Business, 08.02.2021 19:00 cmfuentes0816
Discount-Mart issues $10 million in bonds on January 1, 2021. The bonds have a ten-year term and pay interest semiannually on June 30 and December 31 each year. Below is a partial bond amortization schedule for the bonds:
Date Cash Paid Interest Expense Increase in Carrying Value Carrying Value
01/01/2021 $8,640,967
06/30/2021 $300,000 $345,639 $45,639 8,686,606
12/31/2021 300,000 347,464 47,464 8,734,070
06/30/2022 300,000 349,363 49,363 8,783,433
12/31/2022 300,000 351,337 51,337 8,834,770
Required:
What is the stated annual rate of interest on the bonds?
a. 3 %
b. 8%
c. 4%
d. 6%
Answers: 2
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Margaret company reported the following information for the current year: net sales $3,000,000 purchases $1,957,000 beginning inventory $245,000 ending inventory $115,000 cost of goods sold 65% of sales industry averages available are: inventory turnover 5.29 gross profit percentage 28% how do the inventory turnover and gross profit percentage for margaret company compare to the industry averages for the same ratios? (round inventory turnover to two decimal places. round gross profit percentage to the nearest percent.)
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Answers: 1
Discount-Mart issues $10 million in bonds on January 1, 2021. The bonds have a ten-year term and pay...
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