Select Page

RECOMMENDED!!ACC 200-On November 1, 2018, Aviation Training Corp

On November 1, 2018, Aviation Training Corp. borrows $52,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 6% note payable. Interest is payable at maturity. Aviation’s year-end is December 31.1.Determine the amount of interest...

RECOMMENDED!!Christopher Kearney Corporation sold $3,500,000

Christopher Kearney Corporation sold $3,500,000, 7%, 20-year bonds on June 30, 2013. The company bonds were dated, June 30, 2013, and pay interest on June 30 and December 31. The company uses straight-line amortization for premiums and discounts.a) Prepare the journal...

RECOMMENDED!!Spot Rate for XYZ (ABC) Corporation

Spot Rate for XYZ (ABC) CorporationXYZ Corp, a US based importer, makes a purchase of crystal glassware from a firm in Switzerland for 39,960 Swiss francs or $24,000, at the spot rate of 1.665 francs per dollar. The terms of the purchase are net 90 days, and the US...

RECOMMENDED!!As of December 31, 2016-Capital Stock, $1,000,000

As of December 31, 2016:Capital Stock, $1,000,000 ($1 par)Paid-In Capital in Excess of Par Value—Common, $4,000,000Retained Earnings Balance on January 1, 2016, $400,000Retained Earnings Balance on December 31, 2016, $300,000Dividends declared and paid in 2016:...