Selected information follows for Wildhorse Select Corporation at December 31: 2024 2023 Bonds payable $1,014,900 $1,014,900 Mortgage notes payable 484,500 204,000 Common shares 56,100 45,900 Retained earnings 168,300 86,700 Additional information: 1. Principal payments on the mortgage payable were $25,500. 2. A building was purchased for $510,000 by paying $204,000 cash and signing a mortgage note payable for the balance. 3. Profit for the year was $147,900. Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Wildhorse Select Corporation Cash Flow Statement (Partial) For the Year Ended December 31, 2024 Financing Activities Sale of Common Shares Repayment of Mortgage Notes Payable Payment of Cash Dividends Net Cash Used by Financing Activities Note X: During the year, the company acquired a building with a cost of $ by paying $ cash and incurring a mortgage note payable of $

Selected information follows for Wildhorse Select Corporation at December 31: 2024 2023 Bonds payable $1,014,900 $1,014,900 Mortgage notes payable 484,500 204,000 Common shares 56,100 45,900 Retained earnings 168,300 86,700 Additional information: 1. Principal payments on the mortgage payable were $25,500. 2. A building was purchased for $510,000 by paying $204,000 cash and signing a mortgage note payable for the balance. 3. Profit for the year was $147,900. Assuming the company reports under ASPE and all dividends have been paid, prepare the financing activities section of the cash flow statement. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Wildhorse Select Corporation Cash Flow Statement (Partial) For the Year Ended December 31, 2024 Financing Activities Sale of Common Shares Repayment of Mortgage Notes Payable Payment of Cash Dividends Net Cash Used by Financing Activities Note X: During the year, the company acquired a building with a cost of $ by paying $ cash and incurring a mortgage note payable of $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 8RE

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Similar questions

A company purchased $30,000 of 5% bonds for investment purposes on May 1. The bonds pay interest on February 1 and August 1. The amount of interest revenue accrued at December 31 (the company’s year-end) is a. $1,500. c. $1,000. e. $300. b. $1,375. d. $625.
Give me correct answer with explanation.s
Wildhorse Corporation had these transactions pertaining to debt investments: Jan. 1 Purchased 96 11%, $1,000 Martine Co. bonds for $96,000 cash. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Martine Co. bonds. July 1 Sold 33 Martine Co. bonds for $34,160.
Confused on Ex15-1. How would I journalize?
Q7- Khalid Corporation had the following transactions relating to debt investments: Jan. 1 Purchased 50, $1,000, 12% Naved Company bonds for $50,000 plus broker's fees of $1,500. Interest is payable semiannually on January 1 and July 1. July 1 Received semiannual interest from Naved Company bonds. July 1 Sold 30 Naved Company bonds for $30,000, less $800 broker's fees. Instructions (a). Journalize the transactions, and (b). prepare the adjusting entry for the accrual of interest on December 31.
Pharoah Company had the following transactions pertaining to debt securities held as an investment. Jan. 1 Dec. 31 Purchased 75, 6%, $1,000 Sheridan Company bonds for $75,000 cash. Interest is payable annually on January 1. Accrued $4,500 annual interest on Sheridan Company bonds. Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Debt Investments Cash Dec. 31 Interest Receivable Interest Revenue Debit 75,000 4,500 Credit 75,000 4,500
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.
balance sheet on december 31,year 1 and december 31year 2 are presented below: assets dec 31 year 1 dec 31 year 2 liabilites dec 31 year 1 dec 31 year 2 cash 50 000 60 000 trade accounts payable 62 000 49 000 accounts receivable 95 000 89 000 interest payable 8 000 11 000 allowance for uncollectible accounts (4 000) (3 000) bonds payables 200 000 200 000 inventory 120 000 140 000 unamortized bond discount (15 000) (10 000) property plant and equipment 295 000 340 000 Equity 199 000 257 000 accumlated depreciation (102 000) (119 000) total assets 454 000 507 000 total liabilities 454 000 507 000 additional information for year 2 : cash payents to suppliers of merchandise were 180 000 sales revenue was 338 000 3 000 of accounts receivables was written off equipment was acquired for 65 000 depreciation expense was 30 000 interest expenses was 20 000 based on the above information calculate the following : 1. the cost of goods sold year 2. 2.…
On January 1, $853,000, 5-year, 10% bonds were issued for $827,410. Interest is paid semiannually on January 1 and July 1. If the issuing corporation uses the straight-line method to amortize a discount on bonds payable, the semiannual amortization amount is a. $42,650 Ob. $2,559 Oc. $25,590 d. $5,118 Woxt
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.
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Madison Company issued an interest-bearing note payable with a face amount of $25,800 and a stated interest rate of 8s to the Metropolitan Bark on August 1, Year 1. The note carried a one year term. Based on this information alone, the amount of total liablities appearing on Madisoris Year 1 balance sheet would be Select one O A $25,800 OB $27864 OC $26,660 OD $27,004 Denver Co. issued bonds with a face value of $79,000 and a stated interest rate of 7% The bonds have a life of five years and were sold at 103.50. If Denver amortizes discounts and premiums using the straight ine method, the amount of interest expense each full year would be Select one O A S6083. OB. $5530. OC S4977. OD $5724. Victor Company issued bonds with a $400,000 face value and a 3% stated rate of interest on January 1, Year 1. The bonds carried a Syear term and sold for 93. Victor uses the straight-line method of amortization. Interest is payable on December 31 of each year. The carrying value of the bond…