Homework Answers
4b.
Other Financing Uses - payment to refunded bond escrow agent ..... Dr $7400,000
Cash.....Cr $7400,000
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4. Tax-supported serial bonds with a $7,400,000 par value were issued in cash to permit refunding...
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...
non profit accouting please help with all The state of Exuberance issued $10,000,000 of 5%, 20-year...
non profit accouting
please help with all
The state of Exuberance issued $10,000,000 of 5%, 20-year refunding bonds in 20x5 at par. If the state used the proceeds to retire $10 million of general long-term debt upon its maturity, the state should report Select one: O a. revenues of $10,000,000 and expenditures of $10,000,000. O b. revenues of $10,000,000 and other financing uses of $10,000,000. O c. other financing sources of $10,000,000 and other financing uses of $10,000,000 Od other...
If bonds with a face value of $202,000 are issued at par, the amount of cash...
If bonds with a face value of $202,000 are issued at par, the amount of cash proceeds is _ O A. $201,891 O B. $220,180 O C. $202,000 OD. $238,360
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1,...
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used Resources for principal and Interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year LA capital projects fund transferred the premium (in the amount of $100,000) to...
On January 1, Year 2002, Target issued $4,000,000 par value 20-year bonds. The bonds pay interest...
On January 1, Year 2002, Target issued $4,000,000 par value 20-year bonds. The bonds pay interest semiannually on January 1 and July 1 at an annual rate of 8 percent. The bonds were priced to yield (effective rate) 6 percent on the date of issue. QUESTION: Compute the issue price (cash proceeds) of the bonds on the date of issue.
Please help! Fort Company issued 5,500 of its $1,000 par value bonds for $1,520, providing total...
Please help!
Fort Company issued 5,500 of its $1,000 par value bonds for $1,520, providing total cash proceeds of $8,360,000. The market price of Fort's common shares on the date that it issued the bonds was $22 per share. It sold the bonds with 385,000 detachable warrants to acquire 385,000 shares of the company's $1 par value common stock for $22 per share. That is, each bond carries 70 warrants x 5,500 bonds = 385,000 shares. Fort had existing bonds...
X Company issued at par 4-year term bonds with a par value of $100,000, dated January...
X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting...
X Company issued at par 4-year term bonds with a par value of $100,000, dated January...
X Company issued at par 4-year term bonds with a par value of $100,000, dated January 1, 2020, and bearing interest at an annual rate of 6 percent payable annually on December 31. At the time of issue, the market rate for such bonds is 9 percent. X amortizes the discount or premium using effective interest rate method. Required: 1- Compute the selling price of bond. 2- Record the journal entry. 3- Prepare schedual of amortization. 4- Record the adjusting...
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 9.00%, 15-year bonds with a par value of $310,000 and semiannu...
Prepare the journal entry for the issuance of these bonds. Assume the bonds are issued for cash on January 1, 2016. Garcia Company issues 9.00%, 15-year bonds with a par value of $310,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 7.00%, which implies a selling price of 118 2/5. Record the issue of bonds with a par value of $310,000. Note: Enter debits before credits. Date General Journal Debit Credit Jan...
Coronado Inc. issued $4,660,000 par value, 7% convertible bonds at 96 for cash. If the bonds...
Coronado Inc. issued $4,660,000 par value, 7% convertible bonds at 96 for cash. If the bonds had not included the conversion feature, they would have sold for 95. Prepare the journal entry to record the issuance of the bonds.
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...
non profit accouting
please help with all
The state of Exuberance issued $10,000,000 of 5%, 20-year refunding bonds in 20x5 at par. If the state used the proceeds to retire $10 million of general long-term debt upon its maturity, the state should report Select one: O a. revenues of $10,000,000 and expenditures of $10,000,000. O b. revenues of $10,000,000 and other financing uses of $10,000,000. O c. other financing sources of $10,000,000 and other financing uses of $10,000,000 Od other...
If bonds with a face value of $202,000 are issued at par, the amount of cash proceeds is _ O A. $201,891 O B. $220,180 O C. $202,000 OD. $238,360
The Village of Hawksbill issued $5,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2019, at 102. A fiscal agent is not used Resources for principal and Interest payments are to come from the General Fund Interest payment dates are December 31 and June 30. The first of 20 annual principal payments is to be made June 30, 2020. Hawksbill has a calendar fiscal year LA capital projects fund transferred the premium (in the amount of $100,000) to...
Please help!
Fort Company issued 5,500 of its $1,000 par value bonds for $1,520, providing total cash proceeds of $8,360,000. The market price of Fort's common shares on the date that it issued the bonds was $22 per share. It sold the bonds with 385,000 detachable warrants to acquire 385,000 shares of the company's $1 par value common stock for $22 per share. That is, each bond carries 70 warrants x 5,500 bonds = 385,000 shares. Fort had existing bonds...
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