Amasan Corp. reported the following liabilities on December 31,2020   Accounts Payable 750,000 Short-terms borrowings 400,000 Bonds Payable due 2021 3,000,000 Premium on bonds payable 200,000 Mortgage payable, current portion 500,000 3,500,000 Bank loan, due June 30,2021 1,000,000   The 1,000,000 bank loan was refinanced with a 5-year loan on January 15,2021. The financial statements were issued March 1, 2021.   What amount should be reported as current liabilities on December 21,2020? a.2,650,000 c.5,350,000 b.5,850,000 d. 4,850,000

Q: Taken from the records of Care Company as of December 31, 2021 are the following information: …

A: As per IAS 1 of International financial reporting standards Current liabilities are those…

Q: DeKay Dental Supplies issued $10,000 of 20-year bonds on January 1, 2021. The bonds pay interest…

A: The bonds payable are the financial instruments for the business which are issued to raise money…

Q: Discount-Mart issues $19 million in bonds on January 1, 2021. The bonds have a eight-year term and…

A: Carrying value of bonds = Beginning carrying value + Increase in carrying value

Q: CHINA Corporation, on January 1, 2021, issued 30,000, 10%, P100 bonds for P2,900,305. Principal…

A: As per effective interest method, the amount of interest expense correlates with the carrying value…

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: On December 1, 2019, Tane, Inc., issued $460,000 of 7 percent, 3-year bonds for cash of $460,895.…

A: Borrowing costs are amortized as part of the cost of a qualifying asset when it is anticipated that…

Q: Discount-Mart issues $16 million in bonds on January 1, 2021. The bonds have a ten-year term and pay…

A: Correct option is (c) 12%

Q: How much should Cicamore report as current liabilities in its December 31,2022 statement of…

A: Liability means the amount which is to be paid to an outsider by business.  It is the present…

Q: Discount-Mart issues $20 million in bonds on January 1, 2021. The bonds have a seven-year term and…

A: Bond Bonds have an annual coupon rate attached to themselves, which the bondholder receives each…

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

A: Date Account Titles and Explanation Debit Credit Jan. 1, 2020 Cash $311,500…

Q: On January 1, 2021, a company issued $2,000,000, 10-year, 7% bonds, when the market rate was 8%.…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.

Q: A Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of…

A: Interest expense = 114000 x 5% x 6/12 = 2850 bond amortisation = (114000-109870)/8 = 516.25

Q: Cute Company disclosed the following information on December 31, 2021:   Mortgage payable, issued…

A: Current Liabilities are the obligations which will be due for repayment within a year .

Q: ABC Corporation’s liability account balances at June 30, 2018, included a 10% notes payable in the…

A: What amount should be recorded as accrued interest for this note:- Accrued interest:-       =…

Q: Cullumber Inc. began operations on January 1, 2022. Financial statements for 2022 and 2023 contained…

A: Income statement is one of the financial statement being prepared in business. It shows all incomes…

Q: The following section is taken from Oriole Company's balance sheet at december 31, 2021. Current…

A: for more information ping me, Happy learning.

Q: Brazzle Inc. issued $ 200,000 face value bonds at a discount and received $ 185,000 . At the end of…

A: Net liability at year end = face value of bonds - Discount on Bonds Payable

Q: Preparing a Debt Disclosure As of December 31, 2020, Dole Company’s long-term debt consisted of the…

A: INTRODUCTION: The liability account for notes payable is a component of the general ledger.…

Q: Oriole Company borrowed $790,000 on December 31, 2019, by issuing an $790,000, 9% mortgage note…

A: Lets understand the basics. When amount is borrowed against the notes then it needs to repaid with…

Q: On January 1, 2021, Ganda Company issued P5,000,000, 8% serial bonds payable to be repaid in the…

A: Interest expense on December 31, 2021 = present value of the bonds x yield rate x no. of the months…

Q: Mitchell Inc. received $568,547 from the issuance of 600, 6%, $1,000 bonds on January 1, 2020. The…

A: First, let's compute if there's a discount or premium on the bonds issued. Get the difference…

Q: On December 31, 2018, when the market interest rate is 10%, Willis Realty issues $1,000,000 of…

A: Financial instruments issued by a corporation to raise long-term capital are known as bonds. In the…

Q: 1 On December 31, 2021, what total amount should be reported as current iabilities? 14% Notes…

A: Current liability  is an obligation that is payable within one year.

Q: On December 31, 2019, Carboro Textile Company had shortterm debe in the form of notes payable…

A: Balance sheet shows the financial position of the company.

Q: Laudie Company issued $400,000 of 5%, 10-year bonds on January 1, 2020, at 94. Interest is payable…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: X Corporation borrowed money by issuing $100,000 of bonds at 103 on January 1, 2019. The bonds pay…

A: Introduction:- A journal entry is an act of recording or keeping track of any financial or…

Q: In the December 31, 2021 balance sheet, what amount of the note payable should Dean report as…

A: Notes payable refers to a promise to pay a certain sum of money to the party at some future date.…

Q: On January 1, 2020, Pharoah Company, a calendar-year company, issued $2160000 of notes payable, of…

A:

Q: On January​ 1, 2018​, Technicians Credit Union, ​(TCU​), issued 8%​, 20​-year bonds payable with a…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020.…

A: If bonds are redeemed at maturity, then bonds payable account is debited and cash is credited by the…

Q: nd July 1. Prepare the entry to record the payment of interest on July 1, 2021

A: 1. Amount of interest to be paid is calculated on the face value.    2. Journal entry for recording…

Q: In January 1, 2020, Mega Corporation issued a $55,000, three-year, 6% installment note from Biggest…

A: In January 1, 2020, Mega Corporation issued a $55,000, three-year, 6% installment note from Biggest…

Q: On January 1, 2021, Lambda, Inc. issued ten-year bonds with a face value of $1,000,000 and an annual…

A: Bonds issued at discount: Bonds are said to be issued at discount if the issue price is less than…

Q: Sayed Company borrowed $40,000 on August 31, 2020, by issuing an 9-month, 9% interest-bearing note.…

A: Given, Interest rate = 9% Issuing Date = 31st August 2020 Borrowing Amount = $40,000

Q: Consider the following liabilities of Future Brands, Inc., at December 31, 2016, the company’s…

A: $77 million of 8% bonds are callable on March 1, 2017, so these must be reported as a current…

Q: Kingbird, Inc. issued $430,000 of 5-year, 7% bonds at 97 on January 1, 2020. The bonds pay interest…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: KKK Inc. provided the following schedule of liabilities on December 31,2021:             Accounts…

A: Current liabilities are debts or obligations that a company expects to pay off within one year or…

Q: Twice KPOP Company disclosed the following information on December 31, 2021:   SSS payable P20,000…

A: The phrase "current liabilities" refers to a company's short-term financial commitments that are due…

Q: On January 1, 2021, a company issues 3-year bonds with a face value of $160,000 and a stated…

A: Effective interest rate = 5%Therefore, interest expense to be @ market rate = 5% on the Market value…

Q: On the December 31, 2020 statement of financial position, the amount of these notes payable that ABC…

A: Short term obligation is a financial Liability that to be repaid within one year. Subsequent Event:…

Q: At January 1, 2020, Konerko Corp. issued $40,000,000 of 6%, 12-year bonds that paid interest…

A: Bonds: It is also known as fixed-income security, is a debt instrument created for the purpose of…