Presented here are long-term liability items for Splish Brothers Inc. at December 31, 2025. Bonds payable (due 2029) $720,000 Notes payable (due 2027) 72,000 Discount on bonds payable 37,000 Prepare the long-term liabilities section of the balance sheet for Splish Brothers Inc. SPLISH BROTHERS INC. Balance Sheet (Partial) Next question $ $

Presented here are long-term liability items for Splish Brothers Inc. at December 31, 2025. Bonds payable (due 2029) $720,000 Notes payable (due 2027) 72,000 Discount on bonds payable 37,000 Prepare the long-term liabilities section of the balance sheet for Splish Brothers Inc. SPLISH BROTHERS INC. Balance Sheet (Partial) Next question $ $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 15MC: Naval Inc. issued $200,000 face value bonds at a discount and received $190,000. At the end of 2018,...

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Naval Inc. issued $200,000 face value bonds at a discount and received $190,000. At the end of 2018, the balance in the Discount on Bonds Payable account is $5,000. This years balance sheet will show a net liability of ________. A. $200,000 B. $180,000 C. $195,000 D. $205,000
Volunteer Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $540,000. Interest is payable annually. The premium is amortized using the straightline method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. June 30, 2019: entry to record payment of interest to bondholders C. June 30, 2019: entry to record amortization of premium D. June 30, 2020: entry to record payment of interest to bondholders E. June 30, 2020: entry to record amortization of premium
In the statement of financial position of Leblanc Company as of December 31, 2020, the following accounts appear. Bonds Payable, 18%, due January 1, 2023 P1,000,000 Premium on Bonds Payable 70,000 Accrued interest on Bonds Payable 90,000 Interest is payable semi-annually on January 1 and July 1. On January 1, 2021, Leblanc redeemed the bonds at 98 plus accrued interest. How much is the gain (loss) on the redemption of the bonds? Enclosed in parenthesis in case of loss.
The following section is taken from Ohlman Ltd.'s. statement of financial position at December 31, 2018. Non‐current liabilities Bonds payable, 7%, due January 1, 2024 $16,000,000 Current liabilities Interest payable 1,120,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. Prepare the entry to record the accrual of interest on December 31, 2019.
The following section is taken from Bramble Corp.’s balance sheet at December 31, 2021. Current Liabilities Interest Payable $ 89,500 Long-term Liabilities Bonds payable, 5%, due January 1, 2024 1,790,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date. a) Journalize the payment of the bond interest on January 1, 2022. b) Assume that on January 1, 2022, after paying interest, Bramble calls bonds having a face value of $602,000. The call price is 105. Record the redemption of the bonds. c) Prepare the entry to record the accrual of interest on December 31, 2022.
The following section is taken from Swifty Corporation’s balance sheet at December 31, 2021. Current liabilities Interest payable $ 136,400 Long-term liabilities Bonds payable, 8%, due January 1, 2024 1,705,000 Bond interest is payable annually on January 1. The bonds are callable on any interest date.(a)Journalize the payment of the bond interest on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 enter an account title to record the payment of the bond interest on January 1, 2022 enter a debit amount enter a credit amount enter an account title to record the payment of the bond interest on January 1, 2022 enter a debit amount enter a credit amount (b)Assume that on January 1, 2022, after paying interest, Swifty calls bonds having a face value of $549,500. The call price is 104.…
Consider the following independent situations: a.    On March 1, 2020, Heide Co. issued at 103 plus accrued interest $3,000,000, 9% bonds. The bonds are dated January 1, 2020, and pay interest semiannually on July 1 and January 1. In addition, Heide Co. incurred $27,000 of bond issuance costs. Compute the net amount of cash received by Heide Co. as a result of the issuance of these bonds. b.    On January 1, 2020, Reymont Co. issued 9% bonds with a face value of $500,000 for $469,280 to yield 10%. The bonds are dated January 1, 2020, and pay interest annually. What amount is reported as bond discount on the issue date? Prepare the journal entry to record interest expense on December 31, 2020. c.    Czeslaw Building Co. has a number of long-term bonds outstanding at December 31, 2020. These long-term bonds have the following sinking fund requirements and maturities for the next 6 years. Sinking Fund Maturities 2021 $300,000 $100,000 2022 100,000 250,000 2023…
Presented below are long-term liability items for Crane Company at December 31, 2020. Bonds payable, due 2022 $575,000 Lease liability 70,000 Notes payable, due 2025 80,000 Discount on bonds payable 37,375 Prepare the long-term liabilities section of the balance sheet for Crane Company. (Enter account name only and do not provide descriptive information.) Crane CompanyBalance Sheet (Partial) For the Month Ended December 31, 2020For the Year Ended December 31, 2020December 31, 2020 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity $     Add    Less     :…
The following are four independent situations. a.   On March 1, 2021, Wilke Co. issued at 103 plus accrued interest $4,000,000, 9% bonds. The bonds are dated January 1, 2021, and pay interest semiannually on July 1 and January 1. In addition, Wilke Co. incurred $27,000 of bond issuance costs. Compute the net amount of cash received by Wilke Co. as a result of the issuance of these bonds. b.    On January 1, 2020, Langley Co. issued 9% bonds with a face value of $700,000 for $656,992 to yield 10%. The bonds are dated January 1, 2020, and pay interest annually. What amount is reported for interest expense in 2020 related to these bonds, assuming that Langley used the effective-interest method for amortizing bond premium and discount? c.   Tweedie Building Co. has a number of long-term bonds outstanding at December 31, 2020. These long-term bonds have the following sinking fund requirements and maturities for the next 6 years. 0000 Sinking Fund )Maturities) 2021 $300,0000…
At December 31, 2020, Crane Corporation has the following account balances: Bonds payable, due January 1, 2029 $2,600,000 Discount on bonds payable 71,000 Interest payable 62,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classifications.
can you show me how to solve this problem for accounting? Presented here are long-term liability items for Metlock, Inc. at December 31, 2022. Bonds payable (due 2026) $660,000 Notes payable (due 2024) 90,000 Discount on bonds payable 28,000
Mara Company reported the following accounts on December 31,2021: Premium on bonds payable 50,000 Accrued interest on bonds payable 180,000 Bonds payable, due January 1,2026, interest at 12% payable semiannunuallly on January 1 and July 1 3,000,000 On December 31,2021, cash of P3,900,000 was made available from the issue of 10-year 10% bonds payable with face amount of P4,000,000 The cash receive from the new issue was used for retirement of the 12% bonds payable at a call price of 102 plus accrued interest. Required: Prepare journal entries to record the bond refunding.