Homework Answers
| Journal entries: | ||||||
| Date | Accounts title and explanations | Debit $ | Credit $ | |||
| 01.01.17 | Interest Payable | 40000 | ||||
| Cash account | 40000 | |||||
| 01.01.17 | Bonds Payable | 200000 | ||||
| Cash account | 200000 | |||||
| 31.12.17 | Interest expense | 24000 | ||||
| Interest payable (300000*8%) | 24000 | |||||
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Kimmel, Accounting, 6e Help I System Announcements Problem 10-3A Your answer is partially correct. Try again....
I Kimmel, Financial Accounting, Be Help System Announcements Brief Exercise 10-10 Your answer is partially correct....
I Kimmel, Financial Accounting, Be Help System Announcements Brief Exercise 10-10 Your answer is partially correct. Try again. Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amoun Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Cash 2800 Bonds Payable 2800 (b) Prepare...
Kimmel, Accounting, 6e nt s 96,000 Long-term liabilities Bonds payable (5%, due January 1, 2027) SS,040,000...
Kimmel, Accounting, 6e nt s 96,000 Long-term liabilities Bonds payable (5%, due January 1, 2027) SS,040,000 Less: Discount on bonds payable 50,400 4,989,600 interest a payable annually on an ary į The bonds are callable on any annual interest date. indigo uses straight lie amortization for any bond premium or discount. From December 31, 2016, te bonds wa be outstanding for an additional 10 years (120 months). (a) Journalize the payment of bond interest on January 1, 2017 (b) Prepare...
Kimmel, Accounting, 6e Help I System Announcements Tamarisk Company Comparative Balance Sheets December 31 Assets Cash...
Kimmel, Accounting, 6e Help I System Announcements Tamarisk Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 66,150 37,800 37,800 52,920 2016 26,460 37,800 147,420 113,400 (60,480) (45,360) $209,790 $204,120 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $35,910 13,230 32,130 34,020 94,500 $ 28,350 15,120 62,370 26,460 71,820 $209,790 $%204,120 Tamarisk Company Income Statement For the Year Ended December 31, 2017...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Year Cash Interest 1/1/2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 $14,096 14,144 14,198 14,258...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
Weygandt, Accounting Principles, 12e Help System Announcements Exercise 17-8 Your answer is partially correct. Try again....
Weygandt, Accounting Principles, 12e Help System Announcements Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $72,700 86,300 169,700 72,200 260,400 (65,700) $595,600 $33,400 71,100 187,500 101,400 199,300 (34,300) $558,400 $35,500 148,300 217,500 194,300 $595,600 $47,500 203,300...
Kimmel, Survey of Accounting, le Help System Announcements Practice Exercise 1 Your answer is partially correct....
Kimmel, Survey of Accounting, le Help System Announcements Practice Exercise 1 Your answer is partially correct. Try again. Suppose the following items were taken from the December 31, 2017, assets section of the Blossom Company balance sheet (All dollars are Inventory Notes receivable-due after December 31, 2018 Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $16,250 Patents 4,600 Buildings 405 Cash 13,240 Accounts receivable Debt investments (short-term) $11,120 20,520 9,100 5,710 1,710 Prepare the assets section of a classified balance...
Your answer is partially correct. Try again. The Blue Company issued $250,000 of 11% bonds on...
Your answer is partially correct. Try again. The Blue Company issued $250,000 of 11% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Blue Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter for the...
Your answer is partially correct. Try again. On January 1, 2017, Bonita Corporation issued $610,000 of...
Your answer is partially correct. Try again.
On January 1, 2017, Bonita Corporation issued $610,000 of 9%
bonds, due in 10 years. The bonds were issued for $651,453, and pay
interest each July 1 and January 1. The effective-interest rate is
8%.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Bonita uses the effective-interest method.
(Round intermediate calculations to 6 decimal places,
e.g. 1.251247...
I Kimmel, Financial Accounting, Be Help System Announcements Brief Exercise 10-10 Your answer is partially correct. Try again. Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented when amoun Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Cash 2800 Bonds Payable 2800 (b) Prepare...
Kimmel, Accounting, 6e nt s 96,000 Long-term liabilities Bonds payable (5%, due January 1, 2027) SS,040,000 Less: Discount on bonds payable 50,400 4,989,600 interest a payable annually on an ary į The bonds are callable on any annual interest date. indigo uses straight lie amortization for any bond premium or discount. From December 31, 2016, te bonds wa be outstanding for an additional 10 years (120 months). (a) Journalize the payment of bond interest on January 1, 2017 (b) Prepare...
Kimmel, Accounting, 6e Help I System Announcements Tamarisk Company Comparative Balance Sheets December 31 Assets Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Total 2017 66,150 37,800 37,800 52,920 2016 26,460 37,800 147,420 113,400 (60,480) (45,360) $209,790 $204,120 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $35,910 13,230 32,130 34,020 94,500 $ 28,350 15,120 62,370 26,460 71,820 $209,790 $%204,120 Tamarisk Company Income Statement For the Year Ended December 31, 2017...
Your answer is partially correct. Try again. The following information is taken from Ivanhoe Corp.'s balance sheet at December 31, 2021. $ 92,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2032) Less: Discount on bonds payable $2,300,000 23,000 2,277,000 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Ivanhoe uses straight-line amortization for any bond premium or discount. From December 31, 2021, the bonds will be outstanding for...
*Problem 14-1 Your answer is partially correct. Try again. The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2011, and the subsequent interest payments and charges. The company's year-end is December 31, and financial statements are prepared once yearly. Amortization Schedule Amount Unamortized Year Cash Interest 1/1/2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 $13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 13,695 $14,096 14,144 14,198 14,258...
Brief Exercise 14-2 Your answer is partially correct. Try again. The Waterway Company issued $310,000 of 13% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Waterway's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (If no entry is required, select "No Entry" for the account titles and...
Weygandt, Accounting Principles, 12e Help System Announcements Exercise 17-8 Your answer is partially correct. Try again. Here are comparative balance sheets for Velo Company. VELO COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash Accounts receivable Inventory Land Equipment Accumulated depreciation equipment Total Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total $72,700 86,300 169,700 72,200 260,400 (65,700) $595,600 $33,400 71,100 187,500 101,400 199,300 (34,300) $558,400 $35,500 148,300 217,500 194,300 $595,600 $47,500 203,300...
Kimmel, Survey of Accounting, le Help System Announcements Practice Exercise 1 Your answer is partially correct. Try again. Suppose the following items were taken from the December 31, 2017, assets section of the Blossom Company balance sheet (All dollars are Inventory Notes receivable-due after December 31, 2018 Notes receivable-due before December 31, 2018 Accumulated depreciation-buildings $16,250 Patents 4,600 Buildings 405 Cash 13,240 Accounts receivable Debt investments (short-term) $11,120 20,520 9,100 5,710 1,710 Prepare the assets section of a classified balance...
Your answer is partially correct. Try again. The Blue Company issued $250,000 of 11% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Blue Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter for the...
Your answer is partially correct. Try again.
On January 1, 2017, Bonita Corporation issued $610,000 of 9%
bonds, due in 10 years. The bonds were issued for $651,453, and pay
interest each July 1 and January 1. The effective-interest rate is
8%.
Prepare the company’s journal entries for (a) the January 1
issuance, (b) the July 1 interest payment, and (c) the December 31
adjusting entry. Bonita uses the effective-interest method.
(Round intermediate calculations to 6 decimal places,
e.g. 1.251247...
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