Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds. To prepare: Computation of gain or loss on retirement of bond

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Answer 1

Question

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

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Please explain the correct approach for solving this general accounting question.

Answer 2

Question

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Answer 6

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

Answer 7

Chapter 8, Problem 8.22BP

1.

To determine

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

Answer 8

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

Answer 9

2.

To determine

Introduction: Eliminating Entries- In preparing the consolidated financial statement, sums owned by one company to the other company within the group should be eliminated, for intercompany transactions, for this parent companies eliminates the effect of intercompany transactions by making eliminating entries.

To prepare: The journal entries for each transaction.

Answer 10

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Answer 11

3.

To determine

Introduction: Retained earnings is that part of total net profit which is left with the company or business enterprise after paying dividend to its shareholder including preference share holder and equity shareholder both. Or It can be stated as cumulative profits of a company after deducting dividends.

To prepare: To calculate retained earnings.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - Prob. 8.1Q Ch. 8 - What is meant by a constructive bond retirement in...Ch. 8 - Prob. 8.3Q Ch. 8 - Prob. 8.4Q Ch. 8 - When a parent company sells land to a subsidiary...Ch. 8 - Prob. 8.7Q Ch. 8 - Prob. 8.8Q Ch. 8 - Prob. 8.9Q Ch. 8 - Prob. 8.10Q Ch. 8 - Prob. 8.11Q

Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds. To prepare: Computation of gain or loss on retirement of bond

Solution Summary: The author explains that bonds are fixed income interest that shows a loan made by an investor. Gain on bond retirement is profit earned on retirement or maturity of bonds.

Concept explainers

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond

Want to see the full answer?

Chapter 8 Solutions

Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds. To prepare: Computation of gain or loss on retirement of bond

Solution Summary: The author explains that bonds are fixed income interest that shows a loan made by an investor. Gain on bond retirement is profit earned on retirement or maturity of bonds.

Concept explainers

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds. To prepare: Computation of gain or loss on retirement of bond

Want to see the full answer?

Chapter 8 Solutions

Introduction: Bond is known as a fixed income interest that shows a loan made by an investor to a borrower. Gain on bond retirement is profit earned on retirement or Maturity of bonds.

To prepare: Computation of gain or loss on retirement of bond