The adjusted trial balance for Bramble Corp. at the end of the current year contained the following accounts.   5-year Bonds Payable 8% $1170000 Bond Interest Payable 37000 Premium on Bonds Payable 73000 Notes Payable (3 mo.) 29000 Notes Payable (5 yr.) 120000 Mortgage Payable ($11000 due currently) 146000 Salaries and Wages Payable 13000 Taxes Payable (due 3/15 of next yr) 18000 The total long-term liabilities reported on the balance sheet are $1498000. $1509000. $1425000. $1436000.

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: On the first day of the current fiscal year, $200,000 of 5-year, 10% bonds, with interest payable…

A: Discount on Bonds payable = Face value of bonds - issue price of bonds = $200,000 - $192,462 =…

Q: On the first day of the fiscal year, a company issues a $968,000, 8%, 10-year bond that pays…

A: Working Note: Total premium on Bonds = Issue value - Face value of the bonds = $1,016,400 - 968,000…

Q: Issuance of the bond  First annual interest payment (record as separate entry from premium…

A: Working: Premium on Bonds Payable = Issue price of bonds - Face value of bonds = $2,125,000…

Q: The adjusted trial balance for Concord Corporation at the end of the current year contained the…

A: Long-term liabilities are those which are payable to the company in more than 1 year. Liabilities…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Solution 1-                                                                           Journal…

Q: On the first day of the fiscal year, a company issues a $326,000, 6%, 10-year bond that pays…

A: BOND IS AN INSTRUMENT OF INDEBTEDNESS OF THE BOND ISSUER TO THE HOLDER .

Q: On the first day of the fiscal year, a company issues a $874,000, 9%, 10-year bond that pays…

A: A record is often kept in the general ledger, but it can also be kept in a single account,…

Q: On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable…

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

Q: Diana Inc. issued $350,000 of its 7%, 5-year bonds for $335,816 when the market rate was 8%. The…

A: Semi-annually interest payment = Face value of bonds x rate of interest x 6/12 =350000*7%*6/12 =…

Q: On the first day of the fiscal year, a company issues a $616,000, 8%, 10-year bond that pays…

A: Cash interest = $24,640 Face value = $616,000Issue Price = $646,800Premium on issue of bond =…

Q: Journalize the entry to record the issuance of the bonds.

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in…

Q: On March 1, Sullivan Inc. issued $700,000 of 10-year, 11% bonds at an effective interest rate of…

A: Bonds are considered a financial instrument used to raise finance for the organization. It is also…

Q: The total long-term liabilities reported on the balance sheet are     $3261000.   $3248000.…

A: Bonds payable are recorded under long-term liabilities on the balance sheet. It represents the…

Q: On the first day of the fiscal year, a company issues a $967,000, 8%, 10-year bond that pays…

A: A journal entry is used to record a business transaction in an organization's accounting records. A…

Q: Williams Company issued $600,000 of 10%, 5-year bonds. Interest is paid semiannually, and…

A: Interest expense is defined as the cost of borrowing the amount or money, in short, it is the price…

Q: On the first day of the current fiscal year, $2,000,000 of 10-year, 6% bonds, with interest payable…

A: Given: Value of the bond = $ 2,000,000 Bond rate = 6 % Price of the bond = $ 2,125,000

Q: On the first day of the fiscal year, a company issues a $888,000, 6%, 10-year bond that pays…

A:

Q: On June 30, Jamison Company issued $2,500,000 of 10-year, 9% bonds, dated June 30, for $2,580,000.…

A: Given: Value of the bond = $ 2,500,000 Bond rate = 9 % Price of the bond = $ 2,580,000

Q: Vaughn Manufacturing retires its bonds at 105 on January 1, following the payment of annual…

A: In the current case, the company holds bonds with a face value of $720,000. The carrying value of a…

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 each for $104,000. The…

A: Journal entries are passed following the golden rules of accounting  Debit all assets and expenses…

Q: On January 1, Year 1, Hanover Corporation issued bonds with a $57,750 face value, a stated rate of…

A: Interest expense is the amount which is incurred on the amount used by the entity. Interest expense…

Q: Diana Inc. issued $150,000 of its 6%, 5-year bonds for $143,773 when the market rate was 7%. The…

A: Bonds are debt securities issued by companies, governments, or other entities to raise capital. When…

Q: On January 1, Year 1, Kenneth Cole Inc. issued $2,000,000, 5%, 10-year bonds, with interest payable…

A: Bonds can be referred to as financial securities which are issued by large organizations to raise…

Q: rnalize the entry to record the amount of rnalize the entries to record the following The first…

A: The answers have been mentioned below.

Q: On January 1, Sunland Company Issued $441,000, 7%, 15-year bonds at face value, Interest is payable…

A: The bonds are reported as the long-term liabilities in the balance sheet. The accrued interest is…

Q: On August 1, 2022, Bramble Corp. issued $482,400, 8%, 10-year bonds at face value. Interest is…

A: As per accrual principle of accounting, all the expenses need to be accounted for within the…

Q: On October 1, Year 1 Hernandez Company loaned $60,000 cash to Acosta Company. The one-year note…

A: Journal entries for accrued interest income: Interest receivable account is debited and Interest…

Q: The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar…

A: Discount on bonds=$74,000,000-$63,532,267=$10,467,733

Q: On January 1, Year 1, Platte Corporation issues a 5-year note payable for $5,000. The interest rate…

A: Accounting entry to be made issuance of note:     General Journal Debit Credit Cash $5,000…

Q: On January 1, a company issued 4%, 10-year bonds with a face amount of $75 million for $63,842,205…

A: The term" straight- line interest expense" refers to a  system of allocating or feting  interest…

Q: Zee Company sold an issue of $500,000, 9%, 10-year bonds for $468,845 on April 1. The interest is…

A: The discount on bonds needs to be credited at the end of the period. The entry would be to debit…

Q: vere reported at $69091655. Blossom issued a new note payable for cash during the year. T value of…

A: A financial metric called the debt-to-asset ratio indicates what percentage of a company's total…

Q: On January 1, Year 1, Maverick Company sold bonds that pay interest semiannually on June 30 and…

A: Adjusting entries are journal entries usually made at the end of an accounting period to allocate…