Homework Answers
Question 46
The answer is Option A.
Question 47
| Net income | $90,000 |
| Depreciation expense | $10,000 |
| Increase in accounts receivable | $(6,000) |
| Decrease in accounts payable | $(4,000) |
| Net cash provided by operating activities | $90,000 |
The answer is Option A
Question 48
The answer is Option B
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QUESTION 46 The interest expense recorded on an interest payment date is increased A. by the...
1, The interest expense recorded on an interest payment date is greater than the cash interest...
1, The interest expense recorded on an interest payment date is greater than the cash interest paid Group of answer choices A. only if the company is amortizing a discount on bonds payable. B. only if the company is amortizing a premium on bonds payable.
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
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. $202,000 O B. $243,000 O C. $190,000 OD. $290.000 Click to select your answer. ?
On January 1, $2,000,000, 5-year, 10% bonds, were issued for $1,960,000. Interest is paid semiannually on...
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...
9) Under the effective-interest method of amortization, the cash payment on each interest pas date will:...
9) Under the effective-interest method of amortization, the cash payment on each interest pas date will: A) remain the same for each interest period B) decrease if bonds are issued at a premium C) increase if bonds are issued at par D) increase if bonds are issued at a discount 10) Current liabilities fall into two categories, which are referred to as: A) contra liabilities and contingent liabilities B) contingent liabilities and non contingent liabilities C) liabilities of a known...
Cash dividends declared in the current year and paid in the next year are recorded as...
Cash dividends declared in the current year and paid in the next year are recorded as a cash payment in a.financing activities in the current year. b.operating activities in the current year. c.financing activities in the year paid. d.investing activities in the year paid. Which of the following would be added to net income in computing cash flows from operating activities? a.An increase in accounts receivable b.An increase in inventories c.A decrease in accrued expenses d.A decrease in prepaid expenses...
How does a company account for the difference between interest expense and the cash payment of interest when bond...
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...
C) debit to interest Expense D) credit to Interest Expense 9) Under the effective-interest method of...
C) debit to interest Expense D) credit to Interest Expense 9) Under the effective-interest method of amortization, the cash payment on each interest paymer date will: A) remain the same for each interest period B) decrease if bonds are issued at a premium C) increase if bonds are issued at par D) increase if bonds are issued at a discount 10) Current liabilities fall into two categories, which are referred to as: A) contra liabilities and contingent liabilities B) contingent...
Trying to figure out interest expense and premium on bonds payable :) Instructions Campbell Inc. produces...
Trying to figure out interest expense and premium on bonds
payable :)
Instructions Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $11,300,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $12,769,867. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the...
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization...
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization expense 2,040 2,0 2,040 Right-of-use asset 2,040 Crystal must have a(n): Multiple Choice Finance lease. Leveraged lease. Sales-type lease without selling profit Operating lease.
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization expense 2,040...
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
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. $202,000 O B. $243,000 O C. $190,000 OD. $290.000 Click to select your answer. ?
9) Under the effective-interest method of amortization, the cash payment on each interest pas date will: A) remain the same for each interest period B) decrease if bonds are issued at a premium C) increase if bonds are issued at par D) increase if bonds are issued at a discount 10) Current liabilities fall into two categories, which are referred to as: A) contra liabilities and contingent liabilities B) contingent liabilities and non contingent liabilities C) liabilities of a known...
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...
C) debit to interest Expense D) credit to Interest Expense 9) Under the effective-interest method of amortization, the cash payment on each interest paymer date will: A) remain the same for each interest period B) decrease if bonds are issued at a premium C) increase if bonds are issued at par D) increase if bonds are issued at a discount 10) Current liabilities fall into two categories, which are referred to as: A) contra liabilities and contingent liabilities B) contingent...
Trying to figure out interest expense and premium on bonds
payable :)
Instructions Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $11,300,000 of 10-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $12,769,867. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Required: 1. Journalize the entry to record the amount of cash proceeds from the...
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization expense 2,040 2,0 2,040 Right-of-use asset 2,040 Crystal must have a(n): Multiple Choice Finance lease. Leveraged lease. Sales-type lease without selling profit Operating lease.
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization expense 2,040...
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