Metlock Inc. is a book distributor that had been operating in its original facility since 1995. The increase in certification programs and continuing education requirements in several professions has contributed to an annual growth rate of 15% for Metlock since 2020. Metlock's original facility became obsolete by early 2025 because of the increased sales volume and the fact that Metlock now carries DVDs in addition to books. On June 1, 2025, Metlock contracted with Black Construction to have a new building constructed for $4,800,000 on land owned by Metlock. The payments made by Metlock to Black Construction are shown in the schedule below. Date July 30, 2025 January 30, 2026 May 30, 2026 Total payments Amount $1,080,000 1,800,000 1,920,000 $4,800,000 Construction was completed and the building was ready for occupancy on May 27, 2026. Metlock had no new borrowings directly associated with the new building but had the following debt outstanding at May 31, 2026, the end of its fiscal year. 10%, 5-year note payable of $2,400,000, dated April 1, 2022, with interest payable annually on April 1. 12%, 10-year bond issue of $3,600,000 sold at par on June 30, 2018, with interest payable annually on June 30. The new building qualifies for interest capitalization. The effect of capitalizing the interest on the new building, compared with the effect of expensing the interest, is material.

Total capital as of December 31, 2019

Able Inc. borrowed $60,000 on October 1, 2019 and agreed to pay back $75,000 on October 1, 2022. How much did Able show in interest payable and interest expense in its annual financial statements at December 31, 2021? O Interest expense $5,000; interest payable $11,250 Interest expense $5,000; interest payable $3,750 O Interest expense $5,000; interest payable $5,000 Both interest expense and interest payable $11,250 O Interest expense is $11,250 and interest payable is $5,00O

Subject: acounting

View Policies Current Attempt in Progress At December 31, 2020, Coronado 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. (Enter account name only and do not provide descriptive information.) Coronado Corporation Balance Sheet (Partial) December 31, 2020 $

Subject: acounting

The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000. 200,000 305,000 188,000 360,000 180,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $130,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue…

The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000 Additional Information: 1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation. 2. The $82,000 balance in the investment in equity securities account represents an investment in the…

Record the appropriation of $77000 of retained earnings on December 31, 2022, by Jack Inc. to establish an appropriation for bond retirement.  Record the entry to establish appropriation.

Sonic Corporation recorded current assets of $345,200 and current liabilities of $318,650 for year 2020. Compute for Sonic's working capital for the year. Select one: a. $663,850 b. $26,550 O C. 92% d. 1.08