On October 1, 2016, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. Collapse question part (a) Correct answer. Your answer is correct. Prepare the journal entry to record the issuance of the bonds.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “On October 1, 2016, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash sales $ 907,000 Credit sales 307,000 Its year-end unadjusted trial balance includes the following items.
Answers (1)
On July 1, Year 1, a corporation purchased 3,000 shares of E Co.âs 10,000 outstanding shares of common stock for $20 per share but did not elect the fair value option. On December 15, Year 1, E paid $40,000 in dividends to its common shareholders.
Answers (1)
Which of the following questions considered by markets is closely associated with promotion? a. How can we use social media to increase our products sales? b. Should we increase the prices of our products? c.
Answers (1)
The Cooper Company is considering investing in a recuperator. The recuperator will have an initial cost of $20,000 and a service life of 10 years.
Answers (1)
Payne Company reported the following information for the current year: Sales $ 840,000 Average operating assets $ 340,000 Desired ROI 12 % Net income $ 54,000 The company's residual income was: Multiple Choice $40,800. $6,000. $13,200. $19,200.
Answers (1)
New Questions in Business
Identify the internal control principle that is applicable to each procedure. The following reconciling items are applicable to the bank reconciliation for Ellington Company: (1) outstanding checks, (2) bank debit memorandum for service charge, (3)
Answers (1)
Valera Corporation makes a product with the following standards for labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct labor 0.4 hours $ 21.00 per hour $ 8.40 Variable overhead 0.4 hours $ 6.
Answers (1)
Which of the following are tasks associated with business administration positions? a. answering phones b. designing goods for production c. delivering goods to markets d. maintaining records e. repairing computers
Answers (1)
Pepe, Incorporated acquired 60% of Devin Company on January 1, 2017. On that date Devin sold equipment to Pepe for $45,000. The equipment had a cost of $120,000 and accumulated depreciation of $66,000 with a remaining life of 9 years.
Answers (1)
Which statement is incorrect? a. Dividends represent a distribution by a corporation to its stockholders. b. Dividends are shown on the income statement. c. Dividends reduce stockholders' equity, thus the Dividends account increases on the left side.
Answers (1)