Multiple Choice Question 209 The adjusted trial balance for Monty Corp. at the end of the current year, 2017, contained the following accounts. 5-year Bonds Payable 8% Bond Interest Payable Premium on Bonds Payable Notes Payable (3 mo.) Notes Payable (5 yr.) Mortgage Payable ($14000 due currently) Salaries and Wages Payable Taxes Payable (due 3/15 of next yr) 00000S%$ 0000 00088T 000 The total long-term liabilities reported on the balance sheet are O $1937000. O $1923000. O $1843000. O $1829000. Click if you would like to Show Work for this question: Open Show Work

Multiple Choice Question 209 The adjusted trial balance for Monty Corp. at the end of the current year, 2017, contained the following accounts. 5-year Bonds Payable 8% Bond Interest Payable Premium on Bonds Payable Notes Payable (3 mo.) Notes Payable (5 yr.) Mortgage Payable ($14000 due currently) Salaries and Wages Payable Taxes Payable (due 3/15 of next yr) 00000S%$ 0000 00088T 000 The total long-term liabilities reported on the balance sheet are O $1937000. O $1923000. O $1843000. O $1829000. Click if you would like to Show Work for this question: Open Show Work

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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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?