley Act of 2002 requires reimbursement by chief executive o......
Q:
What other ideas do you have for smoothing out the guests arrivals so that the amount of capacity needed can be minimized?
A:
CII could bracket guests arrivals to minimize huge......
Q:
On December 31, 2016, the Income Statement section of the worksheet for Soto Company contained the following information. Give the entries that should be made in the general journal to close the...
A:
GENERAL JOURNAL PAGE 16 POST DATE DESCRIPTION REF DEBIT CREDIT 1 Closing Entries 1 2 2016......
Q:
Given the following graph in Figure B3.1, provide a BFS order starting at node A. < E F B C A D Figure B3.1 H G t
A:
To perform a Breadth First Search BFS starting from nod......
Q:
ABE Plumbing Inc. opened its doors in 1979 as a wholesale supplier of plumbing equipment, tools, and parts to hardware stores, home-improvement centers, and professional plumbers in the Allentown-...
A:
ABE Plumbing Data Flow Diagram of the current system System flow chart of the existing system Physic......
Q:
On July 1, Year 1, Khatri Industries Inc. issued $18,000,000 of 10-year, 5% bonds at a market (effective) interest rate of 6%, receiving cash of $16,661,102. Interest on the bonds is payable...
A:
Solution 1 Date Particulars Debit Credit July 1 Cash 16 661 10......
Q:
On the first day of the fiscal year, a company issues a $1,800,000, 6%, five-year bond that pays semiannual interest of $54,000 ($1,800,000 6% ), receiving cash of $1,725,151. Journalize the entry...
A:
Introduction The bonds are issued by financial insti......
Q:
Classify the origin as an attractor, repeller, or saddle point of the dynamical system x k+1 = Ax k . Find the directions of greatest attraction and/or repulsion. A = [ .5 -.3 .6 1.4
A:
A 5 6 1 4 3 1 9 1 92 4 88 1 9 09 1 9 3 2 8 and 1 1......
Q:
Which of the following taxes may be deducted as itemized deductions for 2016? a. State gasoline taxes b. Fishing license fee c. Federal income taxes d. Social Security taxes e. Local income taxes
A:
For the 2016 tax year in the United States the following taxes may......
Q:
The cost of which of the following is deductible as a medical expense? a. Travel to a warm climate b. Birth control pills c. A disability insurance policy that pays $200 for each day the taxpayer is...
A:
b Birth control pills Among the options listed birth control pills are generally deductible as a med......
Q:
Wilma had $3,100 in state income taxes withheld from her paychecks during 2016. In April of 2016, Wilma paid the $50 due for her 2015 state tax return. Wilmas total tax liability on her state tax...
A:
To determine how much Wilma should deduct as an itemized deduction for state income t......
Q:
Which of the following taxes are not deductible as an itemized deduction? a. Property tax on land held for investment b. State income taxes c. Auto registration fees based on the value of the auto d....
A:
d Federal income taxes Federal income taxes are not deductible as an itemized deduction on your fede......
Q:
Which of the following is deductible as interest on Schedule A? a. Loan fees that are not points b. Fees for having a new home inspected prior to purchase c. Interest on a loan for a 90-foot yacht...
A:
Interest deductions on Schedule A can be claimed for certain types of interest expenses but not all......
Q:
Required Use the Target Corporations annual report in Appendix B to answer the following questions. a. Who are the independent auditors for Target? b. What type of opinion did the independent...
A:
a Ernst Young LLP b An unqualified opinion was iss......
Q:
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
A:
Computation of the Weighted Average cost of Capital Cost of debt Kd 0 07 Cost of Preferred......
Q:
Why does Sutton draw a distinction between endogenous sunk costs such as advertising, and other sunk costs such as capital investments?
A:
Sutton s analysis begins with the idea that when markets......
Q:
Peter Sutton owned a home that was subject to two mortgages, but his only source of income was a $1,080 monthly Social Security benefit. In an effort to reduce his mortgage payments, which exceeded...
A:
a Sutton should have a duty to read any agreement he signs Simply because an agreement has terms tha......
Q:
a. Apply Porter's five forces framework to the specialty coffee retail industry. b. How would you characterize the strategy of Starbucks? How does Starbucks create value for its customers? What...
A:
a Porter s five forces applied to the specialty coffee retail industry 1 Buyer Power Buyer power for specialty coffees is less than that for commodity coffees because consumers view specialty coffees......
