Mastery Problem: Liabilities: Bonds Payable Bonds Payable Final Questions SpringFit Corporation Bonds Payable Review the journal entries on the Spring Fit Corporation panel, then answer the following questions 1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this year? 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date July 1 3. How much interest was paid during the year on the bonds in question (272 331,500 4. What is the carrying amount of the bonds in question (2) at the end of the year? 5. Which entry shows bonds that sold for more than their face amount? Choose the date Jan. 17 6. How much interest was paid during the year on the bonds in Guetton (5)? None of these amounts the band we 10 7. Assuming that straight line amortization is used for the bonds in (5), what is the bond life? 8. What is the carrying value of the bonds in question (5) at the end of the year? Points - 5/8 Calculator Mastery Problem: Liabilities: Bonds Payable Bonds Payable Year 2 Journal Entries Final Questions SpringFit Corporation You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year's journal entries shown as follow Journal Entries, Year 1 ACCOUNTING EQUATION JOURNAL CREDIT ASSETS AUTES QUITY DESCRIPTION 1.004.720.00 Jan. 1 Cash 58.320.00 946.000.00 18.349.00 Jun 30 Premium on Bonds Payable Bonds Payable interest Expense Premium on Bonds Payable Cash O more Check My Work Utes remaining Mastery Problem: Liabilities: Bonds Payable Bonds Payable Final Questions SpringFit Corporation Bonds Payable Review the journal entries on the Spring Fit Corporation panel, then answer the following questions 1. Assuming that no bonds had been issued prior to Year 1, how many different bonds appear in the journal entries for this year? 2. Which entry shows bonds issued at a contract rate lower than the market rate of interest? Choose the date July 1 3. How much interest was paid during the year on the bonds in question (272 331,500 4. What is the carrying amount of the bonds in question (2) at the end of the year? 5. Which entry shows bonds that sold for more than their face amount? Choose the date Jan. 17 6. How much interest was paid during the year on the bonds in Guetton (5)? None of these amounts the band we 10 7. Assuming that straight line amortization is used for the bonds in (5), what is the bond life? 8. What is the carrying value of the bonds in question (5) at the end of the year? Points - 5/8 Calculator Mastery Problem: Liabilities: Bonds Payable Bonds Payable Year 2 Journal Entries Final Questions SpringFit Corporation You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year's journal entries shown as follow Journal Entries, Year 1 ACCOUNTING EQUATION JOURNAL CREDIT ASSETS AUTES QUITY DESCRIPTION 1.004.720.00 Jan. 1 Cash 58.320.00 946.000.00 18.349.00 Jun 30 Premium on Bonds Payable Bonds Payable interest Expense Premium on Bonds Payable Cash O more Check My Work Utes remaining
