Optical Dispensary borrowed $330,000 on January 2, 2016, by issuing a 15% serial bond payable that must be paid in three equal annual installments plus interest for the year. The first payment of principal and interest comes due January 2, 2017. Complete the missing information. Assume the bonds are issued at face value.
Answer to relevant QuestionsAt December 31, MediAssist Precision Instruments owes $51,000 on Accounts Total Liabilities $358,000 Payable, Salaries Payable of $12,000, and Income Tax Payable of $10,000. MediAssist also has $280,000 of Bonds Payable that ...On January 1, 2016, Teacher Credit Union (TCU) issued 8%, 20-year bonds payable with face value of $400,000. The bonds pay interest on June 30 and December 31. Requirements 1. If the market interest rate is 6% when TCU ...On January 1, 2016, Texas Credit Union (TCU) issued 6%, 20-year bonds payable with face value of $600,000. The bonds pay interest on June 30 and December 31. Requirements 1. If the market interest rate is 5% when TCU issues ...Ogden issued a $70,000, 12%, 10-year bond payable at 90 on January 1, 2016. Requirements 1. Journalize the issuance of the bond payable on January 1, 2016. 2. Journalize the payment of semiannual interest and amortization of ...Refer to the RUT data in Short Exercise S13-14. Assume the market price of RUT’s common stock is $18 per share. Compute RUT’s price/earnings ratio. In Short Exercise S13-14 RUT Corporation had net income for 2016 of ...
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