Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the statement of cash flows,
assuming no gain or loss on retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
530,000
Jan.
2
Retire bonds
106,000
424,000
June
30
Issue bonds
318,000
742,000
ACCOUNT Discount on Bond...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following...
Reporting Issuance and Retirement of Long-Term Debt
On the basis of the details of the following bonds payable and
related discount accounts, indicate the items to be reported in the
Financing Activities section of the A summary of the cash receipts
and cash payments for a specific period of time, such as a month or
a year.statement of cash flows, assuming no gain or loss on
retiring the bonds:
ACCOUNT Bonds
Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit...
ACCOUNT Paid-In Capital in Excess of
Par-Common Stock
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
150,000
Apr.
2
12,500 shares issued for cash
425,000
575,000
June
30
Stock dividend
30,000
605,000
ACCOUNT Retained
Earnings
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
830,000
June
30
Stock dividend
70,000
760,000
Dec.
30
Cash dividend
95,500
664,500
Dec.
31
Net income
597,600
1,262,100
If an amount is not reported on the statement of...
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the...
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset
account, indicate the items to be reported on the statement of cash
flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
1,218,000
Mar.
12
Purchased for cash
414,000
1,632,000
Oct.
4
Sold for $228,000
195,000
1,437,000
Item
Section of Statement of
Cash Flows
Added or Deducted
Amount
Mar. 12: Purchase of fixed asset
$
Oct....
16-3 16-11
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details...
16-3 16-11
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset
account, indicate the items to be reported on the statement of cash
flows:
ACCOUNT Land
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
1
Balance
1,160,000
Mar.
12
Purchased for cash
371,000
1,531,000
Oct.
4
Sold for $203,000
174,000
1,357,000
Item
Section of Statement of
Cash Flows
Added or Deducted
Amount
Mar. 12: Purchase of fixed asset...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows: 1 Dec. 31, 20Y2 Dec. 31, 20Y1 2
Assets 3 Cash $918,000.00 $964,800.00 4 Accounts receivable (net)
828,900.00 761,940.00 5 Inventories 1,268,460.00 1,162,980.00 6
Prepaid expenses 29,340.00 35,100.00 7 Land 315,900.00 479,700.00 8
Buildings 1,462,500.00 900,900.00 9 Accumulated
depreciation-buildings (408,600.00) (382,320.00) 10 Equipment
512,280.00 454,680.00 11 Accumulated depreciation-equipment
(141,300.00) (158,760.00) 12 Total assets $4,785,480.00
$4,219,020.00 13 Liabilities and Stockholders’ Equity 14 Accounts
payable (merchandise...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:...
The comparative balance sheet of Whitman Co. at December 31,
20Y2 and 20Y1, is as follows:
1
Dec. 31, 20Y2
Dec. 31, 20Y1
2
Assets
3
Cash
$918,420.00
$965,310.00
4
Accounts receivable (net)
?828,210.00
762,450.00
5
Inventories
1,268,100.00
1,162,260.00
6
Prepaid expenses
29,220.00
35,270.00
7
Land
315,170.00
479,410.00
8
Buildings
1,463,110.00
901,510.00
9
Accumulated depreciation-buildings
(409,500.00)
(383,260.00)
10
Equipment
512,060.00
454,500.00
11
Accumulated depreciation-equipment
(141,780.00)
(159,530.00)
12
Total assets
$4,783,010.00
$4,217,920.00
13
Liabilities and Stockholders’ Equity
14
Accounts payable (merchandise...
Question
Cupola Fan Corporation issued 10%, $530,000, 10-year bonds for
$502,000 on June 30, 2018. Debt...
Question
Cupola Fan Corporation issued 10%, $530,000, 10-year bonds for
$502,000 on June 30, 2018. Debt issue costs were $2,800. Interest
is paid semiannually on December 31 and June 30. One year from the
issue date (July 1, 2019), the corporation exercised its call
privilege and retired the bonds for $512,000. The corporation uses
the straight-line method both to determine interest expense and to
amortize debt issue costs.
Required:
Prepare the journal entry to record the issuance of the bonds,...
Prime Technology Corp. has the following long-term debt included
in its 2018 and 2019 financial statements:...
Prime Technology Corp. has the following long-term debt included
in its 2018 and 2019 financial statements:
$750,000 seven-year, zero-coupon bonds maturing on December
31, 2024. Assume the market rate of interest on the issue date was
8% and that interest is compounded semiannually.
$1,500,000, 9.5%, ten-year bonds issued on May 31, 2018.
Interest is payable November 30 and May 31, beginning on November
30, 2018. Assume an effective interest rate of 8.5%.
Required: Hint: Partial amortization schedules will...
Problem 10-10A
The following is taken from the Colaw Company balance
sheet.
COLAW COMPANY
Balance Sheet...
Problem 10-10A
The following is taken from the Colaw Company balance
sheet.
COLAW COMPANY
Balance Sheet (partial)
December 31, 2015
Current Liabilities
Interest payable (for 6 months from July 1 to December 31)
$123,705
Long-term Liabilities
Bonds payable, 9% due January 1, 2026
$2,749,000
Add: Premium on bonds payable
212,500
$2,961,500
Interest is payable semiannually on January 1 and July 1. The bonds
are callable on any semiannual interest date. Colaw uses
straight-line amortization for any bond premium or discount....