Entries by mary WAMBUGU

It will cost $5,500 to acquire a small computer back-up system. Cost savings are expected to be $1,800 a year for three years.

September 15, 2019 in /by

It will cost $5,500 to acquire a small computer back-up system. Cost savings are expected to be $1,800 a year for three years. After the three years, the system is expected to be worthless as that is the expected remaining life of the technology. What is the payback period of the system?    Looking for […]

 

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Bitnec Corporation acquired three separate investments at the beginning of the year. Information about each acquisition, the dividends declared and paid during the year, income, and year-end stock price, follows:

September 15, 2019 in /by

Bitnec Corporation acquired three separate investments at the beginning of the year.  Information about each acquisition, the dividends declared and paid during the year, income, and year-end stock price, follows: INITIAL INVESTMENT Purchased 50,000 shares of Lynch Corporation at $11 per share.  This investment was made with the intent of near-term trading profits.  Lynch Corporation […]

 

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Erik Food Supply Company issued $100,000 of face amount of 4-year bonds on January 1, 20X1. The bonds were issued at 98, and bear interest at a stated rate of 8% per annum, payable semiannually.

September 15, 2019 in /by

Erik Food Supply Company issued $100,000 of face amount of 4-year bonds on January 1, 20X1.  The bonds were issued at 98, and bear interest at a stated rate of 8% per annum, payable semiannually.  The discount is amortized by the straight-line method. (a) Prepare the journal entry to record the initial issuance on January, […]

 

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Horton Micro Chip Company issued $100,000 of face amount of 6-year bonds on January 1, 20X1. The bonds were issed at 103, and bear interest at a stated rate of 8% per annum, payable semiannually.

September 15, 2019 in /by

Horton Micro Chip Company issued $100,000 of face amount of 6-year bonds on January 1, 20X1.  The bonds were issed at 103, and bear interest at a stated rate of 8% per annum, payable semiannually.  The premium is amortized by the straight-line method. (a) Prepare the journal entry to record the initial issue on January, […]

 

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