2023 1 A company purchased 60 000 of 5 bonds on May 1 at par value The bonds pay interest | Assignments Online
2023 1 A company purchased 60 000 of 5 bonds on May 1 at par value The bonds pay interest | Assignments Online
Assignments Online 2023 Business Finance
1) A company purchased $60,000 of 5% bonds on May 1 at par value. The bonds pay interest on February 1 and August 1. The amount of interest accrued on December 31 (the company’s year-end) would be
A. 250
B. 500
C. 1,250
D. 2,500
E. 3,000
2) Hamilton Company owns 88,200 of Hennie Company’s 180,000 outstanding shares of common stock. Hennie Company pays $30,000 in total cash dividends to its shareholders. Hamilton’s entry to record this transaction should include a
A.Credit to Long-Term investments for $14,700
B.Credit to Dividend Revenue for $30,000
C.Debit to Dividend Revenue for $14,700
D.Debit to Interest Revenue for $14,700
E.Credit to Long-Term Investments for $30,000
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3) On April 18, Riley Co. made a short-term investment in 300 common shares of XLT Co. The purchase price is $42 per share and the broker’s fee is $250. The intent is to actively manage these shares for profit. On May 30, Riley Co. receives $1 per share from XLT in dividends.
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