On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. What is the interest expense for 2016?
Q: a. Determine the number of days past due for each of the preceding accounts as of July 31. If an acc...
A: In this question, we will Determine: 1)The number of days past due for each of the preceding account...
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets ...
A: Debt to equity ratio = Total liabilities / Total equity where, Total liabilities = Accounts payable ...
Q: nurtry Corporation sells a product for $150 per unit. The product's current sales are 12,600 units a...
A: The margin of safety is calculated as difference between current sales and break even sales.
Q: Tempura Company produces 2,000 parts each year that are used in one of its products. The unit cost o...
A: An accounting method which determines the value of profit which is realized from a operations of bus...
Q: Required information [The following information applies to the questions displayed below.] In 2021, ...
A: The earned income tax credit (EITC) is a refundable tax credit that helps low-income workers supplem...
Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purcha...
A: The financial statements of the business includes income statement, balance sheet and the statement ...
Q: The following are the transactions of Morrell Corporation: Morrell Corporation disposed of two c...
A: Solution: When equipments are disposed off without realizing any amount, the book value of equipment...
Q: Record the following transactions in the General Journal of KBC Decorating Co., making no of the fol...
A: Journal Entries in the book of KBC Decorating Co. S. no. Date Particulars Debit ($) Credit($) ...
Q: The following income statement and selected balance sheet account data are available for Treece, Ic....
A: The statement of cash flows generated using the indirect approach adjusts net income for changes in ...
Q: Problem 5 On January 1, 2021, Pe Inc. purchased Ra Corp. for P1,500,000 for 100% ownership of its co...
A: The value which is received when an asset is sold at a price above the net book value of the asset i...
Q: Cheatem Trading Company's master budget reflects budgeted sales information for the month of March, ...
A: Sales Budgeted : It's financial plan that estimates a company's total sales in a specific time per...
Q: QS 12-1 Transaction classification by activity LO C1 Classify the following cash flows as either Ope...
A: Solution:- Classification of Cash flows as either Operating, Investing, or financing activities by a...
Q: Month Units Sold Total Cost $ 6,570 $ 7,14O $ 9,300 $ 4,500 JanuarY 1,020 February 1,920 March 2,640...
A: Solution: Under high low method, cost at highest point of activity and cost at lowest point of activ...
Q: Asset A has an expected return of 20% and a standard deviation of 25%. The risk free rate is 10%. Wh...
A: Expected Return 20% Standard Deviation 25% Risk Free Rate of Return 10% Find - Reward ...
Q: Anita pays 50% of the total cost for her benefits, her employer pays the other 50%. monthly premium ...
A: Total Combined benefit payable = Health premium + Dental Premium = $167.50 +$75.50 = $243 Since Anit...
Q: Ann's average income tax rate is 30%, and her marginal income tax rate is 37%. Her property tax bill...
A: Solution:- Given, Average tax rate = 30% Marginal tax rate = 37% Tax bill = 12,000 Interest payment ...
Q: S1 Bond investments classified and accounted for as financial asset at amortized cost are recognized...
A:
Q: Itzy Corporation provides the following information for the month of February based on the productio...
A: Gross Profit = Sales - Cost of goods sold Cost of goods sold includes direct material , direct labor...
Q: Tina taxpayer makes $75000 a year. what are her average and marginal tax rates if she required to p...
A: In order to determine the average tax rate, the total tax obligation is required to be divided by th...
Q: A widower was granted a loan of P20,000 by her employer with an interest of 6% for 3 months. The com...
A: A promissory note is a sort of debt instrument that consists of a written commitment by one party (t...
Q: On 1 July 2015 a plant is acquired at a cost of $6 million. The asset is to be depreciated using the...
A: When the carrying amount of an asset becomes higher than its recoverable amount then it is said to h...
Q: anuary 1, 2026 and were purchased for P5,550,000 to yeild 11%. The entity classified the bondss as h...
A: Price of bond is the present value of coupon payment and the present value of the par value of the b...
Q: Financial Accounting and Reporting, Advanced Financial Accounting and Reporting, Management Accounti...
A: The duties of a controller include assisting with the preparation of the operating budget, overseein...
Q: A SMSF acquired an investment property in the year 2000 and sold it for a total $300,000. What amoun...
