Question

3. From the following, prepare the long-term liabilities section of a balance sheet: a. Sinking Fund...

3. From the following, prepare the long-term liabilities section of a balance sheet:

a. Sinking Fund $275,000

b. Premium on 13% bonds 7,000

c. Discount on 16% bonds 13,000

d. 13% Bonds Payable 600,000

e. 16% Bonds Payable 180,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Balance Sheet (Partial)
Liabilities
Long-Term Liabilities
13% Bonds Payable    600,000.00
Premium on 13% Bonds        7,000.00    607,000.00
16% Bonds Payable    180,000.00
Discount on 16% Bonds    (13,000.00)    167,000.00
Total Long-Term Liabilities    774,000.00
Sinking Fund - is reported is immediately after the Current Assets Section of the Balance Sheet. The sinking fund is the fund used for the retiring of bonds.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The balance sheet for Oriole Consulting reports the following information on July 1, 2020. Long-term liabilities...
The balance sheet for Oriole Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $4,500,000 Less: Discount on bonds payable 180,000 $4,320,000 Oriole decides to redeem these bonds at 104 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020.
For the long term liabilities section under the balance sheet like bonds payable do you include...
For the long term liabilities section under the balance sheet like bonds payable do you include the full amount or do you subtract the accrued interest and/or current maturity that is in current liabilities? For example if there is a bond payable for 100,000 with current maturity of 25,000 and interest rate of 8% due every October 1st starting this year what would be the long term liabilities section of the balance sheet 12/31?
The following information is taken from Pronghorn Corp.’s balance sheet at December 31, 2016. Current liabilities...
The following information is taken from Pronghorn Corp.’s balance sheet at December 31, 2016. Current liabilities Interest payable $ 92,000 Long-term liabilities Bonds payable (7%, due January 1, 2027) $4,080,000 Less: Discount on bonds payable 40,800 4,039,200 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Pronghorn uses straight-line amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional 10 years (120 months). (a)...
Presented here are long-term liability items for Windsor, Inc. at December 31, 2022. Bonds payable (due...
Presented here are long-term liability items for Windsor, Inc. at December 31, 2022. Bonds payable (due 2026) $860,000 Notes payable (due 2024) 79,000 Discount on bonds payable 33,000 Prepare the long-term liabilities section of the balance sheet for Windsor, Inc.
Which of the following statements regarding “Sinking Fund Provision” is most correct? Select one: a. A...
Which of the following statements regarding “Sinking Fund Provision” is most correct? Select one: a. A firm will choose to call back bonds for redemption at par value if the bonds are traded at a discount. b. In general, sinking fund bonds are issued with lower coupon rate than otherwise similar bonds without sinking funds. c. On balance, bonds that have a sinking fund are regarded as being riskier than those without such a provision. d. A sinking fund provision...
Accounts Payable $76,000 Salaries Payable $7,000 Mortgages Payable (long-term) 77,000 Bonds Payable (current portion) 28,000 Interest...
Accounts Payable $76,000 Salaries Payable $7,000 Mortgages Payable (long-term) 77,000 Bonds Payable (current portion) 28,000 Interest Payable 15,000 Premium on Bonds Payable 12,000 Bonds Payable (long-term) 65,000 Unearned Revenue (short-term) 3,100 Total Stockholders' Equity 180,000 Requirements: 1. Report these liabilities on the Route MakerRoute Maker Wireless balance? sheet, including headings and totals for current liabilities and? long-term liabilities. Compute Route MakerRoute Maker ?Wireless's debt to equity ratio at December? 31, 20182018. requirement 2
5. Devon’s bookkeeper provided the following balance sheet. DEVON COMPANY Balance Report for the year ended...
5. Devon’s bookkeeper provided the following balance sheet. DEVON COMPANY Balance Report for the year ended December 31, 2016 Current Assets: Cash $ 58,000 Current Liabilities: Accounts payable $ 25,000 Accounts receivable 123,500 Accumulated depreciation: buildings 20,000 Inventory, at higher of cost or market (cost $29,850) 35,800 Wages payable 22,200 Sinking fund for bond retirement 115,000 Additional paid-in capital on common stock 100,000 Long-Term Investments: Long-Term Liabilities: Treasury stock (at cost) 55,500 Bonds payable 100,000 Investments in bonds Marketable securities,...
Prepare a balance sheet from the following information:  B.Smith, capital: $84,000; Automobile = $13,000; Furniture and fixtures...
Prepare a balance sheet from the following information:  B.Smith, capital: $84,000; Automobile = $13,000; Furniture and fixtures = $7,000; Accounts payable = $2000; Building = $10,000; Notes Payable = $15,000; Land = $40,000; Accounts receivable = $8000; Equipment = $20,000; Cash = $3000
Question:................................................Should the favored./preferred stock be moved to the long haul/term liabilities area(section) of the balance report...
Question:................................................Should the favored./preferred stock be moved to the long haul/term liabilities area(section) of the balance report (sheet)? Paragraph #1 Why do you think it should be moved? (5-7 sentences) Paragraph #2 As to why you want to move the long-term liabilities section or not? (5-7 sentences)
Current Liabilities and Ratios Several accounts that appeared on Spring's 2017 balance sheet are as follows:...
Current Liabilities and Ratios Several accounts that appeared on Spring's 2017 balance sheet are as follows: Accounts Payable $83,000 Equipment $950,000 Marketable Securities 40,000 Taxes Payable 15,000 Accounts Receivable 185,200 Retained Earnings 250,000 Notes Payable, 12%, due in 60 days 20,000 Inventory 165,000 Capital Stock 1,150,000 Allowance for Doubtful Accounts 20,000 Salaries Payable 10,000 Land 600,000 Cash 65,000 Required: 1. Prepare the Current Liabilities section of Spring's 2017 balance sheet. Spring Partial Balance Sheet As Of December 31, 2017 Current...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT