Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
12th Edition
ISBN: 9780134486826
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Chapter 14, Problem P14.39BPGB
Journalizing liability transactions and reporting them on the
Learning Objectives 1, 5 2. Total Liabilities $661,776
2018
Mar. 1 Borrowed $390,000 from Bartow Bank. The six-year, 13% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest.
Oec.1 Mortgaged the warehouse for $350,000 cash with Saylor Bank. The mortgage requires monthly payments of $7,000. The interest rate on the note is 9% and accrues monthly. The first payment is due on January 1, 2019.
31 Recorded interest accrued on the Saylor Bank note.
31 Recorded interest accrued on the Bartow Bank note.
2019
Jan. 1 Paid Saylor Bank monthly mortgage payment.
Feb. 1 Paid Saylor Bank monthly mortgage payment.
Mar. 1 Paid Saylor Bank monthly mortgage payment.
1 Paid first installment on note due to Bartow Bank.
Requirements
1. Journalize the transactions in the Great Value Pharmacies general journal Round to the nearest dollar Explanations are not required
2 Prepare the liabilities section of the balance sheet for Great Value Pharmacies on March 1, 2019 after all the
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year-end.
3. Journalize the company's payment of the note plus interest on December 31, 2018.
S11-5 Determining current portion of long-term note payable
Learning Objective 1
On January 1, Irving Company purchased equipment of $280,000 with a long-term note
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Learning Obiective 2.
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S11-11 Accounting for warranty expense and warranty payable
Learning Objective 3
Trail Runner guarantees its snowmobiles for three years. Company experience
indicates that warranty costs will be approximately 5% of sales.
Assume that the Trail Runner dealer in Colorado Springs made sales totaling
$600,000 during 2018. The company received cash for 20% of the sales and
notes receivable for the remainder. Warranty payments totaled $10,000 during
2018.
Requirements
1. Record the sales, warranty expense, and warranty payments for the
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2. Assume the Estimated Warranty Payable is $0 on January 1, 2018. Post
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(Learning Objective 3: Record note payable transactions) Dean Sales Companycompleted the following note payable transactions:2018Jul Purchased delivery truck costing $58,000 by issuing aone-year, 4% note payable.Dec 31 Accrued interest on the note payable.2019Jul 1 Paid the note payable at maturity.1Requirements1. How much interest expense must be accrued at December 31, 2018? (Round your answerto the nearest whole dollar.)2. Determine the amount of Dean Sales’ final payment on July 1, 2019.3. How much interest expense will Dean Sales report for 2018 and for 2019? (If needed,round your answer to the nearest whole dollar.)
Chapter 14 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
Ch. 14 - Prob. 1QCCh. 14 - Daniels's bonds payable carry a stated interest...Ch. 14 - Prob. 3QCCh. 14 - Prob. 4QCCh. 14 - Prob. 5QCCh. 14 - Prob. 6QCCh. 14 - Prob. 7QCCh. 14 - Prob. 8QCCh. 14 - Prob. 9AQCCh. 14 - 10B Hicks Corporation issued S500.000 of 5%,...
Ch. 14 - Prob. 1RQCh. 14 - Prob. 2RQCh. 14 - Prob. 3RQCh. 14 - Prob. 4RQCh. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Prob. 7RQCh. 14 - Prob. 8RQCh. 14 - Prob. 9RQCh. 14 - Prob. 10RQCh. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - 13. What type of account is Premium on Bonds...Ch. 14 - Prob. 14RQCh. 14 - Prob. 15RQCh. 14 - Prob. 16RQCh. 14 - What does the debt to equity ratio show, and how...Ch. 14 - Prob. 18ARQCh. 14 - Prob. 19ARQCh. 14 - Prob. 20ARQCh. 14 - Prob. 21BRQCh. 14 - Accounting fora long-term note payable Learning...Ch. 14 - Prob. S14.2SECh. 14 - Prob. S14.3SECh. 14 - Prob. S14.4SECh. 14 - Determining bond amounts Learning Objective 3...Ch. 14 - Journalizing bond transactions Learning Objective...Ch. 14 - Journalizing bond transactions Learning Objective...Ch. 14 - Prob. S14.8SECh. 14 - Prob. S14.9SECh. 14 - Prob. S14.10SECh. 14 - Prob. S14.11SECh. 14 - Prob. S14.12SECh. 14 - Prob. S14A.13SECh. 14 - Prob. S14A.14SECh. 14 - Prob. S14A.15SECh. 14 - Prob. S14B.16SECh. 14 - Prob. S14B.17SECh. 14 - Accounting for long-term notes payable...Ch. 14 - Prob. E14.19ECh. 14 - Prob. E14.20ECh. 14 - Determining bond prices and interest expense...Ch. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Journalizing bond transactions Learning Objective...Ch. 14 - Journalizing bond issuance and interest payments...Ch. 14 - Retiring bonds payable before maturity Learning...Ch. 14 - Prob. E14.27ECh. 14 - Prob. E14.28ECh. 14 - Prob. E14.29ECh. 14 - Prob. E14A.30ECh. 14 - Prob. E14B.31ECh. 14 - Prob. P14.32APGACh. 14 - Analyzing, journalizing, and reporting bond...Ch. 14 - Analyzing and journalizing bond transactions...Ch. 14 - Prob. P14.35APGACh. 14 - Prob. P14.36APGACh. 14 - Prob. P14AB.37APGACh. 14 - Prob. P14AB.38APGACh. 14 - Journalizing liability transactions and reporting...Ch. 14 - Analyzing, journalizing, and reporting bond...Ch. 14 - Prob. P14.41BPGBCh. 14 - Analyzing and journalizing bond transactions...Ch. 14 - Prob. P14.43BPGBCh. 14 - Prob. P14AB.44BPGBCh. 14 - Prob. P14AB.45BPGBCh. 14 - Prob. P14.46CTCh. 14 - Prob. P14.47CPCh. 14 - Prob. 1CPCh. 14 - Prob. 2CPCh. 14 - Prob. 3CPCh. 14 - Prob. 4CPCh. 14 - Prob. 5CPCh. 14 - Prob. 6CPCh. 14 - Prob. 7CPCh. 14 - Prob. 8CPCh. 14 - Prob. 14.1TIATCCh. 14 - Decision Case 14-1 The following questions are not...Ch. 14 - Ethical Issue 14-1 Raffle's Kids, a nonprofit...Ch. 14 - Prob. 14.1FCCh. 14 - Prob. 14.1FSC
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