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...
-
WilsonArt set up a petty cash fund of $200 on March 1, 2014. On March 17, the petty cash box contained $19 and the following receipts: $75 for printing, $48 for taxi fare, and $55 for delivery...
-
As the vice president of finance for a U.S. firm, what do you say to your production manager when he states, We shouldnt let foreign exchange risk interfere with our profitability. Lets simply...
-
A company wishes to hedge its exposure to a new fuel whose price changes have a 0.6 correlation with gasoline futures price changes. The company will lose $1 million for each 1 cent increase in the...
-
Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2010, the available-for-sale securities were carried in Coles accounting records at...
-
if assets are 1 1 5 , 0 0 0 , owner investments are 2 9 , 0 0 0 , loss of 2 5 , 5 0 0 and owner withdrawals are 6 , 9 0 0 . what are the liabilities
-
The 2018 balance sheets and income statement for Netflix Inc. follow. Refer to these financial statements to answer the requirements. NETFLIX INC. Consolidated Statement of Earnings For Year Ended...
-
Alake Company is a manufacturing firm that uses job-order costing. At the beginning and ending of the year, the company's inventory balances were as follows: Beginning (S) Ending ($) 100,000 50,000...
-
What is the broker's responsibility regarding the settlement statement? briefly describe.
-
After reviewing the material that aids in defining American literature from a socio-cultural and historical context, reallyreflect on what is it to be American? In addition, what is literature --- is...
-
Consider an equilateral triangle, with side length 0.153 m. At two of the vertices of this triangle, there are long straight wires carrying a current of 7.79 A out of the page. Find the magnitude of...
-
When choosing to enable Multiple Inventory Sites tracking, what specific concern needs to be considered?
-
Refer to Halloran Metals' Financials. The credit policy with customers (terms and conditions on the invoice to the customer) states "please make payments within 30 days". When compared to Halloran's...
-
4. Certain items deducted in computing a corporation's current year taxable income are added back to compute "earnings and profits because: A.___They represent deductions to be taken in a future...
-
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?
-
(a) Distinguish between capital and revenue expenditure. (b) Drake Ltd took delivery of a computer network on 1 July 2016, the beginning of its financial year. The list price of the equipment was...
-
A business started trading on 1 January 2014. During the two years ended 31 December 2014 and 2015 the following debts were written off to the Bad Debts Account on the dates stated: On 31 December...
-
A business had always made an allowance for doubtful debts at the rate of 3 per cent of accounts receivable. On 1 January 2015 the amount for this, brought forward from the previous year, was 400....
Study smarter with the SolutionInn App