The balance sheet accounts of Rockwall Corporation at the beginning and end of 2016 are: 31-Dec-16 1-Jan-16 Cash $99,435 $110,700 Accounts Receivable $424,600 $380,900 Inventory $635,740 $576,475 Prepaid Expenses $20,000 $12,000 Investment in subsidiary $200,000 $0 Held to Maturity Debt Securities $16,460 $14,850 Land $100,000 $100,000 Buildings $525,000 $400,000 Equipment $381,000 $290,000 Patents $86,000 $70,000 Trademarksb $25,000 $35,000 Bond Discount...
please help on all 3 Cash $29,800 55,100 $34,800 Accounts receivable (net) 44,800 Inventory 65,400 45,100 Prepaid expenses Equipment Accumulated depreciation-equipment 15,200 25,100 89,200 74,200 (7,900) 40,400 $256,500 (17,840) Land 70,700 $307,560 $65,500 15,100 Accounts payable $52,000 Accrued expenses 18,100 Notes payable-bank, long-term Bonds payable Common stock, $10 par -0- 23,100 30,000 -0- 188,100 157,800 Retained earnings 8,860 5,500 $256,500...
Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium Instructions Chart of Accounts ! Journal ! Final Question Instructions Campbell, Inc. produces and sells outdoor equipment. On July 1, 20Y1. Campbell issued $30,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $31,951,110. Interest on the bonds is payable semiannually...
Effective Interest Premium Amortization Instructions Chart of Accounts General Journal Analysis Instructions Polk Incorporated issued $213,000 of 9% bonds on July 1, 2016, for $220,918.63. The bonds were dated January 1, 2016, pay interest on each June 30 and December 31, are due December 31, 2020, and were issued to yield 8%. Polk uses the effective interest method of amortization....
Problem 14-05 In each of the following independent cases, the company closes its books on December 31. Swifty Co. sells $511,000 of 10% bonds on March 1, 2020. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1, 2023. The bonds yield 12%. Give entries through December 31, 2021. Prepare a...
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...
Concord Industries, Inc. issued $12,900,000 of 8% debentures on May 1, 2020 and received cash totaling $11,445,690. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2025. The firm uses the effective interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of...
Vaughn Industries, Inc. issued $16,200,000 of 8% debentures on May 1, 2020 and received cash totaling $14,373,657. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2025. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%....
(Entries for Bond Transactions) On January 1, 2020, Aumont Company sold 12% bonds having a maturity value of $500,000 for $537,907.37, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2020, and mature January 1, 2025, with interest payable December 31 of each year. Aumont Company allocates interest and unamortized discount or premium on the...
Shown below are comparative statements of financial position for Novak Corporation. NOVAK CORPORATION Statement of Financial Position December 31 Assets 2018 2017 Cash $68,860 $20,300 Accounts receivable 84,070 75,690 Inventory 173,760 194,250 Land 79,120 100,930 Equipment 262,700 192,800 Accumulated depreciation – equipment (64,900 ) (29,900 ) $603,610 $554,070 Liabilities and Shareholders’ Equity Accounts payable $37,110 $44,140 Bonds payable 145,000 191,000...