Joseph Company issued $800‚000‚ 11%‚ 10-year bonds on December 31‚ 2007‚ for $730‚000. Interest is payable semiannually on June 30 and December 31. Joseph Company uses the straight-line method to amortize bond premium or discount. Instructions Prepare the journal entries to record the following. The issuance of the bonds. (For multiple debit/credit entries‚ list amounts from largest to smallest eg 10‚ 5‚ 3‚ 2.) The payment of interest and the discount amortization on June 30‚ 2008. (For multiple
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that the adjusting entry reduces the expense and liability since days paid in 2012 are higher than days earned‚ thereby reducing what we owe. PROBLEM 3 Coupon A is not considered a liability since there is no future sacrifice (as defined by accounting). When the coupon is submitted‚ we will earn less profit‚ which is a legitimate marketing strategy. Coupon B is considered a liability since there is a probable future sacrifice‚ the company is currently obligated‚ and the issuance of the coupon
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Chapter 1 CA1-1 (FASB and Standard-Setting) Presented below are four statements which you are to identify as true or false. If false‚ explain why the statement is false. 1. GAAP is the term used to indicate the whole body of FASB authoritative literature. 2. Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the disclosure requirements. 3. The primary governmental body that has influence over the FASB is the SEC. 4. The FASB
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1. Which of the following describes the role pastoral societies played in world history before the Mongol Empire? d) They introduced new political models that reshaped the states of older civilizations. a) They preserved the lifestyle of gathering and hunting societies. c) They created a series of nomadic empires and controlled major trade routes. b) They spread their polytheistic religions to neighboring civilizations. 2. Why did pastoral societies emerge only in the Afro-Eurasian
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Exposure Draft Accounting Standard (AS) 9 (Revised 20XX) (Corresponding to IAS 18) Revenue (Last date for Comments: June 07‚ 2010) Issued by Accounting Standards Board The Institute of Chartered Accountants of India 2 Exposure Draft Accounting Standard 9 (Revised 20XX) (Corresponding to IAS 18) Revenue Contents Objective Scope Definitions Measurement of revenue Identification of the transaction Sale of goods Rendering of services Interest‚ royalties and dividends Disclosure Effective
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CAPITAL BUDGETING PROBLEMS: CHAPTER 11 Answers to Warm-Up Exercises E11-1. Categorizing a firm’s expenditures Answer: In this case‚ the tuition reimbursement should be categorized as a capital expenditure since the outlay of funds is expected to produce benefits over a period of time greater than 1 year. E11-2. Classification of project costs and cash flows Answer: $3.5 billion already spent—sunk cost (irrelevant) $350 million incremental cash outflow—relevant cash flow $15 million per year cash
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In discussion eleven‚ we were instructed to describe a way to fit poetry in a unit. We were told to name the kind of poetry it was and how we would formatively and summatively assess it. I chose to do my writing across the curriculum unit on oceans. I incorporated poetry into one of my lessons. I had students write an acrostic poem. I first modeled the poem using the spelling for fish. I wrote a sentence about fish for each letter of the word. After I model the acrostic poem‚ as independent
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Derek Greenfield Intermediate Accounting I 3/2/2012 CA1-1.) 1. True 2. False‚ must comply with all standards and interpretations including disclosure requirements 3. True 4. False‚ FASB must operate in full view of public through a “due process” system that gives interested parties ample opportunity to make their views known CA1-3.) 1. D 2. A 3. D 4. B 5. A 6. B 7. A 8. B E2-5.) Assets- F Liabilities- B Equity- I Investment by owners-
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Chapter 1 Environment and Theoretical Structure of Financial Accounting AACSB assurance of learning standards in accounting and business education require documentation of outcomes assessment. Although schools‚ departments‚ and faculty may approach assessment and its documentation differently‚ one approach is to provide specific questions on exams that become the basis for assessment. To aid faculty in this endeavor‚ we have labeled each question‚ exercise and problem in Intermediate Accounting
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Chapter 2 1. A conceptual framework is a coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature‚ function‚ and limits of financial accounting and financial statements. A conceptual framework is necessary in financial accounting for the following reasons: (1) It enables the FASB to issue more useful and consistent standards in the future. (2) New issues will be more quickly solvable by reference to an existing framework
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