The total long-term liabilities reported on the balance sheet are     $3261000.   $3248000.   $3359000.   $3346000.

Q: 1. Costco Wholesale Corporation borrows $640,000 on September 1, 2021. Costco signs a nine- month,…

A: Formula: Interest amount = Notes payable amount x Time period x Interest rate.

Q: On January 1, 2025, Stellar Corporation issued $540,000 of 7% bonds, due in 10 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: On January 1, 2025, Flounder Corporation issued $550,000 of 7% bonds, due in 8 years. The bonds were…

A: Journal Entries - Flounder CorporationDateAccount Title & ExplanationDebitCredit1-Jan-25Cash…

Q: On January 1, 2021, Lyle’s Limeade issues 4%, 10-year bonds with a face amount of $90,000 for…

A:

Q: The following amortization schedule indicates the interest and principal to be repaid on an…

A: SOLUTION:-   1.                                                             Amortization Schedule…

Q: On January 1, 2020, Drew Company issued $900,000, 5-year bonds for $828,000. The stated rate of…

A: Annual Cash Payment for interest = Face value of bonds x rate of interest x period = $900,000 x 9% =…

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: In the statement of financial position of Leblanc Company as of December 31, 2020, the following…

A: Redemption of the bonds = Face value of Bonds Payable x Redemption value / 100 = P1,000,000 x 98/100…

Q: trial balance for Wildhorse Corporation at July 31, 2021, the corporation's fiscal year en $ 104,500…

A: Noncurrent liabilities include debentures, long-term loans, bonds due, deferred tax obligations,…

Q: A Company issues four-year bonds with a $114,000 par value on January 1, 2021, at a price of…

A: Interest expense = 114000 x 5% x 6/12 = 2850 bond amortisation = (114000-109870)/8 = 516.25

Q: The following section is taken from Oriole Company's balance sheet at december 31, 2021. Current…

A: for more information ping me, Happy learning.

Q: Justin Company signed a $90,000, three-month, 9% note payable, on December 1. If the accounting…

A: Interest accrued on December 31= Face value of bonds x rate of interest x no. of month/12 = $90000 x…

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 July 1, 2024, Li-Ma Industries issued nine-month notes in the amount of $400 million. Interest is…

A: Notes payable, also known as promissory notes, are a type of debt that a business or individual…

Q: On January 1, 2021, Sunland Company sold $4900000 of its 10% bonds for $4337950 to yield 12%.…

A: $4,337,950 is the present value of bond. Yield is 12 %, semiannually.

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

A: BALANCE SHEETFinancial statement that provides a snapshot of an organization's financial position at…

Q: On December 31, 2018, when the market interest rate is 10%, Willis Realty issues $1,000,000 of…

A: Financial instruments issued by a corporation to raise long-term capital are known as bonds. In the…

Q: Prepare the company’s journal entries for (a) the January 1 issuance, (b) the July 1 interest…

A: Effective Interest rate refers to the compounded interest rate that the bond holder actually pays as…

Q: On January 1, 2025, Shamrock Corporation issued $680,000 of 9% bonds, due in 8 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: On December 31, 2021, what total amount should be reported as current liabilities? a.) 1,066,000…

A: Calculation of Current Liabilities  Current liabilities = Accrued Liabilities expense + Unearned…

Q: On January 1, 2020, Swifty Corporation issued $450,000 of 7% bonds, due in 8 years. The bonds were…

A: Introduction:- The act of recording or keeping track of any financial or non-financial action is…

Q: The balance sheet for Ivanhoe Consulting reports the following information on July 1, 2020.…

A: If bonds are redeemed at maturity, then bonds payable account is debited and cash is credited by the…

Q: On January 1, 2019, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: 1. Calculation for Bonds Issuance Entry  A) Discount on issue of bonds.   = Bonds Issue price-Bonds…

Q: The following amortization schedule indicates the interest and principal to be repaid on an…

A: Note payable is a financial instrument which is used to make a certain amount of payment at the date…

Q: On January 1, 2020, Grouper Corporation issued $480,000 of 7% bonds, due in 10 years. The bonds were…

A: >Bonds Payable are the source of finance for the companies.   >The bondholders are…

Q: On January 1, 2021, CPS Co. borrowed $340,000 cash from iLend and issued a five-year $340,000, 4%…

A: Interest Expense: The cost of debt which is incurred during a particular accounting period is called…

Q: The adjusted trial balance for Bramble Corp. at the end of the current year contained the following…

A: Long term Liabilities: Long term Liabilities or non-current liabilities are the obligation that…

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: 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: sheridan Limited issued $4,500,000 10-year, 8% bonds on January 1, 2021, when the market interest…

A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.…

Q: Required: 1. Prepare any required adjusting entries at December 31, 2023, for each of the above.…

A: Accounting entries known as "adjusting entries" are made to update account balances and guarantee…

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

A: BALANCE SHEET Balance sheet Shows the Financial position of the Company. It Include Assets,…

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…

Q: bonds, du 8 years. interest each July 1 and January 1. The effective-interest rate is 8%. Date…

A: Bonds payable is long term liability as these are issued to raise funds. When the contract rate is…

Q: At January 1, 2020, Konerko Corp. issued $40,000,000 of 6%, 12-year bonds that paid interest…

A: Bonds: It is also known as fixed-income security, is a debt instrument created for the purpose of…

Q: On January 1, 2025, Sweet Corporation issued $490,000 of 7% bonds, due in 8 years. The bonds were…

A: When a bond payable is issued below par then, it is said to be issued at a discount. The discount is…

Q: On January 1, 2025, Concord Corporation issued $500,000 of 7% bonds, due in 10 years. The bonds were…

A: The bonds are issued at a premium when the interest earnings on bonds are more than the interest…