...Jamona Corporation Scenario Amy McIntosh ACC545 May 7, 2012 Hung Tran Jamona Corporation Scenario The following paper details the journal entries relating to the investments, inventory, fixed assets, and capital leases noted within the Jamona Corporation document. The attached excel document shows applicable schedules, financial statement handling, and any necessary note disclosures. Investments Purchase 1/1/06 Available-for-sale Securities $322,744.44 Cash $322,744.44 12/31/06 Cash $36,000 Available-for-sale Securities $3,725.56 Interest Receivable $32,474.44 ($322,744.44 * 10%) Available-for-sale Securities $1,481.12 Unrealized holding gain/loss- Equity $1,481.12 ($320,500 – $319,018.88) 12/31/07 Cash $36,000 Available-for-sale Securities $3,725.56 Interest Receivable $32,474.44 ($322,744.44 * 10%) Available-for-sale Securities $7,401.89 Unrealized holding gain/loss- Equity $7,401.89 (see attached schedule) 12/31/08 Cash $36,000 Available-for-sale Securities $3,725.56 Interest Receivable $32,474.44 ($322,744.44 * 10%) Available-for-sale Securities $10,224.55 Unrealized holding gain/loss- Equity $10,224.55 (see attached schedule) 12/31/09 Cash $36,000 Available-for-sale Securities $3,725.56 Interest Receivable $32,474.44 ($322,744.44 * 10%) Available-for-sale Securities $6,949.10 Unrealized holding gain/loss- Equity $6,949.10 (see attached schedule) 12/31/10 Cash $36,000 Available-for-sale...
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...Jamona Exercise Keith Mc Auley ACC545 January 30, 2012 Deborah Ashbury Jamona Exercise Date | Cash Received | Interest Revenue (PV) | Bond Premium Amortization | Carrying Amount of Bonds | 1/1/2006 | | | | 322,744.44 | 12/31/2006 | 36,000.00 | 30,545.34 | 5454.66 | 317,289.78 | 12/31/2007 | 36,000.00 | 29,750.40 | 4958.45 | 312,331.33 | 12/31/2008 | 36,000.00 | 27,046.80 | 4507.85 | 307,823.48 | 12/31/2009 | 36,000.00 | 24,588.00 | 4098.04 | 303,725.44 | 12/31/2010 | 36,000.00 | 22,352.40 | 3725.44 | 300,000.00 | | | | | | Journal entries Purchase of Bond 1/1/2006 Purchase of 12% Bond 300,000.00 Loss on purchase of bond 22,744.44 Cash 322,744.44 To record interest and bond premium amortization 12/31/2006 Interest revenue 30,545.34 Bond premium 5,454.66 Cash 36,000.00 12/31/2007 Interest revenue 31,041.55 Bond premium 4,958.45 Cash 36,000.00 12/31/2008 Interest revenue 31,492.15 Bond premium 4507.85 Cash 36,000.00 12/31/2009 Interest revenue 31,901.96 Bond premium 4098.04 Cash 36,000.00 12/31/2010 Interest revenue 32,274.56 Bond premium 3725.44 Cash 36,000.00 2.date | Beg Inv | | Purchases | | Ending inv | | | Dollars | Units | Dollars | Units | Dollars | Units | 1/1/2007 | 4800 | 600 | | | 4800 | 600 | 1/5/2007 | | | 10800 | 1200 | 15600 | 1800 | 1/25/2007 | | | 13000 | 1300 | 28600 | 3100 | 2/16/2007...
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...I. Investments | | | | | | | | | | | | | | | | | | | | | | | | January 1, 2006 | | Bonds Investment (Available for Sale) | | $322,744.44 | | | | | | Cash | | | | | | | | $ 322,744.44 | | | | Purchases Bonds for Cash (Available for Sale) | | | | | | | | | | | | | | | | | | December 31, 2007 | | Cash | | | | | | $36,000.00 | | | | | | Interest Revenue | | | | | | $36,000.00 | | | | Received Interest on Bond Investment | | | | | | | | | | | | | | | | | | December 31, 2007 | | Interest Revenue | | | | | $4,098.11 | | | | | | Investment in Bonds (Available for Sale) | | | | $4,098.11 | | | | Amortization of Bond Premium | | | | | | | | | | | | | | | | | | | | December 31, 2007 | | Unrealized Holding Gain or Loss-Equity | | $5,920.77 | | | | | | Securities Fair Value Adjustment (Available for Sale) | | $5,920.77 | | | | Adjust Bond Investment (Available for Sale) to FMV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Bond Amortization Table | | | | | | | | | | Date | | Interest Payment | | Effective Interest | | Amortization | | Bond Carrying Amount | | | | December 31, 2006 | | $ 36,000.00 | | $ 32,274.44 | | $ 3,725.56 | | $ 319,018.88 | | | | December 31, 2007 | | $ 36...
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...InboxMy ProfileWhat's NewHelpLogoutWelcome Jovon Porter (IRN:9022860806) HomeClassroomLibraryProgramAccountPhoenixConnect ACC/545 MaterialsDiscussionAssignmentsGrades ACC/545 FINANCIAL REPORTING Start Date: 03/15/2011 PrintCOURSE DESCRIPTION This course prepares students to address concepts of financial reporting for roles as CPAs. Students learn important criteria for calculating capital changes, applying concepts of fixed assets and cost determination, and preparing consolidated financial statements. Other topics include the professional responsibilities of CPAs, deferred taxes, cash flow statements, balance sheet preparation, restructuring of troubled debt, and the intricacies of comprehensive income. Week 1 - Topic 1: Reporting Issues Objectives Differentiate among the services provided by auditors. Explain procedures for reporting accounting changes and error corrections. Describe the professional responsibilities of accountants in financial reporting. Compare and contrast the forms of business structure. Explain the methodology used to determine deferred taxes. Materials SUPPLEMENT: Week One Content Outline SUPPLEMENT: Week One Mind Map SUPPLEMENT: Week One Student Road Map SUPPLEMENT: Sample Final Exam EBOOK COLLECTION: Auditing and Assurance Services, Ch. 1 EBOOK COLLECTION: Intermediate Accounting, Ch. 19 EBOOK COLLECTION: Intermediate Accounting, Ch. 22 EBOOK COLLECTION: Advanced Accounting, Ch. 7 EBOOK COLLECTION: Financial Accounting Theory and...
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