The balance sheet for Lemay Company reports the following information on July 1, 2010. Lemay decides to
Question:
The balance sheet for Lemay Company reports the following information on July 1, 2010.
Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to record the redemption on July 1,2010.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Transcribed Image Text:
Long-term liabilities Bonds payable Less: Discount on bonds payable $1,000,000 60,000 $940,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Bonds Payable 1000000 Loss ...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
The balance sheet for Miley Consulting reports the following information on July 1, 2021. Non-current liabilities Bonds payable, 4%, due 2024 ............... $940,000 The face value of these bonds is...
-
The balance sheet for Fogelberg Company reports the following information on July 1, 2014. Fogelberg decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to...
-
The balance sheet for Gelher Company reports the following Information on July l, 2017. Gelher decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record...
-
A firm only uses one input in its production function, labor (L = number of workers) to produce car rides (all the workers provide their own cars, gas, etc.). The firm's total revenue (TR) function...
-
Identify the ratio(s) that should be used to help answer each of these questions. (a) How efficient is the company in using its assets to produce sales? (b) How near to sale is the inventory on hand?...
-
Consider the general chemical equation: A + 2 B C + 2 D (a) How many moles of C are produced from 1 mol of A? (b) How many liters of gas B must react to give 2 L of gas D at the same temperature and...
-
A system at constant pressure consists of \(10 \mathrm{~kg}\) of air at a temperature of \(1000 \mathrm{~K}\). Calculate the maximum amount of work which can be obtained from the system if the...
-
Logan Corporation, a manufacturer of steel products, began operations on October 1, 2006. The accounting department of Logan has started the fixed asset and depreciation schedule shown as follows:...
-
The mass of a radioactive substance follows a continuous exponential decay model. A sample of this radioactive substance has an initial mass of 355 kg and decreases continuously at a relative rate of...
-
FiberTech makes newsprint for newspapers at three mills, A, B, and C. The cost of producing newsprint is estimated to be $210 at mill A, $225 at B, and $220 at C. Five primary geographical markets...
-
Halloway Company has issued three different bonds during 2010. Interest is payable semiannually on each of these bonds. 1. On January 1, 2010, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2010,...
-
Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the...
-
Winston recently became the treasurer of Homeless, Inc., a 501(c)(3) organization that feeds the homeless. One of the entitys directors has proposed that Homeless purchase and operate a fast-food...
-
1 percent) discount rate carries its own risk. This is because of the possibility that a discount rate close to zero may hinder important technological advances in the near-term. The adverse effects...
-
Do you think it is reasonable to assume that the production of ESS follows the law of diminishing marginal product? Explain.
-
Read the following statements. In response, state True, False or Uncertain and explain why: (a) Biological diversity contributes to an increase in the stability of the supply of ecosystems services....
-
Explain how the combined effects of clouds, aerosols, forest ecosystems and ocean currents contribute to the difficulty of estimating future GW trends.
-
Briefly identify the following concepts: preventive and positive checks to population growth, exponential growth, the Malthusian trap, Ricardian rent, neo-Malthusian, real per capita output,...
-
When a verbal response depends on a verbal discriminative stimulus, the verbal relations are: a manding b tacting c intraverbal d textual
-
The age-old saying for investing is "buy low and sell high," but this is easier said than done. Investors who panic about falling prices sell their investments, which in turn lowers the price and...
-
Find the area of the region enclosed by the graphs of the functions. y = 4 x 2 , y = 3x, y = 4
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
How do the principles of (a) Physical controls and (b) Documentation controls apply to cash disbursements?
-
(a) What is a voucher system? (b) What principles of internal control apply to a voucher system?
-
What sophisticated strategies can be employed to proactively anticipate and mitigate the long-term impacts of stress and adversity, cultivating resilience as a strategic imperative for sustainable...
-
Who is the ideal target consumer for Netflix? We know just about everyone watches Netflix, but try to be more specific - who do you think is the right target audience? Is that who you believe they...
-
What refined methodologies exist for building resilience through strategic relationship-building and social support networks, fostering a sense of belonging, trust, and cohesion within professional...
Study smarter with the SolutionInn App