Homework Answers
Answer is (A) Bonds Payable $89,000 less Discount on Bonds Payable $2,350 for a carrying amount of $86,650.
In balance sheet, bonds payable is presented as below:
Long term liabilties:
Bonds Payable xxx
(-) Discount on bonds payable (xxx) xxx
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On December 31, 2018, Country Living Sales has 10-year Bonds Payable of 589,000 and Discount on...
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O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction Includes a credit to Paid-in Capital in excess of Par-Common for $1,417,000 credit to Gain on Sale of Common Stock for $1,480,000 debit to Cash for $14,170,000 O credit to Common Stock -- $0.05 Par Value for $1,420,000 On December 31, 2018,...
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Question Help Benny's Hamburgers issued 5%, 10-year bonds payable at 80 on December 31, 2018. At...
Question Help Benny's Hamburgers issued 5%, 10-year bonds payable at 80 on December 31, 2018. At December 31, 2020, Benny reported the bonds payable as follows: (Click the icon to view the bonds payable.) Benny's pays semiannual interest each June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements Requirement 1. Answer the following questions about Benny's bonds payable: a. What is the maturity value of the bonds? $ i Requirements i...
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There are 5 questions. On March 1, 2018, Barker Services issued a 4 % long-term notes...
There are 5 questions.
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Seeview Magazine issued S690.000 of 15 year, 9% ca able bonds payable on July 31, 2018...
Seeview Magazine issued S690.000 of 15 year, 9% ca able bonds payable on July 31, 2018 at 97 On July 31, 2021 Seav ew called the bonds a 10 Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2021 2 Assume all amortization has been recorded properly. Jounalize the retirement of the bonds on July 31, 2021. No explanation is required. Assume annual interest payments. Requirement 1. Without making journal entries, compute...
O'Malley, Inc. issued 60,000 shares of common stock in exchange for manufacturing equipment. The equipment has a fair value of $1,420,000. The stock has a par value of $0.05 per share. The journal entry to record this transaction Includes a credit to Paid-in Capital in excess of Par-Common for $1,417,000 credit to Gain on Sale of Common Stock for $1,480,000 debit to Cash for $14,170,000 O credit to Common Stock -- $0.05 Par Value for $1,420,000 On December 31, 2018,...
Lee's Hamburgers issued 6%, 10-year bonds payable at 75 on December 31, 2018. At December 31, 2020, Lee reported the bonds payable as follows: BE: (Click the icon to view the bonds payable.) Lee's pays semiannual interest each June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements. Requirement 1. Answer the following questions about Lee's bonds payable: a. What is the maturity value of the bonds? $ Long-term Liabilities: Bonds Payable...
Question Help Benny's Hamburgers issued 5%, 10-year bonds payable at 80 on December 31, 2018. At December 31, 2020, Benny reported the bonds payable as follows: (Click the icon to view the bonds payable.) Benny's pays semiannual interest each June 30 and December 31. (Assume bonds payable are amortized using the straight-line amortization method.) Read the requirements Requirement 1. Answer the following questions about Benny's bonds payable: a. What is the maturity value of the bonds? $ i Requirements i...
There are 5 questions.
On March 1, 2018, Barker Services issued a 4 % long-term notes payable for $24,000. It is payable over a 6-year term in $6,000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018? OA. $6,000 shown as current liability and $18,000 shown as long-term liability O B. $6,000 shown as current liability and $24,000 shown...
Seeview Magazine issued S690.000 of 15 year, 9% ca able bonds payable on July 31, 2018 at 97 On July 31, 2021 Seav ew called the bonds a 10 Requirements 1. Without making journal entries, compute the carrying amount of the bonds payable at July 31, 2021 2 Assume all amortization has been recorded properly. Jounalize the retirement of the bonds on July 31, 2021. No explanation is required. Assume annual interest payments. Requirement 1. Without making journal entries, compute...
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