Type: Instant Download
Format: Microsoft Excel
Textbook: Financial Accounting, Seventh Edition
Solutions: E9-7, E10-5, E10-10, E10-11, E10-15, E10-18, P10-5A, P10-9A
Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73.
Calculate and record net pay.
On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at par. Interest is payable semiannually on July 1 and January 1.
Present journal entries to record the following.
Prepare entries for issuance of bonds, and payment and accrual of bond interest.
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following events.
Prepare entries for bonds issued at face value.
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments.
Prepare entries to record mortgage note and installment payments.
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2011, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hrabik uses the effective-interest method to amortize bond premium or discount.
Prepare the journal entries to record the following. (Round to the nearest dollar.)
Prepare entries for issuance of bonds, payment of interest, and amortization of discount using effective-interest method.
ordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.
Prepare installment payments schedule and journal entries for a mortgage note payable.
Elkins Company sold $2,500,000, 8%, 10-year bonds on July 1, 2011. The bonds were dated July 1, 2011, and pay interest July 1 and January 1. Elkins Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30.
Prepare entries to record issuance of bonds, interest, and straight-line amortization of bond premium and discount.