Interest expense for the current year is $290,000. Interest payable increased $53,000 during the year. Interest...
Interest expense for the current year is $290,000. Interest payable increased $53,000 during the year. Interest receivable increased $12,000 during the year. Interest expense includes $47,000 for the amortization of discount. What is the cash paid for interest? O A. S202,000 O B. $243,000 O C. $190,000 OD. $290,000
QUESTION 46 The interest expense recorded on an interest payment date is increased A. by the amortization of discount on bonds payable. B. by the amortization of premium on bonds payable. C. only if the bonds were sold at face value. D.only if the market rate of interest is less than the stated rate of interest on that date. QUESTION 47 Spice Company reported net income of $90,000 for the year. During the year, accounts receivable increased by $6,000, accounts...
19) for the year. During the year, accounts receivable increased by $18,000, accounts payable decreased by $14,000 and depreciation expense of $15,000 was recorded. Net cash provided by operating activities for the year is $243,000. b. $213,000. $215,000, $255,000. Tyler Company reported net income of $260,000 а. с. d.
Rogers Company reported net income of $35,000 for the year. During the year, accounts receivable increased by $7,000, accounts payable decreased by $3,000, and depreciation expense of $8,000 was recorded. Net cash provided by operating activities under the indirect method for the year is a. $53,000 b. $47,000 c. $33,000 d. $37,000
1. 2. 3. 4. A firm reported salary expense of $237,000 for the current year. The beginning and ending balances in salaries payable were $37,000 and $10,000, respectively. What was the amount of cash paid for salaries? Multiple Choice $284,000. $237,000. $264,000 $210,000. Lite Travel Company's accounting records include the following information: $53,000 Payments to suppliers Collections on accounts receivable 82,000 Cash sales 48,000 What is the amount of net cash provided by operating activities indicated by the amounts provided?...
Tyler Company reported net income of $260,000 for the year. During the year, accounts receivable increased by $18,000, accounts payable decreased by $14,000 am depreciation expense of $15,000 was recorded. Net cash provided by operating activities for the year is a. $243,000. b. $213,000. C. $215,000 d. $255.000
Energy Electric reported net income totaling $106,000. Depreciation expense for the year was $22,000. payable increased by $7,000. Accounts receivable decreased by $2,300, inventory increased by $4,500, dividends paid totaled $10,000, accounts payable decreased by $5,000, and taxes payable decrease $4,000 How much is the company’s cash flow from operations? Select one: a. 123,800 b. 95,800 c. 118,200 d. 117,800
On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize discount on bonds payable, the semiannual amortization amount is $4,000 $10,000 $8,000 $2,000 The entry to record the amortization of a premium on bonds payable on an interest payment date would a debit to Premium on Bonds Payable and a credit to Interest Revenue a debit to Interest Expense...
How does a company account for the difference between interest expense and the cash payment of interest when bonds are issued at less than their face value? O A. The difference is accounted for using Bonds Payable OB. The difference is accounted for using Amortization of Bond Discount OC. The difference is accounted for using Amortization of Bond Premium. O D. In this situation the cash payment of interest will exceed interest expense The carrying amount of bonds issued at...
Pretzelmania, Inc., issues 5%, 20-year bonds with a face amount of $53,000 for $46,875 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid semiannually on June 30 and December 31. Required: 1. & 2. Record the bond issue and first interest payment on June 30, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your intermediate computations...