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ACT 210-ACCOUNTING FOR FINANCIAL DECISION MAKING IN-CLASS ACTIVITY-CHAPTER 12 LONG TERM LIABILITIES PROBLEM 1 Build...
On January 1, 2018, Young Corporation signed a $100,000, two-year, 12% note. The loan required Young to make payments annually on December 31 of $50,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018. Date Accounts and Explanation Debit Credit Jan....
PROBLEM Builders Corp issues $200,000 of its 10%, five-year bonds that pay interest semiannually when the market rate is 10% on January 1, 2017 Required: 1 Journalize the issuance of the bond. Date Accounts and Explanation 2. Journalize Builders Corp's first semiannual interest payment. Date Accounts and Explanation Debit Credit Carrying Amount 3. Complete Builders Corp's Bonds Payable Amortization Schedule below. Cash Interest Discount/Premium Paid Expense Amortized 01/01/2017 06/30/2017 12/31/2017 $200,000 2 Page
PROBLEM 3: Builders Corp issues $200,000 of its 9%, five-year bonds that pay interest semiannually when the market rate is 10% on January 1, 2017. The market price of the Bond is $192,298 Required: 1 Journalize the issuance of the bond. Date Accounts and Explanation 2. Journalize Builders Corp's first semiannual interest payment. Date Accounts and Explanation Debit Credit 3. Complete Builders Corp's Bonds Payable-Discount Amortization Schedule below. Cash Interest Discount Carrying Amount Paid Expense Amortized 01/01/2017 06/30/2017 12/31/2017 3...
Please help!!! ASAP!! On January 1, 2018, King Corporation signed a $100,000, four-year, 9% note. The loan required King to make payments annually on December 31 of $25,000 principal plus interest. 1. Journalize the issuance of the note on January 1, 2018. 2. Journalize the first payment on December 31, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Journalize the issuance of the note on January 1, 2018 Date Accounts and Explanation...
Transactions 2017 Mar. Apr. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 10% note. 30 Borrowed $50,000 on a 15% note payable that calls for annual installment payments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable. 3 Paid the six-month, 10% note at maturity. 31 Accrued warranty expense, which is estimated at 5.5% of sales of $196,000. 31 Accrued interest on the outstanding note payable. Sept....
Jasper Sports Limited purchased inventory costing $10,000 by signing a 10% short-term note payable. The purchase occurred on March 31, 2017. Jasper pays annual interest each year on March 31. Journalize Jasper's (a) purchase of inventory, (b) accrual of interest expense on December 31, 2017, and (c) payment of the note plus interest on March 31, 2018. Journalize Jasper's purchase of inventory. (Record debits first, then credits. Explanations are not required. Round your answers to the nearest whole number.) Journal...
This Question: 18 pts 19 of 27 (4 completej > This Quiz: 100 pts possible i Transactions The following transactions of Violin Music Company occurred during 2017 and 2018: (Click the icon to view the transactions.) Requirement Record the transactions in Violin's Journal. Explanations are not required. Requirement. Record the transactions in Violin's journal. (Record debits first, then credits. Explanations are not required.) Purchased a Steinway piano (Inventory) for $40,500, signing a six month, 10% note. 2017 Mar. 3 Purchased...
On January 1, 2018, Lambert - Fisher signed a $720,000, 12-year, 10% note. The loan required Lambert - Fisher to make annual payments on December 31 of $60,000 principal plus interest. Requirements 1. Journalize the issuance of the note on January 1, 2018 2. Journalize the first note payment on December 31, 2018 Requirement 1. Journalize the issuance of the note on January 1, 2018. (Record debits first, then credits. Select explanations on the last line of the journal entry)...
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...
Problem 7-9 Sheffield Inc. had the following long-term receivable account balances at December 31, 2016. Note receivable from sale of division $1,800,000 Note receivable from officer 421,000 Transactions during 2017 and other information relating to Sheffield's long-term receivables were as follows The $1,800,000 note receivable Company. Principal payments of $600,000 plus appropriate interest are due on May 1, 2017, 2018, and 2019. The first principal and interest payment was made on May 1, 2017. Collection of the note installments is...