Chapters 10 and 11 HOMEWORK XCengageNOWv2| Online teachin xXhttps://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.Chapters 10 and 11еВookPrint ItemCurrent Portion of Long-Term DebtConnie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions):Long-term debt consists of the following:December 31CurrentPrecedingYearYearTotal long-term debt$757,500$416,600Less current portion(219,700) (204,500)Long-term debt$537,800$212,100a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet?$b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt?c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?5:19 PMP Type here to searchN82°F9/25/20212+

Total current liabilities change = Current portion for the current year - Current portion for the…

Answered: Connie's Bistro, Inc. reported the…

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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In the past year, Blossom Corporation reported assets of $230229000. Liabilities reported on the balance sheet on the same date were reported at $69091655. Blossom issued a new note payable for cash during the year. The 8%, 5-year note was issued at a face value of $5008000. What is the company's debt to asset ratio after the refinance? O 29.37% 31.50% 32.18% O 30.01%
At January 1, 2020, Konerko Corp. issued $40,000,000 of 6%, 12-year bonds that paid interest semiannually on June 30 and December 31. The bonds were issued at $36,788,326 to earn 7%. How much interest expense should Konerko report for these bonds on its income statement for the full year ended December 31, 2020? Please round your answer to the nearest dollar.
On January 1, 2021, the company issued $1,800,000, 6% bonds with a 10-year maturity. The bonds were issued to investors that require an effective interest rate of 9%. The accountant did NOT record the issuance of these bonds. Interest is paid annually and the accountant did NOT record the interest payment transaction. The effective interest method is used to amortize any premium or discount. NOTE – round calculations to nearest dollar. In the Excel spreadsheet, see the tab labelled “Bonds Payable – Series 2” to make any calculations, including an amortization schedule, to support journal entries.
Kitkat Company issued a P5,000,000, 10% 10-year bonds on July 1, 2021 for 113 when the effective interest rate was 8%. Interest is payable on June 30 and December 31. How much interest expense should Kitkat Company report in profit or loss for the year ended December 31, 2021?
Smiley Corporation wholesales repair products to equipment manufacturers. On April 1, Year 1, Smiley issued $24,200,000 of five-year, 11% bonds at a market (effective) interest rate of 9%, receiving cash of $26,114,936. Interest is payable semiannually on April 1 and October 1. Required: a. Journalize the entries to record the following. Refer to the Chart of Accounts for exact wording of account titles. 1. Issuance of bonds on April 1, Year 1. 2. First interest payment on October 1, Year 1, and amortization of bond premium for six months, using the straight-line method. (Round to the nearest dollar.) b. Explain why the company was able to issue the bonds for $26,114,936 rather than for the face amount of $24,200,000. Chart of Accounts CHART OF ACCOUNTS Smiley Corporation General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes…
On January 1, a company issued 3%, 20-year bonds with a face amount of $80 million for $69,057,808 to yield 4%. Interest is paid semiannually. What was the interest expense at the effective interest rate on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.)
Current Portion of Long-Term Debt PepsiCo, Inc., reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt is composed of the following: December 31 Current Year Preceding Year Total long term-debt $27,917 $26,557 Current portion (4,096) (2,224) Long-term debt $23,821 $24,333 If PepsiCo did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year?
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Record accrual of payroll taxes. E10.7 (LO 1), AP According to the accountant of Ulster Inc., its payroll taxes for the week were as follows: $137.68 for FICA taxes $13.77 for federal unemployment taxes, and $92.93 for state unemployment taxes. Instructions Journalize the entry to record payroll taxes. Evaluate statements about bonds. d the followin lict of statements about bonds
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Issuer Co. issued bonds on January 1, Year 1 for proceeds of $200,000. The stated rate of interest is 4% and the market (effective) rate of interest is 10%. The company has a calendar year end and the bonds pay interest annually on December 31. What will the company record as interest expense on December 31, Year 1?
The debt is amortized by the periodic payment shown. Compute (a) the number of payments required to amortize the debt; (b) the outstanding principal at the time indicated. Debt Principal Debt Payment Payment Interval Interest Rate Conversion Period Outstanding Principal After: $13,000 $1,493 6 months 6% monthly 8th payment

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