Taxes Payable 198.40 Federal Unemployment Taxes Payable 19.84 State Unemployment Taxes Payable 133.92 (To Record Payable Taxes for the week) E10-8 1. True 2. True 3. False 4. True 5. False 6. False 7. True 8. True 9. True 10. True E10-18 A. Jan.1 Cash 562‚613 Discount on Bonds Payable
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Long Term Liabilities – Bonds MULTIPLE CHOICE QUESTIONS EXERCISE 1. From the standpoint of the issuing company‚ a disadvantage of using bonds as a means of long-term financing is that a. bond interest is deductible for tax purposes. b. interest must be paid on a periodic basis regardless of earnings. c. income to stockholders may increase as a result of trading on the equity. d. the bondholders do not have voting rights. 2. If a corporation issued $3‚000‚000 in bonds which pay 5% annual interest
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Eric Palomino P.4 12/04/13 Brandon Bond Brandon Bond was born in Perdido Key in Florida‚ USA and is considered as one of the many legends of modern American tattooing. As a student of Fine Arts in Texas Brandon started tattooing in College. Then under Shaman Bear he began his formal apprenticeship. He started working at Tattoo Zoo during College‚ after College he went to Vegas and tattooed on Las Vegas Blvd. Then in New Hampshire he worked with his friend Joe Capobianco. Followed by Slave
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EXERCISE 14-1 (15-20 minutes) Valuation account relating to the long-term liability‚ bonds payable (sometimes referred to as an adjunct account). The 3‚000 would continue to be reported as long-term. Current liability if current assets are used to satisfy the debt. Current liability‚ 200‚000 long-term liability‚ 800‚000. Current liability. Probably noncurrent‚ although if operating cycle is greater than one year and current assets are used‚ this item would be classified as current. Current liability
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000x0.99) 9‚900‚000 Discount on bond payable 100‚000 Bond payable 10‚000‚000 Unamortized bond issue cost 70‚000 Cash 70‚000 2. Cash (10‚000‚000x0.98) 9‚800‚000 Discount on bond payable 600‚000 Bond payable 10‚000‚000 Paid in capital -stock warrants 400‚000 3. Debt conversion expense 75‚000 Bond payable 10‚000‚000 Discount on bond payable 55‚000 Common stock 1
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E9–1 Penny Arcades‚ Inc.‚ is trying to decide between the following two alternatives to finance its new $80 million gaming center: a. Issue $80 million of 5% bonds at face amount. b. Issue 2 million additional shares of common stock for $40 per share. Issue Bonds Issue Stock Operating income $12‚000‚000 $12‚000‚000 Interest expense (bonds only) Income before tax Income tax expense (35%) Net income $___________
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collected but not yet earned‚ they are liabilities until the goods or services have been provided Contingent Liability – A potential liability that has arisen as the result of a past event; it is not an effective liability until some future event occurs Bonds – Publicly traded debt Operating Lease – Does not meet any of the four criteria established by GAAP and does not cause the recording of an asset and liability Capital Lease – Meets at least one of the four criteria established by GAAP and results
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Chapter 15: Financial Instruments: Complex Debt and Equity Case 15-1 Zebo Limited 15-2 On-the-Crest Ltd. 15-3 Techno Wizard Ltd. Suggested Time Technical Review TR15-1 Convertible Debt‚ Investor’s Option 10 TR15-2 Convertible Debt‚ Mandatory Conversion 10 TR15-3 Options and Warrants 10 TR15-4 Share-Based Compensation; Equity-Settled 10 TR15-5 Share-Based
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liability for Unearned Insurance Premiums at December 31? $0 $13‚500 $4‚500 $18‚000 Top of Form Bottom of Form Question 7 The term used for bonds that are unsecured is: debenture bonds. bearer bonds.
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and issues a six month‚ 6% note payable. Interest is payable at maturity. Record the issuance of the note and the appropriate adjustment for interest expense at December 31‚ the end of the reporting period. (Enter your answers in dollars not in millions. Do not round intermediate calculations. Omit the "$" sign in your response.) Date Nov. 1 General Journal Cash Notes payable Debit 3‚000‚000 Credit 3‚000‚000 30‚000 30‚000 Dec. 31 Interest expense Interest payable Worksheet Learning Objective:
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