The entry to record a bond retirement at maturity usually involves:
A. a credit to Gain on Bond Retirement.
B. no gain or loss.
C. a debit to Loss on Bond Retirement.
D. a credit to Bonds Payable.
Answer: B
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The Marino Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:The service cost was $950,000 during 2018 and $1,045,000 during 2019.
The prior service cost amortization each year was $290,000. The contribution to the pension plan was $1,500,000 on December 31, 2018 and $1,800,000 on December 31, 2019. The actuarially determined discount rate and the expected return on plan assets was 10%. The actual return on plan assets was 9.5%. Retirement benefits pertaining to years of service prior to 2018 were granted to the employees. The prior service cost is being amortized over the remaining ten-year life of the employees. What is the balance of the projected benefit obligation as of December 31, 2019? A. $2,575,000 B. $5,599,000 C. $2,090,000 D. $4,895,000
Use this information to answer the following question. The general ledger account for Accounts Receivable shows a debit balance of $50,000 . Allowance for Uncollectible Accounts has a credit balance of $1,000 . Net sales for the year were $500,000 . In the past, 2 percent of sales have proved uncollectible, and an aging of accounts receivable accounts results in an estimate of $17,900 of
uncollectible accounts. Using the accounts receivable aging method, the Allowance for Uncollectible Accounts balance (after adjustment) would be a. $16,900. b. $18,400. c. $17,900. d. $18,900.
Feasibility Report for New Office Hasley's, a retail chain based in the Midwest, has offices in several locations throughout the U.S. Due to expanding markets, the company is researching the need to open a new location in the Southwest. You are a member
of a team asked to write a report on the feasibility of an office at this new location. The team must define the scope of the report and develop a statement of purpose. Required: Identify five questions that need answering to help the team limit the scope of this report. Provide an answer to each question and write a Statement of Purpose for the report.
For which of the following is demand likely to be least sensitive to price increases?
A. theater tickets B. spring break vacations C. prescription drugs D. restaurant meals E. a specific brand of cereal