User Account

All Pages

Show balance sheet presentation of accrued interest

Assignment Help Financial Accounting
Reference no: EM13325246

Cherney Electric sold $500,000, 10%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and paid interest on January 1 and July 1. The bonds were sold at 104.

Instructions

(a) Prepare the journal entry to by Text-Enhance" id="_GPLITA_0" style="text-decoration:underline" href="#" in_rurl="https://i.tracksrv.com/click?v=VVM6NDc1NTM6MjgzMDpyZWNvcmQ6MjM4ZTgyNzk2OWRiZGM3ZjVhNjZkMWEyMTc0NDJmNzM6ei0xMjQ3LTQ0Njc4Ond3dy50cmFuc3R1dG9ycy5jb206OTA2ODU6OTNjZjc1Y2UyNjU2MTM4N2IyN2ZlZmQzYjNkYjFiZTA">record the issuance of the bonds on January 1, 2012.

(b) At December 31, 2012, the balance in the Premium on Bonds Payable account is $18,000. Show the balance sheet presentation of accrued interest and the bond liability at December 31, 2012.

(c) On January 1, 2014, when the carrying value of the bonds was $516,000, the company redeemed the bonds at 105. Record the redemption of the bonds assuming that interest for the period has already been paid.

Reference no: EM13325246

Questions Cloud

Collect the balance of the salary from the corporation : Knight—the owner of all capital stock of Knight-Ridder Corporation, a newspaper business—sold all his shares to Murdoch and promised to serve as adviser to the newspaper for a period of five (5) years in return for an annual salary of $2.5 million.
What is the outward flux through each end : An electric field is E = 400 N/C i for x > 0 and E = -400 N/C i for x
Compute the molarity of the saturated naoh solution : sodium hydroxide is extremely soluble in water. At a certain temperature, a saturated solution contains 551g of NaOH (s) per liter of solution. Calculate the molarity of this saturated NaOH (aq) solution.
What is the new speed and direction of the aircraft : A jet airliner, moving initially at 330 mi/h to the east, suddenly enters a region where the wind is blowing at 100 mi/h toward the direction 30.0° north of east
Show balance sheet presentation of accrued interest : Show the balance sheet presentation of accrued interest and the bond liability at December 31, 2012 and record the redemption of the bonds assuming that interest for the period has already been paid.
Determine the vertical components of the launch velocity : In a football game a kicker attempts a field goal. The ball remains in contact with the kicker's foot for 0.0437 s, determine the vertical components of the launch velocity
Estimate the net force between a cytosine and a guanine : The two strands of the helix-shaped DNA molecule are held together by electrostatic forces as shown in the Figure 16-44 in the textbook. Estimate the net force between a cytosine and a guanine
Define the importance of various system analysis : By now you should have a "toolbox" full of useful design and analysis tools. List the tools in your toolbox and then write one short paragraph on how you can/will apply them in your careers, lives, etc.
Calculate the averagevelocity of the object : The position of an object as a function of time is given by x= bt + ct3, where b = 1.50 m/s and c = 0.640m/s3. calculate the averagevelocity of the object over time intervals

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd