Presented here are long-term liabity items for Marin Inc. at December 31, 2017.Bonds payable (due 2021)$870,000Notes payable (due 2019)79,00030,000Discount on bonds payablePrepare the long-term liabities section of the balance sheet for Marin inc.MARIN INC.Rabance Sheet (Part)

Balance sheet is an financial statements which contains assets, liabilities, shareholders equity,…

Presented here are long term liabity tema for Marin ne. at December 31, 2017. S70,000 Bonds payable (due 2021) Notes payable (du 2010) 79,000 Discourt on bonds payable 30,000 Prepare the long term labikies section of the balance sheet for Marin in. MARIN INC. Rane Shet (Prtt

Presented here are long term liabity tema for Marin ne. at December 31, 2017. S70,000 Bonds payable (due 2021) Notes payable (du 2010) 79,000 Discourt on bonds payable 30,000 Prepare the long term labikies section of the balance sheet for Marin in. MARIN INC. Rane Shet (Prtt

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: PA5. 13.3 Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year…

A: Under the Straight-Line Amortization Method, the premium or discount on bond is amortized equally…

Q: balance sheet at December 31, 2025.

A: The balance sheet is a financial statement which shows the total assets, liabilities and capital of…

Q: Mitchell Inc. issued 240, 6%, $1,000 bonds on January 1, 2020. The bonds pay cash interest…

A: Bond Amortization: When bonds are issued at a price less than the face value, it is called bonds…

Q: The Maria Miller Company issued $480,000 of 10% 20 yr bonds on January 1, 2025 at 103. Interest is…

A: A Bond is a fixed income that is made by investors, debtholders, or creditors to borrowers used by…

Q: At December 31, 2020, Sarasota Corporation has the following account balances: Bonds payable, due…

A: The balance sheet outlines the assets and liabilities at the end of the financial year while the…

Q: Presented here are long term liabity itema for Marin inc. at December 31, 2017. Bonds payable (due…

A: Marin Inc. Balance Sheet (Partial) December 31, 2017 Long-term Liabilities(Non-Current):…

Q: PA6. 13.3 Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term…

A: Bonds are the highly secured debt securities which are redeemed after a certain span of time.

Q: At December 31, 2020, Stellar Corporation has the following account balances: Bonds payable, due…

A: Balance sheet is a financial statement that shows list of final ending balances of assets,…

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Presented here are long-term liability items for Sage Hill Inc. at December 31, 2025. Bonds payable…

A: The long term liabilities are the liabilities due for payment after one year. The bonds are treated…

Q: On January 1, 2025, Blue Company sold 11% bonds having Prepare a schedule of interest expense and…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds.

Q: Presented here are long-term liability items for Splish Brothers Inc. at December 31, 2025. Bonds…

A: The Balance Sheet is a financial statement that includes assets, liabilities and stockholder's…

Q: Volunteer Inc. issued bonds with a $700,000 face value, 10% interest rate, and a 4-year term on July…

A: Annual interest payment = Face value of bonds x rate of interest x Year = $700,000 x 10% = $70,000

Q: Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is…

A: Note payable: Note payable is an instrument through which borrower obtains money from lender and…

Q: Pharoah Company issued $380,000 of 6%, 20-year bonds on January 1, 2022, at face value. Interest is…

A: 20- Year 6% Bond =. $380,000 Interest Rate =6% Interest Payable on January 1.

Q: Blue Spruce Corp. issues 6400, 10-year, 8%, $1000 bonds dated January 1, 2017, at 101. The journal…

A: Answer is option a) credit to Bonds Payable for $6400000.

Q: Prepare a comprehensive income statement for Thyme Investments for year ended December 31, 2018.…

A: Comprehensive income is defined as the variation in the firm net assets from the non- owner sources…

Q: (Classification of Liabilities) Presented below are various account balances of K.D. Lang Inc.(a)…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

Q: Preparing a Debt Disclosure As of December 31, 2020, Dole Company’s long-term debt consisted of the…

A: INTRODUCTION: The liability account for notes payable is a component of the general ledger.…

Q: On January 1, 2022, Sunland Company issued $420,000, 12%, 10-year bonds at face value. Interest is…

A: The bonds are the financial instruments that are issued to raise money from the market or investors.…

Q: Cucumber Electric sold $3,300,00, 8%, 10-year bonds on January 1, 2022. The bonds were dated January…

A: Under straight line method, the premium or discount is amortized with equal amounts. The bonds are…

Q: At December 31, 2025, Cullumber Corporation has the following account balances: Bonds payable, due…

A: Balance sheet is a financial statement that shows a list of final ending balances of assets,…

Q: On January 1, 2025, Paxton Planning Services issued $56,000 of 2% bonds that mature in five years.…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: de, Inc. issued $758,000 of bonds on December 15, 2022, when the market rate of interest was 6%. The…

A: Here are the journal entries to record the issuance of the bonds on December 15, 2022, and the…

Q: Requirement. Journalize the transactions of Lamire Communications Inc. (Record debits first, then…

A: An entity's interest expenditure is the cost of borrowing money. On the income statement, interest…

Q: MacBride Enterprises sold $200,000 of bonds on December 31, 2018. A portion of the amortization…

A: Under effective interest method, interest is calculated on carrying value at the end of each…

Q: Cagney Company sold $200,000 of bonds on January 1, 2024. A portion of the amortization table…

A: The question is based on the concept of Financial Accounting.

