...ACCT 221 Week 2 Hw Solutions Click Link Below To Buy: http://hwcampus.com/shop/acct-221-week-2-hw-solutions/ Problem 1 On 1/1/2015, Starburst Company issued 10-year bonds with a face value of $500,000 at 102. The bonds carry a stated interest rate of 7%, with interest payable semi-annually on January 1 and July 1. Starburst uses the straight-line method of amortizing bond premium or discount. (a) Prepare the journal entry to record the issuance of the bonds. (b) Prepare the journal entry to record payment of interest on July 1, 2015. (c) Prepare the adjusting entry to record the accrual of interest on December 31, 2015. (d) Prepare the balance sheet presentation for the bond on 12/31/2015. (e) Prepare the balance sheet presentation for the bond on 12/31/2016. Problem 2 Black, Inc. management occasionally invests idle cash in stocks that are not intended to be held long term. Management treats these investments as trading securities. 1/5/2015 Purchased 2,500 shares of Eversilver Corporation common stock, which constitutes less than 10% of the outstanding shares of the company for $54.00 per share cash plus a total broker commission of $200. 6/15/2015 Received a cash dividend of $1.50 per share. 12/15/2015 Received a cash dividend of $1.60 per share. 12/31/2015 The market value of the stock is $60 per share...
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...Course Materials Click here to view the required and recommended materials to be purchased and to access ordering information. Course Description (Students should be cautious about enrolling in ACCT 310 or ACCT 311. These are professional courses requiring intensive study and analysis and are not to be undertaken casually. Students who have not taken ACCT 221 within the last two years may have difficulty.) Prerequisites: BMGT 110 (or at least two years of business or management experience) and ACCT 221. A comprehensive analysis of financial accounting topics involved in preparing financial statements and in external reporting. Students may receive credit for only one of the following courses: ACCT 310 or BMGT 310. Course Goals/Objectives This course should help you develop the ability to apply GAAP to a variety of complex accounting and financial reporting situations. The specific goals of this course are to: • provide a more extensive understanding of financial accounting principles and procedures and their role in the managerial decision-making process, through (a) the textbook and other written materials, (b) discussion of accounting topics via Web conferencing and online case study assignments, (c) research on the World Wide Web, and (d) FARS / Financial Accounting Research System • present financial accounting processes, procedures, terminology, concepts, and case studies • provide a higher level of problem-analysis and problem-solving ability through...
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