A: SMSF termed as Self managed super funds which is a way for saving for the retirement purpose. And th...
Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat ...
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...
Q: Suppose your firm is considering buying a van costing $95,000. What is the Undepreciated capital cos...
A: Proportional Tax- A proportional tax, such as a sales tax, is a sort of proportional tax. All consum...
Q: Which of the following is not an administrative remedy available to the government?
A: Answer: C. Tax Avoidance
Q: Ahlia Products Company uses an automated process to clean and polish its souvenir items. For March, ...
A: Cost of Production report- The cost of production report displays all expenditures associated with a...
Q: KALIBO CORP. prepared the following absorption-costing income statement for the year ended May 31, 2...
A: The income statement is prepared to record the revenues and expenses of the current period and furth...
Q: What are the three major sections of the CAFR?
A: CAFR is basically stands for Comprehensive Annual Financial Report which basically helps in comprisi...
Q: tractor A $ 300, 000 tractor B inital cost • life , ammual operations ft00,006 ID yours | $ 35,00 10...
A: Answer) Calculation of Benefit Cost Ratio of Tractor A Benefit Cost Ratio = Present value of Benefit...
Q: Ehrlich Company reported the following information for 2021: Sales revenue $2,500,000 Cost of goods ...
A: Comprehensive Income Statement: When combined with standard net income, the statement of comprehensi...
Q: Cycle Time and Conversion Cost per Unit Hatch Manufacturing produces multiple machine parts. The th...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: Oriole Company purchased equipment that cost $2595000 on January 1, 2020. The entire cost was record...
A: Net Income is the amount of income that is calculated after deducting all indirect expenses and addi...
Q: The estimated total factory overhead cost and total machine hours for Department 40 for the current ...
A:
Q: Calculate weighted avg common stock outstanding and basic eps for year ended December 31, 2016.
A: Basic Earnings per share is calculated by dividing the profit available for common shareholders afte...
Q: 1. On May 1, 2018, the business assets and liabilities of Nathan and Janice were as follows: Nathan ...
A: Partnership formation: A partnership is a business arrangement between two or more people who own an...
Q: Question text Dickson Manufacturing Corp., a company reporting under IFRS, has a defined benefit pen...
A: Plan assets means investment held for benefit of employees inrelation to defined benefit plans.
Q: Which of the following journal entries would be recorded when an entity contributes cash to its defi...
A: Journal Entry for Contribution to Defined Benefit Pension Plan will be: Defined Befit Pension Liabil...
Q: Complete this question by entering your answers in the tabs below. Req A1 Req A2 to D Req G1 Req G2 ...
A: The question is related to Ratio Analysis. The Return on Investment is calculated with the help of f...
Q: Required information [The following information applies to the questions displayed below.] The Town ...
A: Journalizing the entry is the recording of entry at the time of occurrence of the transaction.
Q: Jones Company has the following balances for the current month: $24,000 Direct materials used Direct...
A: Conversion Costs = Direct labor + overhead costs Where, Overhead costs = indirect labor + productio...
Q: 3) What are the different perspectives on how to measure income?
A: There are a number of ways through which the income can be measured but in this question, as this is...
Q: ue to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Incorporat...
A: Solution 5-a: Contribution margin (existing + $3) 13 / Sales price per unit 20 New Contribut...
Q: Data concerning Dorazio Corporation's single product appear below: Percent of Per Unit Sales Selling...
A: Solution: Contribution margin from increased sales units and loss of contribution margin on existing...
Q: s) level before the additional investment. Req G2 to G4 >
A: Residual income refers to the income remaining at an individual after he or she has paid all of his ...
Q: 9. A change in accounting principle requires that the cumulative effect of the change for prior peri...
A: Change in Accounting Principle - Change in the accounting principle includes changing the inventory ...
Q: The maintenance of a room air conditioner is expected to be P 200,000 at the end of the first year a...
A: The sum of money to be set aside now for the future maintenance of the room = Present Value of Cash ...
Q: dentify and explain, in your own words, the five (5) fundamental ethical principles that apply to al...
A: Professional Ethics It is important for the professional Accountant should have the professional eth...
Q: plz answer all three. Required information [The following information applies to the questions dis...
