Reference no: EM132950205
Questions -
Q1) At December 31, 2020, Sage Hill Incorporated has a bond payable due September 1, 2021, with a carrying value of $2,098,000 (based on amortized cost) and a current value of $2,250,000. The interest payable as at December 31, 2020, is $76,000.
Show how the above amounts should be presented on the December 31, 2020 SFP, and with the proper classifications. The company uses amortized cost.
Q2) Tamarisk Inc. issued $870,000 of 20-year, 10% bonds on January 1, 2020, at 102. Interest is payable semi-annually on July 1 and January 1. The company follows ASPE and uses the straight-line method of amortization for any bond premium or discount.
(a) Prepare the journal entries to record the following: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
1. The issuance of the bonds
2. The payment of interest and the related amortization on July 1, 2020
3. The accrual of interest and the related amortization on December 31, 2020
Q3) Bridgeport had total debt of $513,300 and $768,500 as at December 31, 2020, and December 31, 2019, respectively, of which $95,000 and $140,000 was current. In addition, the company had total assets of $885,000 and $725,000 as at December 31, 2020, and December 31, 2019, respectively, of which $120,000 and $140,000 was current.
Evaluate the company's debt-paying ability in 2020 and 2019.
Debt-paying ability by calculating the debt to total assets ratio:
Debt-paying ability by calculating current ratio
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