Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Can you help me with the questions below?

1. Soccer Hat Co. operates in a country with 10% sales tax. For convenience, Soccer Hat Co. credits Sales Revenue for the total amount collected from each customer. If the warehouse fails to make an adjustment for sales taxes, what would happen to the relevant accounts?

2. Company sells $500,000 of 11%, 15-year bonds for $450,253 on April 1, 2014. The market rate of interest on that day is 12.5%. Interest is paid each year on April 1. Company uses the straight-line amortization method. Write the adjusting entry required at December 31, 2014.

3. Company sells $400,000 of 12%, 5-year bonds for $392,879 on April 1, 2014. The market rate of interest on that day is 12.5%. Interest is paid each year on April 1. Company uses the straight-line amortization method. The amount of interest expense for each year will be?

4. Company sells $500,000 of 10%, 5-year bonds for 98. 1286 on April 1, 2014. The market rate of interest on that day is 10.5%. Interest is paid each year on April 1. The entry to record the sale of the bonds on April 1 would be?

5. A bond with a face amount of $12,000 has a current price quota of 101.65. What is the bonds price?

6. Co was organized to sell a single product that carries a 45 day warranty against defects. engineering estimates indicate that 5% of the units sold will prove defective and require an average repair cost of $30 per unit. During Cos first month of operations, total sales were 600 units, by the end of the month, 10 defective units had been repaired. The liability for product warranties at month end should be?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92595406
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question - sandhill inc leased equipment from tower company

Question - Sandhill, Inc. leased equipment from Tower Company under a 4-year lease requiring equal annual payments of $424152, with the first payment due at lease inception. The lease does not transfer ownership, nor is ...

Question - larry recently invested 23000 tax basis in

Question - Larry recently invested $23,000 (tax basis) in purchasing a limited partnership interest. His at-risk amount is also $23,000. In addition, Larry's share of the limited partnership loss for the year is $2,150, ...

Question - sanchez consulting companymark sanchez

Question - Sanchez Consulting Company Mark Sanchez established Sanchez Consulting Company on September 1, 2018, as a backup plan since he is now a free agent and has been suspended for the first four games of the season. ...

Question - the following data was extracted from the

Question - The following data was extracted from the records of Winsam Company Sales Revenue 450 units @ $35 per unit Beginning Inventory 100 units @ $16 per unit Purchases 400 units at $20 per unit What is the gross pro ...

Question - in march stinson company completes jobs 10 and

Question - In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $27,700 and Job 11 $40,500. On March 31, Job 10 is sold to the customer for $40,500 in cash. Journalize the entries for the completion of the two ...

Question please discuss the validation or failure of the

Question: Please discuss the validation or failure of the theory of efficient markets and behavioral finance given the "Credit Crunch" or global financial crisis of 2007-2009. Your initial post must be in your own words, ...

Question - randolph company has two departments department

Question - Randolph Company has two departments (Department A and Department B) for Job #111. As cost drivers used to apply overhead to products, the Department A uses machine-hours and the Department B uses direct labor ...

Question assume you have just been hired as the chief human

Question: Assume you have just been hired as the Chief Human Resources Officer (CHRO) for any Fortune 500 company of your choice (must be a different company than was employed for your Team Application, Reflection, and S ...

Question purpose of assignmentthis assignment is critical

Question: Purpose of Assignment This assignment is critical for students to gain a fundamental understanding of management's and auditor's responsibility for detecting errors, material fraud, and illegal acts. This assig ...

Question - the following are reported amounts from ellis

Question - The following are reported amounts from Ellis Company's multiple-step income statement: Cost of merchandise sold $199,840 Merchandise inventory 139,890 Sales 307,750 Sales discounts 5,850 Sales returns 11,690 ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As