Nicholas Smith Fitness Gym has $700,000 of 20-year bonds payable outstanding. These bonds had a discount of

Question:

Nicholas Smith Fitness Gym has $700,000 of 20-year bonds payable outstanding.

These bonds had a discount of $56,000 at issuance, which was 10 years ago. The company uses the straight-line amortization method. The current carrying amount of these bonds payable is

a. $672,000.

b. $644,000.

c. $700,000.

d. $728,000.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 9780132439602

7th Edition

Authors: Charles T. Horngren, Walter T. Harrison

See More Books

Question Posted: Feb 02, 2024 05:01 AM

See More Questions

Thomas Marley Fitness Gym has $ 900,000 of 20-year bonds payable outstanding These bonds had a discount of $ 99,000 at issuance, which was 10 years ago The company uses the straight line amortization...
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Jade Larson Fitness Gym has $900,000 of 10-year bonds payable outstanding. These bonds has a discount of 90,000 at issuance which was 5-years ago. The company uses the straight-line amortization...
In using the bolt cutter shown, a worker applies two 300-N forces to the handles. Determine the magnitude of the forces exerted by the cutter on the bolt. 300 N 12 mm 24 mm E 24 mm 460 mm 96 mm 300 N...
The motor of a table saw is rotating at 3450 rev/min. A pulley attached to the motor shaft drives a second pulley of half the diameter by means of a V-belt. A circular saw blade of diameter 0.208 m...
As a customer, would you prefer to shop where employees are motivated to make commissions? LO.1
Models legitimate and not. A bridge deck contains 52 cards, four of each of the 13 face values ace, king, queen, jack, ten, nine, . . . , two. You deal a single card from such a deck and record the...
McCormick Software reported the following amounts on its balance sheets at December 31, 2012, 2011, and 2010: Sales and profits are high. Nevertheless, McCormick is experiencing a cash shortage....
Mix \& Match Company sold office equipment with a cost of $54,600 and accumulated depreciation of $38,000 for $33,000 cash. Required: What is the amount of gain or loss on the disposal? . How would...
Vasquez issued a $400,000 face value, 8%, 20-year bond at 95. Which of the following is the correct journal entry to record the retirement of the bond at maturity? Date a. b. C. d. Accounts and...
Alan Smith Antiques issued its 7%, 20-year bonds payable at a price of $846,720 (face value is $900,000). The company uses the straight-line amortization method for the bond discount or premium....
Pick a business task you would like to computerize. How could you use the steps of the information systems development life cycle as illustrated in Figure 12.3 to help you? Use examples to illustrate...
Lucy is using a one-sample test based on a simple random sample of size = 24 to test the null hypothesis = 23.000 cm against the alternative hypothesis < 23.000 cm. The sample has mean 22.917 cm and...
A motorcyclist of mass 60 kg rides a bike of mass 40 kg. As she sets off from the lights, the forward force on the bike is 200N. Assuming the resultant force on the bike remains constant, calculate...
A load downward load P = 400 N is applied at B. It is supported by two truss members with member BA at an angle of 0 = 45 from horizontal and member BC at an 01 = angle of 02 25 from vertical....
Gross profit, defined as Net sales less Cost of products sold increased by $279 million in 2017 from 2016 and decreased by $2 million in 2016 from 2015. As a percent of sales, gross profit was 38.8%...
An electro-magnetic shield is to be made of galvanized steel with conductivity = 1.74 x 106 S/m, and magnetic permeability HR = 80. The thickness of cold rolled steel is in the following table. Gauge...
A refrigerator operates on the ideal vapor-compression refrigeration cycle with refrigerant-134a as the working fluid. The refrigerant evaporates at - 10oC and condenses at 57.9oC. The refrigerant...
Express these numbers in standard notation. a. 2.87 10-8 b. 1.78 1011 c. 1.381 10-23
What are new approaches for system building in the digital firm era? a. Define rapid application development (RAD), agile development, and DevOps and explain how they can speed up system building? b....
What are the objectives of project management, and why is it so essential in developing information systems ? a. Describe information system problems resulting from poor project management. b. Define...
What methods can be used for selecting and evaluating information systems projects and aligning them with the firm?s business goals? a. Name and describe the groups responsible for the management of...
thumbs up if correct A stock paying no dividends is priced at $154. Over the next 3-months you expect the stock torpeither be up 10% or down 10%. The risk-free rate is 1% per annum compounded...
Question 17 2 pts Activities between affiliated entities, such as a company and its management, must be disclosed in the financial statements of a corporation as O significant relationships O segment...
Marchetti Company, a U.S.-based importer of wines and spirits, placed an order with a French supplier for 1,000 cases of wine at a price of 200 euros per case. The total purchase price is 200,000...

Nicholas Smith Fitness Gym has $700,000 of 20-year bonds payable outstanding. These bonds had a discount of

Question:

Step by Step Answer:

Accounting

Students also viewed these Business questions