The adjusted trial balance for Concord Corporation at the end of the current year contained the following accounts.   5-year Bonds Payable 8% $1940000 Bond Interest Payable 61000 Premium on Bonds Payable 121000 Notes Payable (3 mo.) 48000 Notes Payable (5 yr.) 200000 Mortgage Payable ($18000 due currently) 242000 Salaries and Wages Payable 22000 Taxes Payable (due 3/15 of next yr) 30000 The total long-term liabilities reported on the balance sheet are

Q: On January 1, 2021, Baddour, Inc., issued 10% bonds with a face amount of $160 million. The bonds…

A: Requirement 1:

Q: On November 1, 2006, Naruto Company issued P8,000,000 of its 10-year, 8% term bonds dated October 1,…

A: A balance sheet is a report that shows an entity's assets, liabilities, and equity at a certain…

Q: The adjusted trial balance for Perry Corporation at the end of 2018 contained the following…

A: Long-term liabilities are amount due after 12 months.

Q: On January 1, 2020, Skysong Corporation issued $660,000 of 9% bonds, due in 8 years. The bonds were…

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is…

Q: KCC Corporation has the following transactions for the year. Prepare all the necessary entries for…

A: Bond Valuation The valuation of bond can be either par value or discount or premium as well.  There…

Q: On January 1, a company issued 7%, 15-year bonds with a face amount of $90 million for $82,218,585…

A:

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

A: Long Term liabilities are those liabilities which are payable beyond 1 Year from the Reported date.

Q: On the first day of its fiscal year, Ebert Company issued $20,000,000 of 5-year, 11% bonds to…

A: Under the Effective interest method, the Bond issue shall be valued at the present value of Bond…

Q: 9. In the statement of financial position of Kansas, Inc. as of December 31, 2011, the accounts in…

A: Number of bonds payable = P1,000,000P100 = 10,000

Q: On January 1, 2021, MACADAMIA Company issued 5 year bonds with face value of ₱5,000,000 at 110. The…

A: Net issue price = (Face value of bonds x issue price/100) - Bonds issue cost = (₱5,000,000 x…

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 January 1, 20x1, Faith Co. Issued 1,000, P2,000, 12% bonds for P2,206,168. Principal is due on…

A: Working note: Premium amortization schedule:

Q: On January 1, 2021, Ganda Company issued P5,000,000, 8% serial bonds payable to be repaid in the…

A: Interest expense on December 31, 2021 = present value of the bonds x yield rate x no. of the months…

Q: On July 1, 20Y1, Danzer Industries Inc. issued $50,000,000 of 10-year, 8% bonds at a market…

A: Definition:

Q: The adjusted trial balance for Bramble Corp. at the end of the current year, 2018, contained the…

A: Solution:   Total long term liabilities reported on balance sheet = Bond payable + Premium on bond…

Q: Culver Corporation issued 2,800 9%, 7-year, $1,000 bonds dated January I, 2022, at face value.…

A: A journal entry is being used to record a commercial transaction in the accounting records of a…

Q: On January 1, 2020, Flounder Corporation issued $540,000 of 7% bonds, due in 10 years. The bonds…

A: Solution: Journal Entries - JWS Corporation Date Particulars Debit Credit 1-Jan-20 Cash Dr…

Q: On January 1, 2020, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from…

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: On August 1, 2010, a company issues bonds with a par value of $600,000. The bonds mature in 10 years…

A: Interest  payable  on bond is        $600000 × 6% × 5/12 =                $ 15000   The amortization…

Q: On January 1, 20x1, Hope Co. issued 5-year, 12%, P2,000,000 bonds for P2,151,632. Principal is due…

A: Working note: Bond premium amortization schedule:

Q: ctions for Zillow include an explanation for each entry A. Insurance if the bonds payable at par on…

A: Journal entries refers to the process of systematic documentation of the financial transactions of a…

Q: On November 1, 2006, Mason Company issued P8,000,000 of its 10-year, 8% term bonds dated October 1,…

A: Bonds are a form of liability being issued by the business, which needs to be paid out by the…

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, 2017, JWS Corporation issued S600.000 7% Bonds due in 10 years. The bonds were issued…

A: Given that: Face value of bonds = $600,000 Interest rate = 7% Issue price = $599,224

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: Mara Company reported the following accounts on December 31,2021: Premium on bonds payable 50,000…

A: Bond refunding refers to when higher-cost bonds are paid off with debt that has a lower net cost to…

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A:

Q: On September 1, 2011, Park Rapids Lumber Company issued $80 million in 20-year, 10 percentbonds…

A:

Q: On the first day of its fiscal year, Ebert Company issued $23,000,000 of 5-year, 8% bonds to finance…

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

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, 2012 Zesto Company received $1,032,880 for $1,000,000 face amount, 12% bonds, a price…

A: Semiannual interest payment = face value of bonds x interest rate x 6/12 = 1000000*12%*6/12 = $60000

Q: On Dec 31, 2020, ABC Corp issued 4-year, 7% bonds with $3,000,000 as par value. ABC Corp. received…

A: The bonds are issued at premium means that carrying value of bonds payable is more than the face…

Q: On the first day of it's fiscal year, Ebert Co. issued $11,000,000 of 10-year, 7% bonds to finance…

A: An amortization schedule is a schedule showing the periodic debts, their interest expenses, the…

Q: On January 1, 2014 Victory Falls Company issued $2,100,000 in bonds that mature in 5 years. The…

A: Journal: Journal is the method of recording monetary business transactions in chronological order.…

Q: Lahey Corporation retires its $800,000 face value bonds at 105 on January 1, following the payment…

A: 1. Redemption of Bonds - In the current case, the company holds bonds with a face value of $100 of…

Q: On December 31, 2015, Ariana Grande Corporation issued 20-year, nonconvertible bonds of P5,000,000…

A: A bond is a fixed pay instrument issued to represent to an advance made by a financial specialist to…

Q: During two consecutive years, Antlers Company, Inc., completed the following transactions: Year 1…

A: Bonds: Bonds are the long-term promissory notes that are represented by a company while borrowing…

Q: On January 1, 2020, Martinez Corporation issued $570,000 of 9% bonds, due in 8 years. The bonds were…

A: Premium on bonds payable = $603,210 - $570,000 Premium on bonds payable = $33,210

Q: Compute the December 31, 2020, amount of equity. Compute the debt to assets ratio at December 31,…

A: Hi student Since there are multiple questions, we will answer only first question. For first…

Q: The adjusted trial balance for Vaughn Corp. at the end of the current year, 2018, contained the…

A: Hence, the correct answer is option c ($2,068,000).

Q: The Levi Company issued $80,000 of 12% bonds on January 1 of the current year at face value. The…

A: Semiannual interest = Face value of bonds x rate of interest x 6/12 = $80000 x 12% x 6/12 = $4800

Q: Lee Corporation has 10-year, 12% bonds payable of $136,000 that were sold on January 2, 20X1 at a…

A: Bonds are the liabilities of the company which is issued to raise the funds required to finance the…

Q: Sunny Corp. reported the following liability account balances on December 31 of the current year:…

A: Current Liability: Liability Due or payable within next 12 months  Current Liability includes:…

Q: On January 1, 2017, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were…

A:

Q: On January 1, 2014 Victory Falls Company issued $2,100,000 in bonds that mature in 5 years. The…

A: Coupon rate: 8% p.a. or 2% per quarter Market yield: 6% p.a. or 1.5% per quarter Number of…