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Multiple Choice Question 98 On January 1, 2018, Bramble Company, a calendar-year company, issued $598000 of...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000 b. Long-term debt, $2,000,000 c. Current liabilities, $500,000; Long-term Debt, $1,000,000 d. Current liabilities, $500,000; Long-term Debt, $1,500,000. 13. The following totals for the month of April were taken from the payroll records of Noll Company....
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect....
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On January 1, 2017, Sandhill Co., a calendar-year company, issued $2320000 of notes payable, of which $580000 is due on January 1 for each of the next four years. The proper balance shee presentation on December 31, 2017, is: Current liabilities, $2320000. Long-term debt, $2320000. Current liabilities, $580000; Long-term Debt, $1160000. Current liabilities, $580000; Long-term Debt, $1740000. e Textbook and Media Attempts: 2 of...
Current Attempt in Progress Blossom Company issued a five-year interest-bearing note payable for $354000 on January...
Current Attempt in Progress Blossom Company issued a five-year interest-bearing note payable for $354000 on January 1, 2019. Each January the company is required to pay $71000 on the note. How will this note be reported on the December 31, 2020, balance sheet? O Long-term debt, $354000 O Long-term debt, $212000; Long-term Debt due within one year, $71000 O Long-term debt of $283000; Long-term Debt due within one year, $71000 O Long-term debt, $283000
On June 30, 2020, Kingbird Company issued $3,120,000 face value of 15%, 20-year bonds at $3,824,160,...
On June 30, 2020, Kingbird Company issued $3,120,000 face value
of 15%, 20-year bonds at $3,824,160, a yield of 12%. Kingbird uses
the effective-interest method to amortize bond premium or discount.
The bonds pay semiannual interest on June 30 and December 31.
Fill the blank and select on of the options below for each
number.
1)
A) December 31, 2021
B) For the year ended December 31, 2021
C) For the Quarter ended December 31, 2021
2)
A) current assets...
Bramble Company, has the following account balances at December 31, 2020. Notes payable ($60,000 due after...
Bramble Company, has the following account balances at December 31, 2020. Notes payable ($60,000 due after 12/31/21) $100,500 Unearned service revenue 72,500 Other long-term debt ($92,000 due in 2021) 239,000 Salaries and wages payable 32,500 Accounts payable 63,000 In addition, Bramble is involved in a lawsuit. Legal counsel feels it is probable Bramble will pay damages of $25,000 in 2021. a. Prepare the current liabilities section of Bramble’s December 31, 2020, balance sheet. b. Bramble’s current assets are $569,625. Compute...
On December 31, 2017, Indigo Company had $1,206,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,700 shares of its common stock for...
On December 31, 2017, Indigo Company had $1,206,000 of short-term debt in the form of notes payable due February 2, 2018. On January 21, 2018, the company issued 23,700 shares of its common stock for $33 per share, receiving $782,100 proceeds after brokerage fees and other costs of issuance. On February 2, 2018, the proceeds from the stock sale, supplemented by an additional $423,900 cash, are used to liquidate the $1,206,000 debt. The December 31, 2017, balance sheet is issued...
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed...
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
Problem 5-4 Presented below is the balance sheet of Bramble Corporation as of December 31, 2017....
Problem 5-4 Presented below is the balance sheet of Bramble Corporation as of December 31, 2017. BRAMBLE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 123,840 1,640,000 315,940 950,000 173,840 90,840 179,740 73,840 141,840 $3,689,880 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained...
2. Metlock Ltd. issued $694,200 of 15-year, 7.5% bonds on January 1, 2018, when the market...
2. Metlock Ltd. issued $694,200 of 15-year, 7.5% bonds on January 1, 2018, when the market interest rate was 6.5%. The cash received at the issuance of the bond was $760,086.24. Interest is payable semi-annually on July 1 and January 1. Metlock has a December 31 year end. Prepare bond amortization schedule for the first four interest periods, using the effective-interest method. (Round answers to 2 decimal places, e.g. 15.75.) METLOCK LTD. Bond Premium Amortization Schedule Effective-Interest Method Semi-Annual Interest...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
12. On January 1, 2017, Collie Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000 b. Long-term debt, $2,000,000 c. Current liabilities, $500,000; Long-term Debt, $1,000,000 d. Current liabilities, $500,000; Long-term Debt, $1,500,000. 13. The following totals for the month of April were taken from the payroll records of Noll Company....
Question 1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. On January 1, 2017, Sandhill Co., a calendar-year company, issued $2320000 of notes payable, of which $580000 is due on January 1 for each of the next four years. The proper balance shee presentation on December 31, 2017, is: Current liabilities, $2320000. Long-term debt, $2320000. Current liabilities, $580000; Long-term Debt, $1160000. Current liabilities, $580000; Long-term Debt, $1740000. e Textbook and Media Attempts: 2 of...
Current Attempt in Progress Blossom Company issued a five-year interest-bearing note payable for $354000 on January 1, 2019. Each January the company is required to pay $71000 on the note. How will this note be reported on the December 31, 2020, balance sheet? O Long-term debt, $354000 O Long-term debt, $212000; Long-term Debt due within one year, $71000 O Long-term debt of $283000; Long-term Debt due within one year, $71000 O Long-term debt, $283000
On June 30, 2020, Kingbird Company issued $3,120,000 face value
of 15%, 20-year bonds at $3,824,160, a yield of 12%. Kingbird uses
the effective-interest method to amortize bond premium or discount.
The bonds pay semiannual interest on June 30 and December 31.
Fill the blank and select on of the options below for each
number.
1)
A) December 31, 2021
B) For the year ended December 31, 2021
C) For the Quarter ended December 31, 2021
2)
A) current assets...
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
Problem 5-4 Presented below is the balance sheet of Bramble Corporation as of December 31, 2017. BRAMBLE CORPORATION BALANCE SHEET DECEMBER 31, 2017 Assets Goodwill (Note 2) Buildings (Note 1) Inventory Land Accounts receivable Treasury stock (50,000 shares) Cash on hand Assets allocated to trustee for plant expansion Cash in bank Debt investments (held-to-maturity) $ 123,840 1,640,000 315,940 950,000 173,840 90,840 179,740 73,840 141,840 $3,689,880 Equities Notes payable (Note 3) Common stock, authorized and issued, 1,000,000 shares, no par Retained...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
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