Advanced Accounting
14th Edition
ISBN: 9781260247824
Author: Joe Ben Hoyle, Thomas F. Schaefer, Timothy S. Doupnik
Publisher: RENT MCG
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Net sales for the year were $2,790,000 and cost of goods sold was $2,050,000 for the company's existing products. A new product is presently under development and will have an expected selling price of not more than $74 per unit in order to remain competitive with similar products in the marketplace. Calculate gross profit and the gross profit ratio for the year.
4500 bonds with a face value of $1000 each, are sold at 101. The entry to record the issuance is
Cash
Premium on Bonds Payable
Bonds Payable
4545000
45000
4500000
Cash
4545000
Bonds Payable
4545000
Cash
Premium on Bonds Payable
Bonds Payable
Cash
Discount on Bonds Payable
Bonds Payable
4500000
45000
4545000
4545000
45000
4500000
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