Journalizing and reporting bond transactions

Assignment Help Financial Accounting
Reference no: EM13163263

Journalizing and reporting bond transactions

The board of directors of Delta Health Spa authorizes the issuance of $600,000 of 5%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on July 31, 2012, at par plus accrued interest.

Requirements

1. Journalize the following transactions (Round your answers to the nearest whole dollar.):

a. Issuance of the bonds on July 31, 2012.

b. Payment of interest on November 30, 2012.

c. Accrual of interest on December 31, 2012.

d. Payment of interest on May 31, 2013.

2. Report interest payable and bonds payable as they would appear on the Delta balance sheet at December 31, 2012.

Reference no: EM13163263

Questions Cloud

What is the maximum pressure : what is the maximum pressure that will be attained in the tank before the plug will melt and release gas?
Determine the molar amounts of no and o2 : Determine the molar amounts of NO, O2 and NO2 after a complete reaction. NO=? O2=? NO2=?
Integration and random numbers : assemble 1,000 bolt + hole combinations. The bolts have a mean diameter of 1.000 cm, normally distributed with standard deviation of 0.010 cm. The holes have a mean diameter of 1.030 cm, normally distributed with standard deviation of 0.015 cm.
What is the value of delta h for the combustion of the fuel : When 1 of a fuel is burned at constant pressure, it produces 3452 of heat and does 13 of work. What is the value of delta H for the combustion of the fuel?
Journalizing and reporting bond transactions : The semiannual interest dates are May 31 and November 30. The bonds are issued on July 31, 2012, at par plus accrued interest.
Determine the mass in grams of chlorine : Balance the equation and determine the mass in grams of chlorine that would be formed if 25 grams of PCl3 (molecular mass = 137.32 g/mol) decompose.
What is composition of mixture by volume : A gas mixture composed of helium and argon has a density of 0.719g/l at a 743mmHg and 298k . What is composition of mixture by volume?
What is the molar heat of vaporization of nitrogen : In one experiment, the mass of water is 93.0 grams, the initial temperature of the water is 67.2oC, the mass of liquid nitrogen added to the water is 57.8 grams, and the final temperature of the water, after the liquid nitrogen has vaporized, is 3..
Develop an alternative costing system : Develop an alternative costing system to use for bids to overcome this problem and write a report to Susan Sharma identifying the reasons why the company has been losing bids to its competitors

Reviews

Write a Review

Financial Accounting Questions & Answers

  Explain how might the different methods affect the audit

What are some of the different types of sampling methods available to the auditor? How does the auditor decide which method to use? Explain how might the different methods affect the audit?

  What are the values for the mean square treatment

What are the values for the Mean Square Treatment (MST) and the Mean Square Error (MSE)? Compute the value of F.  Do you Reject or Fail to Reject the Null Hypothesis? State you conclusion.

  What is barbara basis in the property for the sale

A gift tax of $2,800 was paid by the aunt. Barbara sold the stock in the following year for $29,000. What is Barbara’s basis in the property for the sale.

  Illustrate what are the variable expenses per unit

The company plans to sell 17,000 bookbags this year. Illustrate what are the variable expenses per unit?

  Describe the amount of bond interest expense for first year

Determine the amount of premium to be amortized for the second semiannual interest payment period, using the interest method. Describe the amount of bond interest expense for the first year.

  Evaluate the per unit conversion for the period

Evaluate the unit material cost for the period? Evaluate the unit conversion for the period?

  What would be the effect on the company overall net

What would be the effect on the company's overall net operating income if product L28N were dropped?

  What was consolidated cost of goods sold

Cost of goods sold was $10,800,000 for Webb and $6,400,000 for Rand. What was consolidated cost of goods sold?

  Solve equations about ages

Write an equation that models how old in years each of you will be, when your ages add up to 150 years old. For example, if x = your age and the eldest person was a year older than you, you would write their age as x + 1. Then the equation would b..

  Individual retirement account

Karen is single and is an active participant in her employer retirement plan. She contributed $5,500, the maximum amount allowable, to an individual retirement account (IRA)

  Preparation of financial statements

Preparation of financial statements

  How will these errors affect inventory at year-end

This merchandise was omitted from the year-end physical count. How will these errors affect inventory at year-end and cost of goods sold for the year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd