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Which of the following is a current liability?
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- Current portion of long-term debt Connie'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: Total long term-debt Current portion December 31 Current Year C. $685,100 (198,700) $486,400 million December 31 Prior Year Long-term debt a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? $ $376,800 (185,000) $191,800 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? million 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? millionSubject : AccountingEntries for Bonds Payable, induding bond redemption The following transactions were completed by Montague Inc., whose fiscal year is the calendar year:
- 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.…Balance sheet and income statement data indicate the following: Bonds payable, 6% (due in 15 years) $1,327,705 Income before income tax for year 443,320 Income tax for year 132,996 Interest payable 33,000 Interest receivable 19,000 Interest expense 79,662 Based on the data presented above, what is the times interest earned ratio? (Round to two decimal places.) Oa. 2.90 Ob. 6.57 Oc. 3.90 Od. 5.56Liability and Equity Classification Select from the option list provided the appropriate balance sheet classification for each balance sheet item below. Each choice may be used once, more than once, or not at all. Balance sheet item Classification 1. Preferred stock 2. Trade accounts payable 3. Bonds payable (due in 15 years) 4. Note payable (due in 7 months) 5. Direct costs of issuing common stock 6. Treasury stock (at cost) 7. Appropriation for contingencies 8. Common stock subscriptions receivable 9. Discount on bonds payable 10. Bonds payable issue costs Choices: Retained earnings. Capital stock. Noncurrent liabilities. Other classification. Current liabilities. Additional paid-in capital.
- Calculate debt to equity, long-term debt to equity and specify as a percent to 2 decimal placesAccounting Item Prior year Current year Accounts payable 8,191.00 7,813.00 Accounts receivable 6,005.00 6,798.00 Accruals 1,036.00 1,622.00 Cash ??? ??? Common Stock 10,961.00 12,712.00 COGS 12,797.00 18,122.00 Current portion long-term debt 4,914.00 5,086.00 Depreciation expense 2,500 2,842.00 Interest expense 733 417 Inventories 4,175.00 4,807.00 Long-term debt 13,319.00 14,034.00 Net fixed assets 51,854.00 54,984.00 Notes payable 4,372.00 9,863.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,779.00 29,650.00 Sales 35,119 47,875.00 Taxes 2,084 2,775 What is the firm's net income in the current year? (5547.00?) What is the firm's dividend payment in the current year?Item Prior year Current year Accounts payable 8,109.00 7,758.00 Accounts receivable 6,059.00 6,782.00 Accruals 1,036.00 1,609.00 Cash ??? ??? Common Stock 11,891.00 11,189.00 COGS 12,683.00 18,018.00 Current portion long-term debt 4,980.00 4,993.00 Depreciation expense 2,500 2,813.00 Interest expense 733 417 Inventories 4,192.00 4,777.00 Long-term debt 13,329.00 13,523.00 Net fixed assets 50,636.00 54,376.00 Notes payable 4,329.00 9,999.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,278.00 29,801.00 Sales 35,119 47,221.00 Taxes 2,084 2,775 What is the firm's total change in cash from the prior year to the current year?
- Item Prior year Current year Accounts payable 8,194.00 7,893.00 Accounts receivable 6,066.00 6,786.00 Accruals 977.00 1,572.00 Cash ??? ??? Common Stock 11,869.00 12,264.00 COGS 12,616.00 18,108.00 Current portion long-term debt 5,038.00 5,064.00 Depreciation expense 2,500 2,825.00 Interest expense 733 417 Inventories 4,145.00 4,778.00 Long-term debt 13,680.00 14,055.00 Net fixed assets 50,966.00 54,551.00 Notes payable 4,331.00 9,956.00 Operating expenses (excl. depr.) 13,977 18,172 Retained earnings 28,104.00 29,983.00 Sales 35,119 45,456.00 Taxes 2,084 2,775 What is the firm's net income in the current year? . .Premium amortization On the first day of the fiscal year, a company issues a $3,600,000, 11%, 10-year bond that pays semiannual interest of $198,000 ($3,600,000 x 11% x 1/2), receiving cash of $4,068,286. Using straight-line amortization, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar. If an amount box does not require an entry, leave it blank. Interest Expense Premium on Bonds Payable Cash Feedback ▼ Check My Work ✓ 198,000 Bonds Payable is always recorded at face value. Any difference in issue price is reflected in a premium or discount account. The straight-line method of amortization provides equal amounts of amortization over the life of the bond.An accounting example: Otter Products inc issued bonds on January 1, 2019. Interest to be paid semi-annually. Term in years is 2; Face value of bonds issued is $200,000; Issue Price $206,000; Specified Interest Rate each payment period is 6% Question. Calculate a. the amount of interest paid in cash every payment period. b. The amount of amortization to be recorded at each interest payment date (use straight-line method) c. complete amoritzation table by calculating interest expense and beginning and ending bond carrying amounts at the each period over 2 years. The term is for 2 years however 3 years is showing on the workbook. How do I calcuate the 3rd year if the problem only says the term is 2 years?
