Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Rules of debit and credit: “An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited. Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”. Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals. To record: The journal entry for sale of bonds.

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Answer 1

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Cost Pools Budgeted Costs Cost Driver Practical Capacity Budgeted Activity for S-101 Budgeted Activity for C-110 Setup activity 250000 Setup hours 5000 2500 2350 Packing and shipping 50000 Number of shipments 2000 1200 775 Inspection 30000 Number of batches 1000 250 700 Machining 750000 Units produced 150000 100000 40000 Purchase ordering 40000 Number of orders 300 50 110 1. Which Cost Pool is approximately 22 percent of the total budgeted costs? 2. What percentage of the total budgeted costs does Machining take up? 3. What is the percentage of the total budgeted costs taken up by the smallest Cost Pool? 4. Which Cost Pool has 1.25 percent slack? 5. Which Cost Pool has the highest percent slack? 6. In the Inspection Cost Pool, what is the amount of difference between budgeted costs and the budgeted activity for both products? 7. In how many cost pools is the S-101 manufacturing overhead (MO) greater than the C-110 manufacturing overhead (MO)? 8. In which Cost Pools is…

Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income Statement Net sales $ 8,600 Cost of goods sold (6,050) Gross profit 2,550 Operating expenses (1,850) Interest expense (100) Income tax expense (240) Net income $ 360 Comparative Balance Sheets December 31 2024 2023 Assets Cash $ 500 $ 400 Accounts receivable 500 300 Inventory 700 500 Property, plant, and equipment (net) 1,000 1,100 $ 2,700 $ 2,300 Liabilities and Shareholders’ Equity Current liabilities $ 500 $ 250 Bonds payable 900 900 Common stock 500 500 Retained earnings 800 650 $ 2,700 $ 2,300 Calculate the following ratios for 2024. Note: Consider 365 days a year. Round your intermediate calculations and final answers to 2 decimal places.

Ans plz general accounting

Answer 2

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

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Answer 3

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

Expert Solution & Answer

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Answer 4

Question

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

Expert Solution & Answer

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Answer 5

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

(b)

To determine

To record: adjusting journal entry for interest expense.

(c)

To determine

To record: journal entry to record interest paid.

Answer 6

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

Answer 7

Chapter 15, Problem 15.3BE

(a)

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Rules of debit and credit:

“An increase in an asset account, an increase in an expense account, a decrease in liability account, and a decrease in a revenue account should be debited.

Similarly, an increase in liability account, an increase in a revenue account and a decrease in an asset account, a decrease in an expenses account should be credited”.

Bonds: Bond is a financial instrument that provides the long term debt for the company and company pays the interest to its bondholders, usually at a fixed rate and time intervals.

To record: The journal entry for sale of bonds.

Answer 8

(b)

To determine

To record: adjusting journal entry for interest expense.

Answer 9

(b)

To determine

To record: adjusting journal entry for interest expense.

Answer 10

(c)

To determine

To record: journal entry to record interest paid.

Answer 11

(c)

To determine

To record: journal entry to record interest paid.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 15 - Prob. 1Q Ch. 15 - 2. Contrast the following types of bonds: (a)...Ch. 15 - Prob. 3Q Ch. 15 - Prob. 4Q Ch. 15 - Prob. 5Q Ch. 15 - Prob. 6Q Ch. 15 - Prob. 7Q Ch. 15 - Prob. 8Q Ch. 15 - Prob. 9Q Ch. 15 - Prob. 10Q

To record: adjusting journal entry for interest expense.

To record: journal entry to record interest paid.

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Chapter 15 Solutions