Chang Cound $50,000, 120 des discounted to date and The contrate is on Assuming a 360-day vear the cash proceeds to Chang Co. are b. 1.000 c. 147.000 Previous Next All work saved On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. The note requires annual payments consisting of principal and interest of $15,179, beginning on December 31 of the current year. The December 31, Year 1 carrying amount in the allocation of periodic payments table for this Installment note will be equal to: $27.635 b. $36.821 c. $40201 d. 339,000 Previous Hall Company sets merchandise with a one year warranty. In the current year, sales consisted of 4,500 units. It is estimated that warranty repairs will average sto per unit wald, and 30 of the repairs will be made in the current year and 70% in the next year. In the current year's income statement, Hall should show warranty, expen of 51100 b. 55.000 $31.500 d. 10 Assuming no employees are subject to ceilings for their earnings, Harris Company has the following information for the pay period of January 15-31 Gross payro $16,478 Federal income tax withheld $2,034 Social security rate 6% Federal unemployment tax rate 0.89 Medicare rate 1.5% State unemployment tax rate 5.4% Salaries Payable would be recorded in the amount of a. II 6.5164200 d. 313.2013 Previous 11 $424,000 of 10% bonds are issued at 94, the amount of cash received from the sale is a. 5434,000 b. $4.400 c. $381,600 d. 19560 Previous Next The Glenn Corporation issue 1,000, 10-year 19,000 bonds dated January 196. The Journal entry to record the issuance will show a. debit Cash b. credit to be 1.0 di credit 1.000 A corporation issues for cash $1,000,000 of 104, 20-year bonds, interest payable annually, at a time when the market rate of interest is 12. The straight line method adopted for the amortiration of bond discount or premium. Which of the following statements is true? a. The mother over heeft de b. The amount The bed will be d. The amount of the west compared 10% of the band carrying out at the beginning of the year. Previous NE Submit Test for ir $1,072,000 of 12 bonds are ved at 102 1/2, The amount of cash received from the sale is a. 51,300,640 b. 51,072.000 C. 51,00.00 d. 110,000 Previous Next Industries issues $1,500,000 of 8% bonds at 105. The amount of cash received from the sale is 51.000.000 51.05.000 d. 51,575.000 On January 1 of the current year, the Barton Corporation issued 6% bonds with a face value of $85,000. The bonds are sold for $82,450. The bonds pay interest semiannually on June 30 and December 31 and the maturity date is December 31, five years from now. Barton records straight-line amortization of the bond discount The bond interest expense for the year ended December 31 is a. 55,610 b. $5,100 c. $425 d. 52,550 Previous Next Bonds with a face amount of $1,000,000 are sold at 98. The entry to record the issuance is 980,000 a. Cash Bonds Payable 980,000 b. Cash 1,000,000 20,000 980,000 Premium on Bonds Payable Bonds Payable c. Cash Premium on Bonds Payable Bonds Payable 980,000 20,000 1,000,000 d. Cash 980,000 20,000 Discount on Bonds Payable Bonds Payable 1,000,000 Previous Now Online On the first day of the fiscal year, Usbon Co. Issued $1,000,000 of 10-year, 7% bonds for $1,050,000, with interest payable semiannually. Orange Inc. purchased the bonds on the base date for the sue price. The Journal entry to record the amortization of the premium (by the straight-line method) for the year by Lisbon Co. Includes a debt to times per for 55,00 d. for $2.500 Previous Next > All work saved. Email Instructor Submit Test for Grading