Premium on Bonds Payable is a balance sheet item for Ohio Products Company. How would it...
Premium on Bonds Payable is a balance sheet item for Ohio Products Company. How would it most likely be classified on the balance sheet?
a.Long-term asset
b.An increase to a long-term liability
c.Contra liability
d.Revenue
Homework Answers
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Premium on Bonds Payable is a balance sheet item for Ohio
Products Company. How would it...
9. Which of the following is TRUE of a premium on bonds payable? A) A premium...
9. Which of the following is TRUE of a premium on bonds payable? A) A premium on bonds payable is added to the bonds payable balance and shown with long-term liabilities on the balance sheet B) A premium on bonds payable is added to the bonds payable balance and shown with stockholders' equity on the balance sheet. C) A premium on bonds payable is subtracted from the bonds payable balance and shown with long-term liabilities on the balance sheet. D)...
11. (Percentage of sales-bonds payable) A company listed bonds payable in its year-end balance sheet, of...
11. (Percentage of sales-bonds payable) A company listed bonds payable in its year-end balance sheet, of which $500,000 was reported as a current liability. Next year another $500,000 will become current. Forecast its end-of-coming-year balance of “bonds payable-current” and “bonds payable-long term” if this year's year-end balance of bonds payable — long-term is: a. $500,000 b. $2,500,000 c. $5,000,000 d. $10,000,000
24. The balance in Premium on Bonds Payable a. should be reported on the balance sheet...
24. The balance in Premium on Bonds Payable a. should be reported on the balance sheet as a deduction from the related bonds payable b. should be allocated to the remaining periods for the life of the bonds by the straight- line method, if the results obtained by that method materially differ from the results that would be obtained by the interest method c. would be added to the related bonds payable on the balance sheet d. should be reported...
The discount on bonds payable or premium on bonds payable is shown on the balance sheet...
The discount on bonds payable or premium on bonds payable is
shown on the balance sheet as an adjustment to bonds payable to
arrive at the carrying value of the bonds. Indicate the appropriate
addition or subtraction to bonds payable:
Premium on
Bonds Payable
Discount on
Bonds Payable
Add
Deduct
Deduct
Deduct
Add
Add
Deduct
Add
What is a balance sheet? Why is it important for leadership of a healthcare organization to...
What is a balance sheet? Why is it important for leadership of a healthcare organization to monitor its balance sheet? Place an "X" in the appropriate box for each balance sheet item listed below. Note: Some balance sheet items may fall into multiple categories, therefore, choose the most relevant option. Each category below must have only one "X". Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Cash on hand Accounts receivable Equipment Mortgage payable Buildings Current Note due...
Exercise 13-01 How would each of the following items be reported on the balance sheet? Item...
Exercise 13-01 How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. (b) Estimated taxes payable. (c) Service warranties on appliance sales. (d) Bank overdraft. (e) Employee payroll deductions unremitted. (f) Unpaid bonus to officers. (g) Deposit received from customer to guarantee performance of a contract. (h) Sales taxes payable. Current Assets Current Liability Current Liability or Long-term Liability Footnote Disclosure Long-term Investments Property, Plant and Equipment Stockholders' Equity Gift...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Place an "X" in the appropriate classification for each balance sheet item listed below (One Point...
Place an "X" in the appropriate classification for each balance sheet item listed below (One Point Each): Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Payroll taxes due Accounts receivable Land Mortgage payable (non-current) Buildings Note payable (due in 24 months) Inventory Accounts payable Prepaid expenses Cash on hand
1. Classified Balance Sheet The following accounts appear in an adjusted trial balance of Waterloo Consulting....
1. Classified Balance Sheet The following accounts appear in an adjusted trial balance of Waterloo Consulting. Indicate whether each account would be reported in the current asset; property, plant, and equipment; current liability; long-term liability; or owner's equity section of the December 31, 2018, balance sheet of Waterloo Consulting. 1. Building 2. Cindy Sue Delaney, Capital 3. Notes Payable (due in five years) 4. Prepaid Rent 5. Salaries Payable 6. Supplies 7. Taxes Payable 8. Unearned Service Fees Options are:...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
9. Which of the following is TRUE of a premium on bonds payable? A) A premium on bonds payable is added to the bonds payable balance and shown with long-term liabilities on the balance sheet B) A premium on bonds payable is added to the bonds payable balance and shown with stockholders' equity on the balance sheet. C) A premium on bonds payable is subtracted from the bonds payable balance and shown with long-term liabilities on the balance sheet. D)...
11. (Percentage of sales-bonds payable) A company listed bonds payable in its year-end balance sheet, of which $500,000 was reported as a current liability. Next year another $500,000 will become current. Forecast its end-of-coming-year balance of “bonds payable-current” and “bonds payable-long term” if this year's year-end balance of bonds payable — long-term is: a. $500,000 b. $2,500,000 c. $5,000,000 d. $10,000,000
24. The balance in Premium on Bonds Payable a. should be reported on the balance sheet as a deduction from the related bonds payable b. should be allocated to the remaining periods for the life of the bonds by the straight- line method, if the results obtained by that method materially differ from the results that would be obtained by the interest method c. would be added to the related bonds payable on the balance sheet d. should be reported...
The discount on bonds payable or premium on bonds payable is
shown on the balance sheet as an adjustment to bonds payable to
arrive at the carrying value of the bonds. Indicate the appropriate
addition or subtraction to bonds payable:
Premium on
Bonds Payable
Discount on
Bonds Payable
Add
Deduct
Deduct
Deduct
Add
Add
Deduct
Add
Exercise 13-01 How would each of the following items be reported on the balance sheet? Item Reported on (a) Accrued vacation pay. (b) Estimated taxes payable. (c) Service warranties on appliance sales. (d) Bank overdraft. (e) Employee payroll deductions unremitted. (f) Unpaid bonus to officers. (g) Deposit received from customer to guarantee performance of a contract. (h) Sales taxes payable. Current Assets Current Liability Current Liability or Long-term Liability Footnote Disclosure Long-term Investments Property, Plant and Equipment Stockholders' Equity Gift...
On a classified balance sheet: O A. Salaries Payable is a long-term liability. O B. Notes Payable due in one year is a current liability. O c. Accounts Receivable is a current liability. D. Dividends is a current asset.
Place an "X" in the appropriate classification for each balance sheet item listed below (One Point Each): Short-Term Asset Long-Term Asset Short-Term Liability Long-Term Liability Payroll taxes due Accounts receivable Land Mortgage payable (non-current) Buildings Note payable (due in 24 months) Inventory Accounts payable Prepaid expenses Cash on hand
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
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