Q: The balance sheet for Ivanhoe Company reports the following information on July 1, 2022. IVANHOE…

A: Total Cash paid on redemption = Face value of bonds x redemption rate = $400,000*109% = $436,000

Q: Superior drive ins Ltd borrowed money by issuing $5500,000 of 6% bonds payable at 93.5 on July…

A: solution : given : face value of bond =$5500,000 coupon rate =6% issue price…

Q: At December 31, 2017, Hyasaki Corporation has the following account balances: Bonds payable, due…

A: Workings: Bonds payable due = $ 2000000

Q: Jan. 1, 2014 300,000 Required: 1. Compute the balance of bonds payable and discount on bonds payable…

A: Bond Issuance of bond which can be either par value or discount or premium value as well. Whether…

Q: Presented here are long-term liability items for Teal Mountain Inc. at December 31, 2022. Bonds…

A: Balance sheet is a financial statement that shows profitability, total revenue and total expenses…

Q: Please help find issue price of bonds Requirements- Using PV function in excel calculate issue price…

A: calculation of issue price face value of bond -620,000 discount rate 10%…

Q: Prepare entry for bonds issued. BE10.8 (LO 3), AP Bridle Inc. issues $300,000, 10-year, 8% bonds at…

A: Introduction: When bonds are sold at a price lower than its face value then such bonds are issued at…

Q: The Colson Company issued S300.000 bonds at 98 on January 1, 2017. The bonds are due January 1,…

A: Given information is: Face value of bonds = $300,000 Issue price = 98 per bond

Q: Show your solution pls On March 1, 2016, Rose Corporation issued at 103 plus accrued interest, one…

A: Bonds are issued by governments and businesses when they need to generate revenue. When you buy a…

Q: Sheridan Company issued $311,500 of 7%, 10-year bonds on January 1, 2020, at face value. Interest is…

A: The bonds are issued at face value therefore there is no requirement to adjust interest expense with…

Q: The balance sheet for Pina Colada Consulting reports the following information on July 1, 2022.…

A: BOND PAYABLE Bond is a Financial Security which is Generally Issued by the Corporations, Government…

Q: PB6. 13.3 Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term…

A: Solution: (A). Date General Journal Debit Credit July 1, 2018 Cash $480,000 Discount on…

Q: can you show me how to solve this problem for accounting? Presented here are long-term liability…

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder.…

Q: BE10.9 (LO 3), AP Ravine Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal…

A: Bonds :Bonds is a long-term debts issued by the government and companies to raise funds for their…

Q: Brief Exercise 10-12 Z Your answer is partially correct. Try again. Presented here are long-term…

A: Long term liabilities means the liabilities which will be paid with in long period i.e. generally…

Q: Folgers Inc. reported bond interest expense of $12,000 during 2020. The balance in Bond Interest…

A: Increase (decrease) in Bond Interest Payable = Ending in Bond Interest Payable - Beginning in Bond…

Q: The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2022.…

A: Bond- A bond is a fixed profit protection that a corporation or government uses to raise money for a…

Question

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)

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Novak corp. Issued $417,000,11% 15 year bonds on december 31,2021 for $404,490.interest is payable annually on december 31. Novak uses the straight line method to amortize bond premiums or discount. Prepare the journal entry to record the payment of interest and the discount amortization on december 31,2022
The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021. Current Liabilities Interest Payable $ 89,500 Long-term Liabilities Bonds payable, 5%, due January 1, 2024 1,790,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. a) Journalize the payment of the bond interest on January 1, 2022. b) Assume that on January 1, 2022, after paying interest, Bramble calls bonds having a face value of $602,000. The call price is 105. Record the redemption of the bonds. c) Prepare the entry to record the accrual of interest on December 31, 2022.
How to find accrued interest on bonds payable for just March 2018 info on bonds payable- 6%, interest payment dates May 1 and Nov 1, due May 2036; balance per ledger is 10,000,000
The Colson Company issued $300,000 bonds at 103 on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1, and January 1. The Colson Company records Straight Line amortization semiannually Prepare Colson's Journal entry for January 1 issue of bonds O Cash Premium on Bonds Payable Bonds Payable $309 000 $9.000 $300.000 O Cash $291.000 Premium on Bonds Payable $9.000 Bonds Payable O Cash Discount on Bonds Payable $9,000 Bonds Payable O Bonds Payable Premium on Bonds Payable $9.000 Cash S300 000 $291.000 $300.000 $291 000 $300.000
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?
On January 1, 2022, Ivanhoe Company issued $425,000, 12%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Your answer is partially correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, Cash 51000 2022 Bonds Payable 51000
On January 1, 2018, Educators Credit Union issued 7%, 20-year bonds payable with a face value of $100,000. The bonds pay interest on June 30 and December 31. How do I Journalize the payment of interest and amortization on June 30, 2018.?
On January 1, 2022, Sunland Company issued $420,000, 12%, 10-year bonds at face value. Interest is payable annually on January 1. (a) (b) Prepare the journal entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2022 Account Titles and Explanation Debit Credit
The balance sheet for Cullumber Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $3,100,000 Less: Discount on bonds payable 217,000 $2,883,000 Cullumber decides to redeem these bonds at 103 after paying annual interest.Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Aggies Inc. issued bonds with a $450,000 face value, 8% interest rate, and a 4-year term on July 1, 2018, and received $510,000. Interest is payable semi-annually. The premium is amortized using the straight-line method. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premium Prepare journal entries for the above transactions. If an amount box does not require an entry, leave it blank. A. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 B. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 C.
Martinez Corp. issues 4800, 10-year, 8%, $1000 bonds dated January 1, 2017, at 103. The journal entry to record the issuance will show a debit to Premium on Bonds Payable for $144000. credit to Bonds Payable for $4800000. credit to Cash for $4944000. debit to Cash of $4800000.
Flounder Corp. issues 850, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry to record the issuance will show a debit to Cash for $824500. credit to Discount on Bonds Payable for $25500. credit to Bonds Payable for $824500. debit to Cash of $850000.