Reference no: EM132826428
Problem 1: In 2017, Aspinwall Company issued $200,000 of bonds for $175,000. If the face rate of interest was 9% and the effective rate of interest was 7.99%, how would Aspinwall calculate the interest expense for the first year on the bonds using the effective interest method?
a. $10,000 × 7.99%
b. $175,000 × 7.99%
c. $10,000 × 9%
d. $175,000 × 9%
Problem 2: Frank Crawford Corporation's balance sheet showed the following amounts: Current Liabilities, $15,000; Bonds Payable, $8,000; Lease Obligations, $9,000; and Notes Payable, $5,600. Total stockholders' equity was $17,000. The debt-to-equity ratio is
a. 0.88.
b. 2.21.
c. 1.18.
d. 0.71.
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