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Your company sells $200,000 of bonds for an issue price of $209,000. Which of the following...
Your company sells $160,000 of bonds for an issue price of $152,800. Which of the following...
Your company sells $160,000 of bonds for an issue price of $152,800. Which of the following statements is correct? a. The bond sold at a price of 47.75, implying a premium of $14,400. b. The bond sold at a price of 95.50, implying a discount of $14,400. c. The bond sold at a price of 47.75, implying a premium of $7,200. d. The bond sold at a price of 95.50, implying a discount of $7,200.
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this tra...
1. Your company sells $53,000 of one-year, 12% bonds for an issue price of $45,500. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of: 2. During one pay period, Star Valley Company distributes $132,000 to employees as net pay. The income tax withholdings were $19,300 and the FICA withholdings were $8,945. Total payroll costs to the company for this pay period, excluding any unemployment taxes, was: 3. Lightning Electronics is a...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000....
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
On January 1, Parson Freight Company issues 70 % , 10- year bonds with a par...
On January 1, Parson Freight Company issues 70 % , 10- year bonds with a par value of $3,000,000. The bonds pay interest semiannually. The market rate of interest i 8.0% and t e bond selling price was $2,796,147. The bond issuance should be recorded as: Multiple Choice Debit Cash $3.000.000: credit Bonds Pavable $3.000.000. Debit Cash $2796.147, debit Discount on Bands Pavable $203.853, credit Bonds Pavable $3.000.000. Debit Cash $2796.147; debit Interest Expense $203.853: credit Bonds Payoble $3.000,00o0. Debit...
On January 1, a company issues bonds dated January 1 with a par value of $320,000....
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow...
Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $1,200.00 and had federal and state income tax withholdings of $60.00 and $22.50, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $75.00 and $12.00, respectively. What would be the amount of Longbow's payroll check for the first week of January? Multiple Choice 0 $1,200.00 $1,200.00 0 $1,025.70 0 $938.70 0 $1,108.20 Redmont...
On January 1, a company issued and sold a $398,000, 6%, 10-year bond payable, and received...
On January 1, a company issued and sold a $398,000, 6%, 10-year bond payable, and received proceeds of $393,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The journal entry to record the first interest payment is: Multiple Choice Debit Bond Interest Expense $11,690; debit Discount on Bonds Payable $250; credit Cash $11,940. Debit Bond Interest Expense $12,190; credit Cash $11,940; credit Discount on Bonds Payable $250. Debit Bond...
On January 1, a company issues bonds dated January 1 with a par value of $220,000....
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
On January 1, Parson Freight Company issues 7.0 % , 10- year bonds with a par value of $4,500,000. The bonds pay interest semiannually. The market rate of interest is 8.0 % and the bond 16 selling price was $4,194,222. The bond issuance should be recorded as: Multiple Choice Debit Cash $4,500,000; credit Bonds Payable $4,194,222; credit Discount on Bonds Payable $305,778. Debit Cash $4,194,222; credit Bonds Payable $4,194,222. Debit Cash $4,500,000; credit Bonds Payable $4,500,000. Debit Cash $4,194,222; debit Discount on Bonds Payable $305,778;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $3,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $3,634,992. The bond issuance should be recorded as Multiple Choice Debit Cash $3,900,000; credit Bonds Payable $3,900,000. Debit Cash $3,634,992; credit Bonds Payable $3,634,992. Debit Cash $3,900,000; credit Bonds Payable $3,634,992; credit Discount on Bonds Payable $265,008. Debit Cash $3,634,992; debit Discount on Bonds Payable $265,008;...
On January 1, Parson Freight Company issues 9.0%, 10-year bonds with a par value of $2,900,000. The bonds pay interest semiannually. The market rate of interest is 10.0% and the bond selling price was $2.719,298. The bond issuance should be recorded as: Multiple Choice O Debit Cash $2,719,298, debit interest Expense $180,702, credit Bonds Payable $2,900,000 O O Debit Cash $2,900,000; credit Bonds Payable $2.719.298, credit Discount on Bonds Payable $180,702 O o Debit Cash $2,900,000 credit Bonds Payable $2,900,000....
On January 1, Parson Freight Company issues 70 % , 10- year bonds with a par value of $3,000,000. The bonds pay interest semiannually. The market rate of interest i 8.0% and t e bond selling price was $2,796,147. The bond issuance should be recorded as: Multiple Choice Debit Cash $3.000.000: credit Bonds Pavable $3.000.000. Debit Cash $2796.147, debit Discount on Bands Pavable $203.853, credit Bonds Pavable $3.000.000. Debit Cash $2796.147; debit Interest Expense $203.853: credit Bonds Payoble $3.000,00o0. Debit...
On January 1, a company issues bonds dated January 1 with a par value of $320,000. The bonds mature in 5 years. The contract rate is 7% , and interest is paid semiannually on June 30 and December 31. The market rate is 6 % and the bonds are sold for $333,650. The journal entry to record the first interest payment using the effective interest method of amortization is: (Rounded to the nearest dollar.) Multiple Choice Debit Bond Interest Expense...
Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $1,200.00 and had federal and state income tax withholdings of $60.00 and $22.50, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $75.00 and $12.00, respectively. What would be the amount of Longbow's payroll check for the first week of January? Multiple Choice 0 $1,200.00 $1,200.00 0 $1,025.70 0 $938.70 0 $1,108.20 Redmont...
On January 1, a company issues bonds dated January 1 with a par value of $220,000. The bonds mature in 5 years. The contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The market rate is 8% and the bonds are sold for $228,930. The journal entry to record the issuance of the bond is: Multiple Choice C Debit Cash $228,930; credit Bonds Payable $228,930 Debit Cash $228,930; credit Premium on Bonds Payable $8,930...
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