Presented here are long-term liability items for Blossom Inc. at December 31, 2022.Bonds payable (due 2026)$605,000Lease liability68,000Notes payable (due 2024)78,000Discount on bonds payable45,375Prepare the long-term liabilities section of the balance sheet for Blossom Inc. (Enter account name only and do not provide descriptive information.)Blossom Inc.Balance Sheet$69$$

Answered: Presented here are long-term liability…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PB: Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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MSI Inc -(ALL ENTRIES FOR MSI ONLY) KEY for Accounting Component Assets = A Liabilities = L Stockholders' Equity = SE Accounting Component On July 1st 2019, MSI Inc issued $800,000, 3%, 10 year bonds at 103. The bonds pay interest annually. Prepare the Debit (DR) Credit (CR) Account 3 journal entry to record the issuance of the bonds. What is the total cost of borrowing? TOTAL COST OF BORROWING = On January 1st 2020, MSI Inc issues $500,000 4%, 6 year bonds at face value. Prepare the entry to record the issuance of the bonds. On December 31st 2020, MSI Inc does an adjusting entry to record the accrual of interest for #4 above. On January 1st, 2020, MSI pays the accrued bond interest and calls the bonds at 101 (refer to #4 above). Record the payment of interest and redemption of the bonds.
Presented here are long-term liabity items for Marin Inc. at December 31, 2017. Bonds payable (due 2021) $870,000 Notes payable (due 2019) 79,000 30,000 Discount on bonds payable Prepare the long-term liabities section of the balance sheet for Marin inc. MARIN INC. Rabance Sheet (Part)
Presented below are long-term liability items for Crane Company at December 31, 2020. Bonds payable, due 2022 $575,000 Lease liability 70,000 Notes payable, due 2025 80,000 Discount on bonds payable 37,375 Prepare the long-term liabilities section of the balance sheet for Crane Company. (Enter account name only and do not provide descriptive information.) Crane CompanyBalance Sheet (Partial) For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity $ Add Less :…
Concord Corporation sold $2,300,000, 5%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Concord Corporation uses the straight-line method to amortize bond premium or discount. The bonds were sold at 102. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 2,346,000 2022 Bonds Payable 2,300,000 Premium on Bonds Payable 46000
The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE COMPANYBalance Sheet (partial) Long-term liabilities Bonds payable $400,000 Less: Discount on bonds payable 9,000 $391,000 Ivanhoe decides to redeem these bonds at 109 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Completing a Debt Amortization Table (Straight Line) Cagney Company sold $200,000 of bonds on January 1, 2024. A portion of the amortization table follows. Period CashPayment(Credit) InterestExpense(Debit) Discounton BondsPayable(Credit) Discounton BondsPayable Balance Bond PayableCarrying Value At issue $8,000 $192,000 06/30/24 $12,000 $12,800 $800 7,200 192,800 12/31/24 12,000 12,800 800 6,400 193,600 06/30/25 ? ? ? ? ? Required: 1. Determine the stated interest rate on these bonds.fill in the blank 1 % 2. Calculate the interest expense and the discount amortization for the interest period ending on June 30, 2025. Interest expense $fill in the blank 2 Discount amortization $fill in the blank 3 3. Calculate the liability balance shown on a balance sheet after the interest payment is recorded on June 30, 2025.$fill in the blank 4
On December 31, 2021, what total amount should be reported as current liabilities? a.) 1,066,000 b.) 1,077,000 c.) 1,004,000 d.) 1,146,000 e.) none of the above
Reporting liabilities on the balance sheet and computing debt to equity ratio The accounting records of Compass Wireless include the following as of December 31, 2018: Requirements Report these liabilities on the Compass Wireless balance sheet, including headings and totals for current liabilities and long-term liabilities. Compute Compass Wireless’s debt to equity ratio at December 31, 2018.
Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Computing the debt to equity ratio Jackson Corporation has the following amounts as of December 31, 2018. Compute the debt to equity ratio at December 31, 2018.
10. Sullivan Corporation includes the following selected accounts in its general ledger at December 31, 2025: Viewthe selected accounts. "Notes Payable (long - term) $65, 000 Bonds Payable (long - term)S 195, 000 Accounts Payable$ 19,600 Salaries Payable $ 1,840 Interest Payable (due next year) $ 740 Sales Tax Payable $ 680 Premium on BondsPayable $ 5,600 Estimated Warranty Payable S 1,000 Prepare the liabilities section of Sullivan Corporation's balancesheet at December 31, 2025.
Requirement. Journalize the transactions of Lamire Communications Inc. (Record debits first, then credits. Exclude explanations from any journal entries.) January 1, 2018: Issued $8,000,000 of 9%, 10-year bonds payable at 97. Interest payment dates are July 1 and January 1. Journal Entry Date 2018 Jan 1 Date January 1, 2028: Paid the bonds at maturity (ignore the interest payment at maturity). Journal Entry 2028 Jan 1 Accounts 1. Accounts Requirements Debit Debit Credit Credit Journalize the transactions of Lamire Communications, Inc. Ⓒ - X
The December 31, 2021 balance sheet of the World Wide Distribution Company included the following liability: 5% bonds payable due December 31, 2028 $2,000,000 Unamortized discount on bonds payable 42,000 The bonds were originally issued on December 31, 2018 at 97, with interest payable on June 30 and December 31. Amortization of bond discount is also recorded at the time interest is paid. On May 1, 2022, World Wide Distribution Company redeemed $800,000 of these bonds at 102. The accrued interest on the bonds being redeemed was also paid. Instructions: Prepare the May 1, 2022 journal entries. b. Prepare the June 30, 2022 journal entries. c. Prepare the December 31, 2022 Plz no plagiarism

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