Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assignment Question(s): (5 Marks) Q1- Khaled's company issued and sold $500,000 bond payable on January 1, 2019, with an interest rate of 6%, 5-year and

image text in transcribed
Assignment Question(s): (5 Marks) Q1- Khaled's company issued and sold $500,000 bond payable on January 1, 2019, with an interest rate of 6%, 5-year and received $465,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. Prepare the journal entries to record these transactions on January 1st, at the first interest payment and at the maturity date? Q2- Prepare the journal entries to record these transactions: A. At the beginning of the year Mohammed, Inc. issued an amount of shares of 5 par value stock for 30 per share. (Provide an amount of the stock issued)? B. On December 1st, Mohammed's, Inc. declared a 5 per share cash dividend, for an amount of common shares outstanding (Provide an amount of the common shares). The dividend will be paid on December 31 to stockholders of record on December 15? Q3- Here is the following information for Abdullah's Company, please calculate the net cash provided by operating activities using the indirect method: by providing an amount of each information below: Net income: Depreciation expense: Accounts receivable decreased: Gain on sale of land: Merchandise inventory increased: Proceeds from sale of land: Prepaid expenses decreased: Accounts payable increased

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Financial Accounting

Authors: Jerry J. Weygandt, Lorena Mitrione, Michaela Rankin, Keryn Chalmers, Paul D. Kimmel

3rd Edition

0730302296, 978-0730302292

More Books

Students also viewed these Accounting questions

Question

Describe contextual influences on direct financial compensation.

Answered: 1 week ago

Question

Describe legally required benefits.

Answered: 1 week ago

Question

Discuss career development and career development methods.

Answered: 1 week ago