Hello. Can you please explain to me how to calculate "Accrued Interest Payable" in the journal entry below? Thanks.
Homework Answers
The accured interest payable is calculated as follows:-
7,600,000 * 6%* 1/12 =38,000
As interest is payable for 1 month,i.e, for month of january.
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Hello. Can you please explain to me how to calculate "Accrued
Interest Payable" in the journal...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s...
In Fulbright County, the Culture and Recreation Department
constructed a library in one of the county’s high-growth areas. The
construction was funded by a number of sources. Below is selected
information related to the Library Capital Project Fund. All
activity related to the library construction occurred within the
current fiscal year. The county operates on a calendar-year
basis.
Required
Prepare a journal entry for capital projects fund and governmental
activities at the government-wide level. (If no entry is
required for...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions....
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed...
5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000 of 4 percent bonds, with interest payable semiannually on January...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each of the following unrelated transactions. (The General Fund should not be used) (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the ne...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,800), and the change in net position of governmental activities was S(403,800). During the year, Annette issued $2,160,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,910,000 in capital assets and sold capital assets with a book value of $571,000...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290 200), and the change in net position of governmental activities was $(393,600). During the year, Annette issued $2,100,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,850,000 in capital assets and sold capital assets with a book value of $568,000...
please solve this for me, thanks PR 14-5A Bond discount, entries for bonds payable transactions, interest...
please solve this for me, thanks
PR 14-5A Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Joumalize the entry to record the amount of cash...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. 1. The General Fund collected and transferred S750,000 in tax collections to the debt service fund: S600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 2. A S5,000,000...
***Please explain how to get •interest payable •discount on bonds payable •loss on redemption of bonds...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
In Fulbright County, the Culture and Recreation Department
constructed a library in one of the county’s high-growth areas. The
construction was funded by a number of sources. Below is selected
information related to the Library Capital Project Fund. All
activity related to the library construction occurred within the
current fiscal year. The county operates on a calendar-year
basis.
Required
Prepare a journal entry for capital projects fund and governmental
activities at the government-wide level. (If no entry is
required for...
(You need not provide the journal entry or entries new 5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000...
5-22. Recording Capital Projects Fund Transactions. (L05-4) In Fulbright County, the Culture and Recreation Department constructed a library in one of the county's high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. 1. The county issued $6,000,000 of 4 percent bonds, with interest payable semiannually on January...
Prepare journal entries for capital projects fund and the government-wide governmental activities general Journal for each of the following unrelated transactions. (The General Fund should not be used) (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) Transaction Fund Governmental Activies General Journal Debit Creat 1. A town secures a note payable in the amount of $150,000 to pay initial expenses for construction of a new police station. Town administrators plan...
Following is the information concerning operating activity for Annette County. For the year ended June 30, 2017, the net change in total governmental fund balances was $(290,800), and the change in net position of governmental activities was S(403,800). During the year, Annette issued $2,160,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,910,000 in capital assets and sold capital assets with a book value of $571,000...
Following is the information concerning operating activity for Annette County. For the year ended June 30, the net change in total governmental fund balances was $(290 200), and the change in net position of governmental activities was $(393,600). During the year, Annette issued $2,100,000 in general obligation bonds at a premium of 101. The bonds are to be used for a construction project. The county acquired $2,850,000 in capital assets and sold capital assets with a book value of $568,000...
please solve this for me, thanks
PR 14-5A Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount On July 1, 2016, Merideth Industries Inc. issued $28,500,000 of 10-year, 8% bonds at a market (effective) interest rate of 9%, receiving cash of $26,646,292. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Joumalize the entry to record the amount of cash...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. 1. The General Fund collected and transferred S750,000 in tax collections to the debt service fund: S600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 2. A S5,000,000...
***Please explain how to get
•interest payable
•discount on bonds payable
•loss on redemption of bonds
Ex. 14-106—Retirement of bonds. Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.) The December 31, 2007 balance sheet of Marin Co. included the following items: 7.5% bonds payable due December 31, 2015 $1,200,000 Unamortized discount on bonds payable 48,000 The bonds were issued on December 31, 2005 at 95, with interest payable on June 30 and...
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