eBook Print tem Current Liabilities By the Month Inc. sold 15,000 annual magazine subscriptions for $44 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015. By the Month Inc. issued a $116,480, 180-day, 5% note payable on December 1, 2014. On March 31, 20YS, By the Month Inc. had accounts payable of $25,000 and accrued wages payable of $6,100. Prepare the Current Liabilities section of the balance sheet for By the Month Inc. on March 31, 2015. Do not round Intermediate calculations and round your finala answers to the nearest dollar. (Assume 360 days in a year.) By the Month Inc. Current Liabilities Section of the Balance Sheet March 31, 20YS Current liabilities: Total current liabilities

eBook Print tem Current Liabilities By the Month Inc. sold 15,000 annual magazine subscriptions for $44 during December 2014. These new subscribers will receive monthly issues, beginning in January 2015. By the Month Inc. issued a $116,480, 180-day, 5% note payable on December 1, 2014. On March 31, 20YS, By the Month Inc. had accounts payable of $25,000 and accrued wages payable of $6,100. Prepare the Current Liabilities section of the balance sheet for By the Month Inc. on March 31, 2015. Do not round Intermediate calculations and round your finala answers to the nearest dollar. (Assume 360 days in a year.) By the Month Inc. Current Liabilities Section of the Balance Sheet March 31, 20YS Current liabilities: Total current liabilities

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

See similar textbooks

Similar questions

Saverin, Inc. produces and sells outdoor equipment. On July 1, 2016, Saverin, Inc. issued 62,500,000 of 10-year, 9% bonds at a market (effective) interest rate of 8%, receiving cash of 66,747,178. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year. Instructions 1. Journalize the entry to record the amount of cash proceeds from the issuance of the bonds. 2. Journalize the entries to record the following: a. The first semiannual interest payment on December 31, 2016, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) b. The interest payment on June 30, 2017, and the amortization of the bond premium, using the interest method. (Round to the nearest dollar.) 3. Determine the total interest expense for 2016.
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the accumulated interest entry if 9 months have passed since note establishment?
Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued 15,000,000 of 20-year, 9% callable bonds on May 1, 2016 at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected transactions: 2016 May 1. Issued the bonds for cash at their face amount. Nov. 1. Paid the interest on the bonds. 2022 Nov. 1. Called the bond issue at 96, the rate provided in the bond indenture. (Omit entry for payment of interest.)
Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018:
Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?
Chung Inc. issued $50,000 of 3-year bonds on January 1, 2018, with a stated rate of 4% and a market rate of 4%. The bonds paid interest semi-annually on June 30 and Dec. 31. How much money did the company receive when the bonds were issued? The bonds would be quoted at what rate?
On July 1, a company sells 8-year $250,000 bonds with a stated interest rate of 6%. If interest payments are paid annually, each interest payment will be ________. A. $120,000 B. $60,000 C. $7,500 D. $15,000