A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2012. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,109. What is interest expense for 2013, using straight-line amortization? a.
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effect of doubtful accounts on net income. During its first year of operations, fisher plumbing supply Co. had sales of $2,780,000, wrote off $16,000 of accounts as uncollectible using the direct write-off method and reported net income of $120,000.
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