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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E. Issuance of Bonds On June 30th 2015 issued a $2,000,000 25 year 7% bond for $1,920,000. Interest is povebl semiannually. Journalize the following including correct dates: a. the date of issue of bonds b. payment of the first interest payment C. amortization
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PPODIENI2(TOPUIILS The Sleepy Corporation issued $1,000,000 of ten year bonds on January 1, 2019. The interest rate on the bonds is 9%, and the interest is paid semi-annually on July 1 and January of each year. The bonds were issued at 102. The straight-line method for amortizing discounts and premiums is used. a. Were the bonds issued at a discount or premium? b. Prepare the journal entries on 1. January 1, the date the bonds were issued December 31, 2019, for the year end journal entry to record interest expense and amortization of discount/premium 2. c. Calculate the total amount of interest expense on the 2019 income statement. d. Calculate the carry value of the bonds on December 31, 2019
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Pina Calade Corp. issued 2,100 8%, 9-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 (b) Prepare the adjusting journal entry an December 31, 2017, to record interest expense. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 (c) Prepare the journal entry on January 1, 2018, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2018
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Current Attempt in Progress On July 1, 2021, Swifty Satellites Corporation issued $1,400,000 of 10-year, 9% bonds to yield a market interest rate of 8%. The bonds pay semi-annual interest on July 1 and January 1. Swifty has a December 31 year end and records adjusting entries annually. Swifty received $1,495,137 when issuing the bonds. Click here to view the factor table. (a) Prepare an amortization table through January 1, 2023 (three interest periods) for this bond issue. (Round all amounts to the nearest dollar, e.g. 5,275.) SWIFTY SATELLITES CORPORATION Bond Premium Amortization Semi- annual interest Interest Expense to be Unamortized A 712 28 44 F10 FII 染, 000 F4 F9 F7 FB F5 F1 F2 F3
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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?
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