A: ROI stands for return on investment. For small businesses, the operating assets is considered as inv...
12.) On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. What is the interest expense for 2016?
13.)
Step by step
Solved in 2 steps
- On January 1, 2018, Wawatosa Inc. issued 5-year bonds with a face value of $200,000 and a stated interest rate of 12% payable semi-annually on July 1 and January 1. The bonds were sold to yield 10%. Assuming the bonds were sold at 107.732, what is the selling price of the bonds? Were they issued at a discount or a premium?Aggies 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 semi-annually. The premium is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of premiumNaval 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
- Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1, 2018 and received $480,000. Interest is payable semiannually. The discount is amortized using the straight-line method. Prepare journal entries for the following transactions. A. July 1, 2018: entry to record issuing the bonds B. Dec. 31, 2018: entry to record payment of interest to bondholders C. Dec. 31, 2018: entry to record amortization of discountOn January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. What is the amortization discount for 2016?14.) On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. On Dec. 31,2016, What is the carrying amount of the bonds payable? 15.) On January 1, 2021, Tim Co. sold 12% bonds with a face value of P600,000. The bonds mature in five years, and interest is paid semiannually on June 30 and December 31. The bonds were sold for P646,200 to yield 10%. Using the effective-interest method of amortization, interest expense for 2021 is
- 1.) On Janaury 31, 2016, Large Corp. issued P 3,000,000 maturity value 12% bonds for P 3,000,000 cash. The bonds are dated Dec. 31, 2015 and mature on Dec. 31, 2025. Interest is payable semiannually on June 30 and Dec. 31. What amount of accrued interest payable should be reported on Sept. 30, 2016? 2.) On January 1, 2016, Truffle Corp. issued 9% bonds in the face amount of P 5,000,000, which maature on Janaury 1, 2016. The bonds were issued for P 4,695,000 to yield 10%. Interest is payable annually on Dec. 31. The entity used the interest method of amortizing bond discount. What is the amortization discount for 2016?On January 1, 2016, Mary Co. issued its 10% bonds in the face amount of P 1,500,000 which mature on January 1, 2026. The bonds were issued for P 1,329,000 to yield 12%. Mary uses the effective interest method of amortizing bond discount. Interest is payable semi-annually on July 1 and January 1. For the year ended December 31, 2016 what amount should reported as bonds interest expense?1.) On January 1, 2007, Red Velvet Co. issued its 10% bonds in the face amount of P3,000,000, which mature on January 1, 2017. The bonds were issued for P3,405,000 to yield 8%, resulting in bond premium of P405,000. Red Velvet uses the effective-interest method of amortizing bond premium. Interest is payable annually on December 31. At December 31, 2007, Red Velvet's adjusted unamortized bond premium should be? 2.) On Feb, 5, 2017, an employee filed a P 2,000,000 lawsuit against Sans Co. for damages suffered when one of Sans' plant exploded on Dec, 29, 2016. The legal counsel believed the entity would probably lose the lawsuit and estimated the loss to be P 500,000. The employee offered to settle the lawsuit out of court for P 900,000 but the entity dis not agree to the settlement. On December 31, 2016, what amount should be reported as liability from lawsuit?
- Terry Company is authorized to issue P5,000,000 of 6%, 10-year bonds dated July 1, 2011 with interest payments on June 30 and December 31. When bonds are issued on November 1, 2011, Terry Company received cash of P5,150,000 ( excluding interest). a. What is the discount or premium from the issuance of the bonds payable? Indicate whethere discount/premium. b. How much is the total interest expense for the whole life of the bond?10.) On Janaury 31, 2016, Large Corp. issued P 3,000,000 maturity value 12% bonds for P 3,000,000 cash. The bonds are dated Dec. 31, 2015 and mature on Dec. 31, 2025. Interest is payable semiannually on June 30 and Dec. 31. What amount of accrued interest payable should be reported on Sept. 30, 2016? 11.)On Janaury 31, 2016, Large Corp. issued P 3,000,000 maturity value 12% bonds for P 3,000,000 cash. The bonds are dated Dec. 31, 2015 and mature on Dec. 31, 2025. Interest is payable semiannually on June 30 and Dec. 31. What amount of accrued interest payable should be reported on Sept. 30, 2016?