Entries by Munene david

Lambert Company issues $700,000 of 10%, 10-year bonds on January 1,

May 6, 2020 in /by

Lambert Company issues $700,000 of 10%, 10-year bonds on January 1, 2017 at 102. Interest is payable annually on January 1. The company uses the straight-line method of amortization Instructions: Journalize the entries on (1) January 1, 2017, (2) December 31, 2017. and (3) January 1, 2018.   Looking for a Similar Assignment? Order now […]

 

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The effect on a company’s operating income of discontinuing a department

May 6, 2020 in /by

The effect on a company’s operating income of discontinuing a department with a contribution margin of $8,000 and allocated overhead of $16,000 (of which $7,000 cannot be eliminated would be to : A. Decrease operating income by $9,000 B. Decrease Operating Income by $1,000 C. Increase operating income by $8,000 D. Decrease operating income by […]

 

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Charley Corporation issued $200,000 of 7%, 5-year bonds on June 1,

May 6, 2020 in /by

Charley Corporation issued $200,000 of 7%, 5-year bonds on June 1, 2017. The bonds which were issued at 96, pay interest on January 1 and June 1. Use this information to prepare the General Journal Entry (without explanation) to record the June 1, 2017 bond issue. If no entry is required then write “No entry […]

 

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On February 1, 2018, Morgan corporation issued 15,000 shares of $10

May 6, 2020 in /by

On February 1, 2018, Morgan corporation issued 15,000 shares of $10 par value common stock for $15 per share. On April 3, 2018, Morgan reacquired 1,000 of these shares when they were trading $25 each. Use this information to prepare the General Journal entries (without explanation) for February 1 and April 3   Looking for […]

 

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