The following items are found in the financial statements. Indicate how each of these items should be classified in the financial statements. Classification (a) Discount on bonds payable. select a financial statement Balance SheetIncome statement (b) Interest expense (credit balance). select a financial statement Balance SheetIncome statement (c) Unamortized bond issue costs. select a financial statement Balance SheetIncome statement (d) Gain on repurchase of debt. select a financial statement Balance SheetIncome statement (e) Mortgage payable (payable in equal amounts over next 3 years). select a financial statement Balance SheetIncome statement (f) Debenture bonds payable (maturing in 5 years). select a financial statement Balance SheetIncome statement (g) Notes payable (due in 4 years). select a financial statement Balance SheetIncome statement (h) Premium on bonds payable. select a financial statement Balance SheetIncome statement (i) Bonds payable (due in 3 years). select a financial statement Balance SheetIncome statement

The following items are found in the financial statements. Indicate how each of these items should be classified in the financial statements. Classification (a) Discount on bonds payable. select a financial statement Balance SheetIncome statement (b) Interest expense (credit balance). select a financial statement Balance SheetIncome statement (c) Unamortized bond issue costs. select a financial statement Balance SheetIncome statement (d) Gain on repurchase of debt. select a financial statement Balance SheetIncome statement (e) Mortgage payable (payable in equal amounts over next 3 years). select a financial statement Balance SheetIncome statement (f) Debenture bonds payable (maturing in 5 years). select a financial statement Balance SheetIncome statement (g) Notes payable (due in 4 years). select a financial statement Balance SheetIncome statement (h) Premium on bonds payable. select a financial statement Balance SheetIncome statement (i) Bonds payable (due in 3 years). select a financial statement Balance SheetIncome statement

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter13: Auditing Debt, Equity, And Long-term Liabilities Requiring Management Estimates

Section: Chapter Questions

Problem 4CYBK

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The following items are found in the financial statements.

Indicate how each of these items should be classified in the financial statements.

		Classification
(a)	Discount on bonds payable.	select a financial statement Balance SheetIncome statement
(b)	Interest expense (credit balance).	select a financial statement Balance SheetIncome statement
(c)	Unamortized bond issue costs.	select a financial statement Balance SheetIncome statement
(d)	Gain on repurchase of debt.	select a financial statement Balance SheetIncome statement
(e)	Mortgage payable (payable in equal amounts over next 3 years).	select a financial statement Balance SheetIncome statement
(f)	Debenture bonds payable (maturing in 5 years).	select a financial statement Balance SheetIncome statement
(g)	Notes payable (due in 4 years).	select a financial statement Balance SheetIncome statement
(h)	Premium on bonds payable.	select a financial statement Balance SheetIncome statement
(i)	Bonds payable (due in 3 years).	select a financial statement Balance SheetIncome statement

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