6400 bonds with a face value of $1000 each, are sold at 105. The entry to record the issuance isCashDiscount on Bonds PayableBonds PayableCashPremium on Bonds PayableBonds PayableCashBonds PayableCashPremium on Bonds PayableBonds Payable67200006720000672000064000003200003200006400000320000640000067200006720000

Bonds Payable are liabilities that are issued by the borrower to the payee. It is a promissory note…

Answered: 6400 bonds with a face value of $1000…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If $1,059,000 of 12% bonds are issued at 102 3/4, the amount of cash received from the sale is a. $1,186,080 b. $1,088,123 c. $1,059,000 d. $794,250
If $1,153,000 of 9% bonds are issued at 102 1/2, The amount of cash received from the sale is a.$1,153,000 b.$864,750 c.$1,256,770 d.$1,181,825
If $325,000 of 9% bonds are issued at 96, what is the amount of cash received from the sale? Select the correct answer. $325,000 $295,750 $312,000 $354,250
In your initial examination of National Finance Company, you find the following ledger account balances: 12% Bonds Payable-Due 10 years from January 1, 2020 Debit Credit P 5,000,000 1/2/2020 Cash Receipts Journal Bonds Payable Redeemed Debit Credit 10/01/2022 Cash Disbursement Journal P 1,110,000 Bond Discount Credit Debit P 500,000 1/2/2020 Cash Receipts Journal Bond Interest Expense Credit Debit P 300,000 1/1/2022 Cash Disbursement Journal 7/1/2022 Cash Disbursement Journal 300,000 The bonds were redeemed for permanent cancellation on October 1, 2022 at 108 plus accrued interest. Compute the bond interest expense for the year 2022 Balance Balance Balance Balance
balance sheet on december 31,year 1 and december 31year 2 are presented below: assets dec 31 year 1 dec 31 year 2 liabilites dec 31 year 1 dec 31 year 2 cash 50 000 60 000 trade accounts payable 62 000 49 000 accounts receivable 95 000 89 000 interest payable 8 000 11 000 allowance for uncollectible accounts (4 000) (3 000) bonds payables 200 000 200 000 inventory 120 000 140 000 unamortized bond discount (15 000) (10 000) property plant and equipment 295 000 340 000 Equity 199 000 257 000 accumlated depreciation (102 000) (119 000) total assets 454 000 507 000 total liabilities 454 000 507 000 additional information for year 2 : cash payents to suppliers of merchandise were 180 000 sales revenue was 338 000 3 000 of accounts receivables was written off equipment was acquired for 65 000 depreciation expense was 30 000 interest expenses was 20 000 based on the above information calculate the following : 1. the cost of goods sold year 2. 2.…
A $300,000 bond was redeemed at 104 when the carrying amount of the bond was $316,000. The entry to record the redemption would include a Oa. loss on bond redemption of $3,000 Ob. gain on bond redemption of $3,000 Oc. loss on bond redemption of $4,000 Od. gain on bond redemption of $4,000 7 a I' B in 20 D W 14 Previous Next ^04) O
Eddie industries issue 861000 of bonds at 102. The amount of cash received from the sale is
If $510,000 of 8% bonds are issued at 94, the amount of cash received from the sale is a.$479,400 b.$510,000 c.$469,200 d.$550,800
5. Federer Corporation issued $540,000 in bonds for $498,600. The bonds had a stated rate of 12% and pay interest quarterly. Premium on Bonds Payable Interest Income Discount on Bonds Payable Interest Expense Cash Bonds Payable PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). What is the journal entry to record the issuance of the bonds? DR DR/CR ? CR What is the journal entry to record the first interest payment? (Note: Do not consider the premium or discount.) DR CR
If $1,000,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is
If $307,000 of 7% bonds are issued at 94, the amount of cash received from the sale is Oa. $307,000 Ob. $285,510 O c. $288,580 Od. $328,490
A9

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