Q:
Our thoughts return to Ambrose and his nuts and berries. Ambroses utility function is U(x1, x2) = 4x1 + x2, where x1 is his consumption of nuts and x2 is his consumption of berries. (a) Let us find...
A:
a Let us find his demand function for nuts The slope of Ambroses indifference curve at x 1 x 2 is Se......
Q:
How could you use infrared spectroscopy to distinguish between the following pairs of isomers? (a) HC CCH2NH2 and CH3CH2C N (b) CH3COCH3 and CH3CH2CHO
A:
a HC CCH NH Alkyne absorptions at 3300 cm 210......
Q:
Following are two income statements for Javelin Company for the month ended December 31, 2020. Column B was prepared before any adjusting entries were recorded and column D includes the effects of...
A:
2020 Dec 31 Accounts Receivable 3 600 Revenue 3 600 To record unbilled revenue 30 12 000 31 Unearned......
Q:
Match each of the key terms above with the definition that best fits it. State ____A part object that belongs to only one whole object and that lives and dies with the whole. ____A part-of...
A:
Click to View...
Q:
Baird Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20...
A:
Jan 30 Cash 6 000 000 Common Stock 300 000 20 6 000 000 31 Organizational......
Q:
Mr. Castillo, over 65 years of age, has several properties, valued as follows: a) Residence in Rural Area Land value: L.380,000 b) Rental Apartments Urban Area Land value: L.1000,000 Building value:...
A:
To calculate the tax value of the assets we need to multiply the land value and th......
Q:
Richard chooses technique 0 and 2 requiring 10+10-20 efforts and provising 10+11=21 benefits. Hence, 21 is returned as the output Example 2: input1: 3 input2: (10,10,10,10) input3: (10,11,12,15)...
A:
CODE include using namespace std i......
Q:
It is often argued that price wars may be more likely to occur during low demand periods than high demand periods. Are there factors that might reverse this implication? That is, can you think of...
A:
Deviation from cooperative pricing can occur during economic booms Duri......
Q:
What is the difference between a soft commitment and no commitment?
A:
In making no commitment a firm has not taken an act......
Q:
United Aluminum Company of Cincinnati produces three grades (high, medium, and low) of aluminum at two mills. Each mill has a different production capacity (in tons per day) for each grade, as...
A:
x 1 no of days to operate Mill......
Q:
If there has been a bonus issue in a particular year, do we need to adjust the previous periods EPS for comparative purposes? If so, how do we adjust the previous periods EPS?
A:
Yes when there has been a bonus issue in a particular year it is important to adjust the previous period s earnings per share EPS for comparative purp......
Q:
Albert Einstein is pondering how to write his (soon-to-be-famous) equation. He knows that energy E is a function of mass m and the speed of light c, but he doesn't know the functional relationship (E...
A:
Let s help Albert Einstein derive his famous equation using the method of dimensional analysis We ll......
Q:
Repeat Prob. 751 except do not assume that the tank is large. Instead, let tank diameter D tank and average liquid depth h tank be additional relevant parameters. Data from Exercises 51 A stirrer is...
A:
To generate a dimensionless relationship between the parameters using the method of repeating variables we first need to identify the repeating variab......
Q:
The town of Hillside has a surface reservoir that supplies water to the homes in the towns central residential district. A committee of residents is concerned about the systems capacity and wants to...
A:
The Holt Winters method is a time series forecasting technique that includes three components level......
Q:
All companies are required to disclose in their annual reports the amounts paid to their auditors for both the financial report audit and any other services performed for the company. Required Obtain...
A:
In the case of Apple Inc the auditor remuneration disclosures can be found......
Q:
Private companies following ASPE can classify interest and dividends differently than can companies following IFRS. Explain how these classifications can differ and identify the most commonly used...
A:
Companies following ASPE classify interest paid interest revenue......
Q:
What is the amount of total interest dollars earned on a $5,000 deposit earning 6% for 20 years?
A:
It is an example of compound interest 5 000 1 06 20 5......
Q:
Which of the following is not a way in which management can usejob cost? information? A.Using the cost information in determining the bid price forcustom orders B.Assessing and comparing the...
A:
Job costing involves a systematic collection and tracking......
Q:
Which of the following is not a way that humans have increased the carrying capacity of the environment? a. Agriculture b. Using large amounts of natural resources c. Domestication of animals d. Use...
A:
Answer c This question tests the ability to understand that farming or......
