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Author Question: If a government issues bonds with a face value of 5,000,000 at a 2 discount and incurs 55,000 of ... (Read 11 times)

arivle123

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on: Jul 6, 2018
If a government issues bonds with a face value of 5,000,000 at a 2 discount and incurs 55,000 of issuance costs, the General Long-Term Liabilities accounts will report a liability of
 
  a. 0
  b. 4,900,000
  c. 4,955,000
  d. 5,000,000
  e. 5,055,000

Question 2

Sales Discounts and Sales Returns and Allowances have the following characteristics in common:
 a. Contra-Asset, DR
   b. Contra-Revenue, DR
   c. Contra-Asset, CR
   d. Contra-Revenue, CR


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Dominic

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Reply #1 on: Jul 6, 2018
Answer to Question 1

D

Answer to Question 2

b


arivle123

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

ghepp

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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