College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 22, Problem 2MC
To determine
Find the correct option, the option that indicates the amount at which the Cash account is debited for.
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If bonds with a face value of $208,000 are issued at 94, the amount of cash proceeds is
A. $207,906
B. $208,000
C. $195,520
D. $183,040
If $1,000,000 of 8% bonds are issued at 102.5, the amount of cash received from the sale is
If the bonds payable account has a balance of $900,000 and the discount on bonds payable account has a balance of $72,000, what is the carrying amount of bonds?
A. $828,000
B. $900,000
C. $972,000
D. $580,000
Chapter 22 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 22 - A secured bond is one that is backed by specific...Ch. 22 - Prob. 2TFCh. 22 - When bonds are issued at face value, the debit to...Ch. 22 - Prob. 4TFCh. 22 - Prob. 5TFCh. 22 - Bonds that give the holder the option of...Ch. 22 - Prob. 2MCCh. 22 - Prob. 3MCCh. 22 - Prob. 4MCCh. 22 - Bond sinking fund earnings are (a) subtracted from...
Ch. 22 - Prob. 1CECh. 22 - Prob. 2CECh. 22 - Prob. 3CECh. 22 - Prob. 4CECh. 22 - Prob. 5CECh. 22 - Prob. 1RQCh. 22 - Prob. 2RQCh. 22 - Prob. 3RQCh. 22 - Prob. 4RQCh. 22 - What accounts are affected when bonds are issued...Ch. 22 - Prob. 6RQCh. 22 - Prob. 7RQCh. 22 - Prob. 8RQCh. 22 - Prob. 9RQCh. 22 - When bonds are redeemed before maturity, how is...Ch. 22 - Prob. 11RQCh. 22 - How should sinking fund earnings be reported on...Ch. 22 - Prob. 13RQCh. 22 - Prob. 1SEACh. 22 - Prob. 2SEACh. 22 - Prob. 3SEACh. 22 - REDEMPTION OF BONDS ISSUED AT FACE VALUE Levesque...Ch. 22 - REDEMPTION OF BONDS ISSUED AT A PREMIUM Brighton...Ch. 22 - REDEMPTION OF BONDS ISSUED AT A DISCOUNT...Ch. 22 - BOND SINKING FUNDS M. J. Adams Corporation pays...Ch. 22 - BONDS ISSUED AT FACE VALUE Ito Co. issued the...Ch. 22 - Prob. 9SPACh. 22 - Prob. 10SPACh. 22 - Prob. 11SPACh. 22 - Prob. 12SPACh. 22 - BONDS ISSUED AT FACE VALUE WITH SINKING FUND...Ch. 22 - Prob. 1SEBCh. 22 - Prob. 2SEBCh. 22 - Prob. 3SEBCh. 22 - Prob. 4SEBCh. 22 - Prob. 5SEBCh. 22 - REDEMPTION OF BONDS ISSUED AT A DISCOUNT Medina...Ch. 22 - Prob. 7SEBCh. 22 - BONDS ISSUED AT FACE VALUE Ramona Arroyo Co....Ch. 22 - Prob. 9SPBCh. 22 - Prob. 10SPBCh. 22 - Prob. 11SPBCh. 22 - BONDS ISSUED AT A DISCOUNT, REDEEMED AT A GAIN...Ch. 22 - BONDS ISSUED AT FACE VALUE WITH SINKING FUND...Ch. 22 - MANAGING YOUR WRITING The business where you work...Ch. 22 - Prob. 1ECCh. 22 - MASTERY PROBLEM Jackson, Inc.s fiscal year ends...Ch. 22 - CHALLENGE PROBLEM This problem challenges you to...
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- The balance in the Bonds Payable account is a credit of $67,000. The balance in the Discount on Bonds Payable account is a debit of $3350. What is the bond's carrying amount?arrow_forwardIf $457,000 of 8% bonds are issued at 94, what is the amount of cash received from the sale? Select the correct answer. A. $420,440 B. $457,000 C. $429,580 D. $493,560arrow_forwardBonds Payable has a balance of $1,005,000 and Discount on Bonds Payable has a balance of $10,050. If the issuing corporation redeems the bonds at 97.5, what is the amount of gain or loss on redemption?arrow_forward
- Bonds Payable has a balance of $802,000 and Discount on Bonds Payable has a balance of $9,624. If the issuing company redeems the bonds at 98, what is the amount of gain or loss on redemption?arrow_forwardB4.arrow_forwardBonds Payable has a balance of $952,000 and Premium on Bonds Payable has a balance of $10,472. If the issuing corporation redeems the bonds at 102, what is the amount of gain or loss on redemption?arrow_forward
- A $276,000 bond was redeemed at 98 when the carrying amount of the bond was $271,860. What amount of gain or loss would be recorded as part of this transaction?arrow_forwardEddie industries issue 861000 of bonds at 102. The amount of cash received from the sale isarrow_forwardIf $1,000,000 of 10% bonds are issued at 98, the amount of cash received from the sale is: O a. $987,500. Ob. $980,000. c. $1,000,000. Od. $975,000.arrow_forward
- If $1,012,000 of 12% bonds are issued at 102 1/2, the amount of cash received from the sale is Oa. $1,037,300 O b. $1,012,000 O c. $759,000 O d. $1,133,440arrow_forwardIf $470,000 of 10% bonds are issued at 97, the amount of cash received from the sale isarrow_forwardComplete the following: (a) Prepare the journal entry to issue $100,000 bonds that sold for $94,000. (b) Prepare the journal entry to issue $100,000 bonds that sold for $104,000.arrow_forward
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Bond Valuation - A Quick Review; Author: Pat Obi;https://www.youtube.com/watch?v=xDWTPmqcWW4;License: Standard Youtube License