Q:
Which of the following is not a governmental structural policy that supply-side economists believe would promote long-term growth in an economy? a. A redistributive tax system. b. A promotion of...
A:
a A redistributive tax system Explanation When wealth is red......
Q:
A process stream is heated using a shell and tube heat exchanger. The exit temperature is controlled by adjusting the steam control valve shown in figure. During an open-loop experimental test, the...
A:
Assume that the process can be modeled adequately by a first order plus time del......
Q:
One common objective is quality. Listed below are businesses that regard quality as a strategic objective. For each business, list two performance measures that could help capture the strategic...
A:
a A taxi company response time knowledge of area b A faculty within a......
Q:
A tabular analysis of the transactions made during August 2022 by Wolfe Company during its first month of operations is shown as follows. Each increase and decrease in stockholders equity is...
A:
a 1 Stockholders invested 20 000 cash in the business 2 Purchased equipment......
Q:
What are some major challenges for Amazon?
A:
Amazon still needs to break into......
Q:
Gross Profit Method Each of the following gross profit percentages is expressed in terms of cost. 1. 20%. 2. 25%. 3. 3313%. 4. 50%. Indicate the gross profit percentage in terms of sales for each of...
A:
1 2 3 4 20 100 20......
Q:
Chandler Packaged Treats (CPT) sells a specialty pet food to pet stores. CPT management prides itself on its scientific management methods. Applying those methods, the controller estimates the...
A:
Let s address each requirement step by step a Compute CPT s unit selling price to yield a profit of......
Q:
in your own words the three conceptual stages of CPS and the 6-step process of applying CPS described in the text
A:
CPS or Creative Problem Solving is a structured approach to generating new and innovative solutions......
Q:
The results of a confidence interval and significance testshould agree as long as: the significance test is two-sided both are conducted on the same data set we are making inferences about means we...
A:
The detailed answer for the above question is provided below Answer and step by step explanation The......
Q:
Which one of the following is an agency cost? a. Closing a division of the firm that is operating at aloss. b. Investing in a new project thatcreates firm value. c. Increasing the quarterlydividend....
A:
Agency costs refer to the costs associated with conflicts of interest between compan......
Q:
You prepared Webworks statements for several months during their first year in business. We now move to the second year. The financial statements for December of the first year are included here as a...
A:
A Journal entries a b d e f g h i ii i j k i m n Accounts receivable a c Dr To Sales revenue a c Being web sites work completed and billed Supplies a c Dr To accounts payable a c Being supplies purcha......
Q:
Andre Parker is a CFA charter holder, who works as an equity research analyst for an investment firm. During his spare time, Parker volunteers for City Pride, which collects used books for children...
A:
Yes Andre Parker s conduct appears to violate the CFA Institute s Code of Ethics and Standards o......
Q:
One of the most important aspects of host security is also the most obvious: securing the devices themselves so that unauthorized users are prohibited from gaining physical access to equipment....
A:
In order to protect systems and data administrative controls rely on human behavior and policies Technical controls are safety precautions that rely o......
Q:
Bella has 32 songs on her iphone. Three-eighths of those songs are by Justin Timberlake. How many Justin Timberlake songs does Bella have on her iphone?
A:
To find out how many songs by Justin Timberlake Bella......
Q:
Estimate the percentage of variation in spending that is explained by a moviegoer's age . Moviegoer Spending on Snacks (n = 10) Age (X) ($) Spent (Y) 6.85 10.50 5.50 30 50 34 12 37 33 36 26 18 46...
A:
I The following table is very useful for making easy calcu......
Q:
Create a UML class diagram containing the following information. Class Name Name Type Class A Class Return void int ClassB Interface void ClassC Class Operations Name operation1 public char*...
A:
UML Class diagram is used to construct and visualize......
Q:
QUESTION 1 Assume that sea water has = , = the frequency at which the conduction current density is 10 times the displacement current density in magnitude. (4) QUESTION 2 A conductor with...
A:
QUESTION 1 QUESTION 2 QUESTION 3 QUESTION 4 QUESTION 5 QUESTION......
Q:
Consider the combustion of methanol below. If 64 grams of methanol reacts with 160 grams of oxygen, what is the CHANGE in volume at STP. 2CH3OH(g) + 3O2(g) 2CO2(g) + 4H2O(1) The volume decreases by...
A:
At STP mass of methanol taken 64 g mass of oxygen tak......
Pragmatic Thinking And Learning Refactor Your Wetware 1st Edition - ISBN: 1680504231 - Free Book