The adjusted trial balance for Concord Corporation at the end of the current year contained the following accounts.   5-year Bonds Payable 8% $1940000 Bond Interest Payable 61000 Premium on Bonds Payable 121000 Notes Payable (3 mo.) 48000 Notes Payable (5 yr.) 200000 Mortgage Payable ($18000 due currently) 242000 Salaries and Wages Payable 22000 Taxes Payable (due 3/15 of next yr) 30000 The total long-term liabilities reported on the balance sheet are

On Jan 1, Luther Co issued at $1,000,000, 8%, 5 years installment note payable. The first note payment consist of $250,456 principal plus interest due on January 1 of the next year.  Show the account and amount and when it will appear on a classified balance sheet prepared on Dec. 31.                                         Partial Balance Sheet Current Liabilities   $   $ Long-term liabilities  $

Help

Issuer Co. issued bonds on January 1, Year 1 for proceeds of $200,000. The stated rate of interest is 4% and the market (effective) rate of interest is 10%. The company has a calendar year end and the bonds pay interest annually on December 31. What will the company record as interest expense on December 31, Year 1?

On January 1, $881,000, 5-year, 10% bonds were issued for $854,570. Interest is paid semiannually on January 1 and July 1. If the issuing company uses the straight-line method to amortize a discount on bonds payable, the semiannual amortization amount is a. $44,050 b. $26,430 c. $5,286 d. $2,643

On the first day of the fiscal year, a company issues a $621,000, 11%, 10-year bond that pays semiannual interest of $34,155 ($621,000 × 11% × 1/2), receiving cash of $652,050.   Required:    Journalize the entry to record the first interest payment and amortization of premium using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles.     Chart Of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 113 Allowance for Doubtful Accounts 114 Notes Receivable 115 Interest Receivable 121 Merchandise Inventory 122 Supplies 131 Prepaid Insurance 140 Land 151 Building 152 Accumulated Depreciation-Building 153 Equipment 154 Accumulated Depreciation-Equipment   LIABILITIES 210 Accounts Payable 221 Salaries Payable 231 Sales Tax Payable 241 Notes Payable 242 Interest Payable 251 Bonds Payable 252 Discount on Bonds…

On January 1, a company issued 5%, 10-year bonds with a face amount of $60 million for $55,537,005 to yield 6%. Interest is paid semiannually. What was the straight-line interest expense on the December 31 annual income statement? (Enter your answer in whole dollars. Round your intermediate calculations to the nearest dollar amount.)

On February 1, Clayton Co. issued $1,300,000 of 20-year, 9% bonds for $1,225,000. Interest is payable semiannually on February 1 and August 1. Present the entries to record the following transactions:

Current portion of long-term debt Connie's Bistro, Inc. reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 December 31 Current Year Preceding Year Total long term-debt $784,700 $431,600 Current portion (227,600) (211,900) Long-term debt $557,100 $219,700 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet? million b. How much did the total current liabilities change between the preceding year and the current year as a result of the current portion of long-term debt? million Increase c. If Connie's Bistro did not issue additional long-term debt next year, what would be the total long-term debt on December 31 of the upcoming year? million