Horngren's Financial & Managerial Accounting, The Financial Chapters, Student Value Edition (5th Edition)

5th Edition

ISBN: 9780133851731

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 12, Problem 12.17E

Accounting for long-term notes payable transactions

Consider the following note payable transactions of Caldwell Video Productions.

2016
Apr. 1	Purchased equipment costing $56,000 by issuing a seven-year, 13% note payable. The note requires annual principal payments of $8,000 plus interest each April 1.
Dec. 31	Accrued interest on the note payable.
2017
Apr. 1	Paid the first installment on the note.
Dec. 31	Accrued interest on the note payable.

Requirements

1. Journalize the transactions for the company.

2. Considering the given transactions only, what are Caldwell Video Productions’ total liabilities on December 31, 2017?

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Chapter 12, Problem 12.16SE

Chapter 12, Problem 12.18E

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Chapter 12 Solutions

Horngren's Financial & Managerial Accounting, The Financial Chapters, Student Value Edition (5th Edition)

Ch. 12 - Flipco signed a 10-year note payable on January 1,...Ch. 12 - Daniels's bonds payable carry a stated interest...Ch. 12 - A bond that matures in installments at regular...Ch. 12 - Prob. 4QC Ch. 12 - Nicholas Smith Fitness Gym has 700,000 of 20-year...Ch. 12 - Prob. 6QC Ch. 12 - Prob. 7QC Ch. 12 - The debt to equity ratio is calculated as a. Total...Ch. 12 - Mike Gordon wishes to have 80,000 in five years....Ch. 12 - Prob. 10BQC

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