Maymay Company trial balance has the followingselected accounts:Cash (includes P100,000 in bond sinking500,000fund for long term bond payable)Accounts receivable200,000Allowance of uncollectible accounts50,000Deposits received from customers30,000Merchandise inventory70,000Unearned rent10,000Investment at fair value to profit or loss20,000What amount should Mumay Company report as totalcurrent assets in its statement of financial position?O 740,000640,000720,000O 670,000

Concept : Current assets Current assets means the assets which are…

Answered: Maymay Company trial balance has 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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A $485,000 bond issue on which there is an unamortized discount of $35,000 is redeemed for $472,000. Journalize the redemption of the bonds. If an amount box does not require an entry, leave it blank.
For each of the four independent situations below, prepare a single journal entry that summarizes the recording and payment of interest and determine the amount of cash paid for bond interest. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Paid for General Interest Journal Calculate the amount of cash paid for bond interest. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Interest Interest Payable Increase (Decrease) Unamortized Discount Cash Paid for Situation Expense Increase (Decrease) Interest 1 36 36.0 36 7.2 28.8 3 36 (10.8) 25.2 4 36 (7.2) (10.8) 32.4
Five thousand bonds with a face value of $1000 each, are sold at 98. The entry to record the issuance is Cash Bonds Payable 4900000 4900000 Cash 4900000 Premium on Bonds Payable 100000 Bonds Payable 5000000 Cash 5000000 Discount on Bonds Payable Bonds Payable 100000 4900000 Cash 4900000 Discount on Bonds Payable 100000 Bonds Payable 5000000
What account would be debited (1), what account would be credit (2), and what amount would be paid to record the journal entry for each interest payment based on a $100,000 five-year, 12% bond and the bond was issued at $103,769 (12%) and interest is paid semiannually? JOURNAL Page 25 DATE DESCRIPTION P.REF. DEBIT CREDIT (1) ? (2) ? (1) Interest Expense debit $6,000, and (2) Cash credit $6,000 (1) Interest Expense debit $12,000 and (2) Cash credit $12,000 (1) Cash debit $12,000 and (2) Interest Expense credit $12,000 (1) Cash debit $6,000, and (2) Interest Expense credit $6,000
If $1,000,000 of 8% bonds are issued at 102.5, the amount of cash received from the sale is
Journalize the following transactions: i. ii. iii. iv. V. vi. February 1. Signed a 60-day, 10% note, $5,000.00. R80. April 2. Paid cash for the maturity value of the Feb. 1 note: principal, $5,000.00, plus interest, $83.33. C215. April 20. Received cash for the maturity value of Notes Receivable No. 34: principal $500.00, plus interest, $45.00. R78. June 1. Signed a 90-day, 18% note to True North Toilets Corp. for an extension of time on this account payable, $2,500.00. M44. December 15. The board of directors declared a dividend of $5.00 per share; capital stock issued is 3,000 shares. M234. December 31. Paid cash for dividend declared December 15. C345.
Account balances and information relating to bonds payable during the year: B/P Premium on B/P Beginning of year $80,000 12,000 End of year $60,000 9,000 Bonds with a par value of $20,000 were issued at 110 for land. Bonds with a par value of $40,000 were retired. The amount paid was $50,000, and a loss of $6,000 was sustained. Required: Prepare all the journal entries related to the B/P transactions. That is, prepare JEs for the issue for land, interest expense (if any), and retirement.
City Slicker Corporation pays $55,000 into a bond sinking fund each year for the future redemption of bonds. During the first year, the fund earns $1,475. When the bonds mature, there is a sinking fund balance of $612,000, and $600,000 is needed to redeem the bonds. Required:Prepare the following general journal entries. a. The initial sinking fund deposit. b. The first year's earnings. c. The redemption of the bonds. d. The return of excess cash to the corporation.
Consider the following balance sheet for Whiz Financial Services Limited: Assets K Liabilities K Cash 6.25 Equity 25.00 Short term consumer loans (1 yr maturity)62.50 Demand deposits 50.00 Long term consumer loans (2 yr maturity)31.25 Client Savings accounts 37.50 3 month T-Bills 37.50 3 month CDs 50.00 6 month T-Bills 43.75 3 months Bankers Acceptances 25.00 3 year T-Bonds 75.00 6 month commercial paper 75.00 10 year, fixed rate mortgages 25.00…
A 14. Subject:- finance
Required journal entries Total cash payment = 500000*10%*1/2 = $25, 000 Discount on bonds payable = (10240/64) *4 = $640 My question is the formula of the Total cash payment and Discount on bonds payable.
If $1,051,000 of 12% bonds are issued at 102 1/2, The amount of cash received from the sale is:

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Maymay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking 500,000 fund for long term bond payable) Accounts receivable 200,000 Allowance of uncollectible accounts 50,000