Tamarisk Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and nocredits, with the following descriptions.F-b. 1.2025July 1(a)(5)Sharapova Company common stock, $100 par, 200 sharesU.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of31000 par cáchMcGrath Company 12% bonds, par $54,100, dated March 1, 2025, purchased at 104 plus accruedinterest, interest payable annually on March 1, due March 1, 2045Your answer is partially correct.Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-linemethod. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indentmanually. Ifna entry is required, select "No Entry for the account titles and enter Ofor the amounts. Round answers to 0 decimal places.5.19251Date Account Titles and Explanationinterest ReceWADADebt levertientsIranas RavaNUEeTextbook and MediaDebitCredit

Premium on bond issue or investment in bond securities is recorded when the issue price or purchase…

Tamarisk Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1,2025 April 1 July 1 (a) (b) Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of $1000 par cách McGrath Company 12% bonds, par $54,100, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 Your answer is partially correct. Date Account Titles and Explanation Dec. 31, 2025 Interest Receivable Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, 58.1.225. Debt investments Interest Revenue Debit $34,600 Credit 108,000 58,428

Tamarisk Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1,2025 April 1 July 1 (a) (b) Sharapova Company common stock, $100 par, 200 shares U.S. government bonds, 11%, due April 1, 2035, interest payable April 1 and October 1, 108 bonds of $1000 par cách McGrath Company 12% bonds, par $54,100, dated March 1, 2025, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2045 Your answer is partially correct. Date Account Titles and Explanation Dec. 31, 2025 Interest Receivable Prepare the entry to record the accrued interest and the amortization of premium on December 31, 2025, using the straight-line method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Round answers to 0 decimal places, 58.1.225. Debt investments Interest Revenue Debit $34,600 Credit 108,000 58,428

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Do not give solution in image
Entries for Investment in Bonds, Interest, and Sale of Bonds Gonzalez Company acquired $160,800 of Walker Co., 4% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $48,000 of the bonds for 95. Journalize entries to record the following in Year 1: For a compound transaction, if an amount box does not require an entry, leave it blank. cash/interest receivable/interest revenue/intestments-walker co. bonds/notes receivable/gain on sale of investments/loss on sale of investments/ a. The initial acquisition of the bonds on May 1. May 1 fill in the blank c03a4cfc3fb402e_2 fill in the blank c03a4cfc3fb402e_4 b. The semiannual interest received on November 1. Nov. 1 fill in the blank 6a1691048043fc2_2 fill in the blank 6a1691048043fc2_4 c. The sale of the bonds on November 1. Nov. 1 fill in the blank ef2f17f46f98feb_2 fill in the blank…
Do not give answer in image and hand writing
Recording in the Accounting System On January 1, 2014, Jack Company issues the $4,110,000, 8%, 10-year bonds described above for cash of $3,373,263. Journalize the issuance of the Jack Company bonds.
Ace Electric recorded the following in its tabular analysis. What is the nature of the transaction recorded on June 1? Jan. 1 Jun. 1 Assets Cash 31,600 53,200 = 55,000 Liabilities Bonds Payable + Discount on Bonds Payable + Common Stock + O Issuance of bonds at a premium O Payment of interest on bonds Redemption of bonds at maturity O Issuance of bonds at a discount Stockholders' Equity -1,800 Revenues Expenses
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?
Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .
im.2
Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's cash flow from investing?
Answer complete question in the format,, please answer in text form without image
None
Assume that on January 1, First Union Co. purchases for cash a $400,000 of Medford City 5% bond at 100 plus accrued interest of $4,500 as an investment on January 1. What accounts would be debited for the $4,500 in the journal entry to record the investment? DATE DESCRIPTION PREF DEBIT CREDIT Jan. 1 (?) $400,000 (?) 4,500 (?) 404,500 Investment in Medford City Bonds Interest receivable Cash Interest revenue O000