On January 1, 2016, Van Company had a balance of $800,000 in its Bonds Payable account. During
Question:
On January 1, 2016, Van Company had a balance of $800,000 in its Bonds Payable account. During 2016, Van issued bonds with a $300,000 face value. There was no premium or discount associated with the bond issue. The balance in the Bonds Payable account on December 31, 2016, was $600,000.
Required
a. Determine the cash outflow for the repayment of bond liabilities assuming that the bonds were retired at face value.
b. Prepare the financing activities section of the 2016 statement of cash flows.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
a Reconciliation of Bonds Payable Account Beginning bal...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Question Posted:
Students also viewed these Managerial Accounting questions
-
On January 1, 2013, Van Company had a balance of $800,000 in its Bonds Payable account. During 2013, Van issued bonds with a $300,000 face value. There was no premium or discount associated with the...
-
On January 1, 2013, Shelton Company had a balance of $325,000 in its Land account. During 2013, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on December...
-
On January 1, 2013, Poole Company had a balance of $178,000 in its Land account. During 2013, Poole sold land that had cost $71,000 for $95,000 cash. The balance in the Land account on December 31,...
-
Reference groups influence us in three ways. These influences include informational, utilitarian, and dimensions. a. knowledge O b. O c. reputational O d. descriptive value-expressive
-
Form a focus group and discuss your own experiences of online purchasing. What have been your problems and frustrations? Refer to a particular example such as purchasing a book what are your...
-
In applying the rules of debits and credits, which of the following statements is correct? a. The word debit means to increase and the word credit means to decrease b. Asset, expense, and common...
-
Your brother works for a company that makes components for DVD players. The company has started to outsource some of its component assembly work to a country where employees wages are much lower than...
-
Selected comparative financial statements of Korbin Company follow. Required 1. Compute each years current ratio. (Round ratio amounts to one decimal.) 2. Express the income statement data in common-...
-
Question 1. Cash Flows (2 pts.) Use the following information for the problems (assume the tax rate is 34 percent): 2014 2015 Sales $9,402 $10,091 Depreciation 1,350 1,351 Cost of goods sold 3,235...
-
Sensitivity analysis Sensitivity analysis is an important component of any budgeting exercise. Which estimates do you think will be most crucial in developing a master budget? Why?
-
The following financial statements were drawn from the records of Matrix Shoes: Income Statement For the Year Ended December 31, 2017 Sales revenue .......$ 300,000 Cost of goods sold ......(144,000)...
-
On January 1, 2016, Milam Company had a balance of $300,000 in its Common Stock account. During 2016, Milam paid $18,000 to purchase treasury stock. Treasury stock is accounted for using the cost...
-
Condensed versions of Your Phone Ltd.'s financial statements, with certain amounts omitted, are given for two years. {Requirements} 1. Determine the missing amounts denoted by the letters. 2. Use...
-
How does emotional intelligence inform effective leadership behaviors, particularly in navigating interpersonal dynamics, resolving conflicts, and inspiring motivation and engagement among team...
-
Write an introduction to connect the topic "The Impact of Urbanization on Sustainability" with Water Scarcity. (use 200 words)
-
Brownly Corporation issued $750,000 of 7% 20 year bonds on January 1st. Interest is paid on January and July 1st. They were issued under three different situations. The first was at face value on...
-
can you cite this journal APA style: British Psychological Society -Professor Chris W. Clegg (1948-2015) An appreciation by his colleagues at the Universities of Leeds and Sheffield. 12 January 2016
-
1 Give the domain of the function below in interval notation. If necessary, you can use two copies of the lower case letter "o" (oo) for the symbol and an uppercase letter U for the symbol U....
-
Solve Problems 4346 using augmented matrix methods. Graph each solution set. Discuss the differences between the graph of an equation in the system and the graph of the systems solution set. 3x1 4x1...
-
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
-
Explain how public goods might also lead to the free rider problem. Give an example to support your answer.
-
Ocean Plastics Company accrued a tax liability for $7,000. Use the following horizontal financial statements model to show the effect of this accrual under the following two assumptions: (1) The tax...
-
Gilchrist Corporation recognized the annual expiration of insurance on December 31, 2018. Using the following horizontal financial statements model, indicate how this event affected the company's...
-
In reviewing Larson Company's September accounting records, Andy Miranda, the chief accountant, noted the following depreciation costs. Assume product costs are defined by GAAP. 1. Factory...
-
Question 8 of 9 (b) Prepare a schedule of the debt reduction and interest expense for the years 2023 through 2026. (Do not leave any answer field blank. Enter O for amounts.) Date Cash Interest...
-
Jazz music A) Blends aspects of improvisation and composition B Uses improvisation but not composition C) Uses composition but not improvisation D Uses neither improvisation nor composition
-
4 7 . On July 4 , 2 0 2 1 , Bonita Mining Company purchased the mineral rights to a granite deposit for $ 1 5 5 0 0 0 0 . It is estimated that the recoverable granite will be 4 0 0 0 0 0 tons. During...
Study smarter with the SolutionInn App