Solved

On July 1, 2017, Miniature Company Has Bonds with Balances

Question 156

Multiple Choice

On July 1, 2017, Miniature Company has bonds with balances as shown below. On July 1, 2017, Miniature Company has bonds with balances as shown below. If the company retires the bonds for $72,150, what will be the effect on the income statement? A) loss on retirement of $7,150 B) gain on retirement of $7,150 C) sales revenue of $65,000 D) no effect on net income If the company retires the bonds for $72,150, what will be the effect on the income statement?


A) loss on retirement of $7,150
B) gain on retirement of $7,150
C) sales revenue of $65,000
D) no effect on net income

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q144: The Employee Bonus Payable would normally be

Q146: FICA-OASDI Taxes Payable would normally be shown

Q148: The balance sheet shows the balance in

Q153: Refer to the following list of liability

Q155: Alexander Corp. has the following balances as

Q158: The debt to equity ratio of four

Q159: The Current Portion of Long-Term Notes Payable

Q159: On March 21, 2017, the bond accounts

Q167: If a company is financing more assets

Q171: The fact that invested cash earns interest

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents