Please see attached document for my Accounting HW help needed (it looks like a lot of pages, but only like 15 problems)

5/10/2016 Chapter 10 Problems Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems 1. Katie Byrd instructions | help value: 1.17 points Hartford Research issues bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The bonds have a $20,000 par value and an annual contract rate of 10%, and they mature in 10 years. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided. Round all table values to 4 decimal places, and use the rounded table values in calculations.) Required: Consider each of the following three separate situations. 1. The market rate at the date of issuance is 8%. (a) Complete the below table to determine the bonds' issue price on January 1, 2015. Table values are based on: n = i = Cash Flow Table Value Amount Present Value Par (maturity) value Interest (annuity) Price of bonds (b) Prepare the journal entry to record their issuance. http://ezto.mheducation.com/hm.tpx?_=0.031970882135356926_1462898573580 1/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $20,000 cash on January 1, 2015. Assume that the market rate of interest at the date of issue is 8%. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry 2. The market rate at the date of issuance is 10%. (a) Complete the below table to determine the bonds' issue price on January 1, 2015. Table values are based on: n = i = Cash Flow Table Value Amount Present Value Par (maturity) value Interest (annuity) Price of bonds (b) Prepare the journal entry to record their issuance. http://ezto.mheducation.com/hm.tpx?_=0.031970882135356926_1462898573580 2/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $20,000 cash on January 1, 2015. Assume that the market rate of interest at the date of issue is 10%. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry 3. The market rate at the date of issuance is 12%. (a) Complete the below table to determine the bonds' issue price on January 1, 2015. Table values are based on: n = i = Cash Flow Table Value Amount Present Value Par (maturity) value Interest (annuity) Price of bonds (b) Prepare the journal entry to record their issuance. http://ezto.mheducation.com/hm.tpx?_=0.031970882135356926_1462898573580 3/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $20,000 cash on January 1, 2015. Assume that the market rate of interest at the date of issue is 12%. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry References Expanded table eBook & Resources Difficulty: 2 Medium Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx?_=0.031970882135356926_1462898573580 4/4 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems 2. instructions | help value: 1.17 points Hillside issues $1,100,000 of 9%, 15year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $950,524. Required: 1. Prepare the January 1, 2015, journal entry to record the bonds' issuance. view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $1,100,000 cash on January 1, 2015 at an issue price of $950,524. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry 2(a) For each semiannual period, complete the table below to calculate the cash payment. Semiannual cash Par (maturity) value Annual Rate Year interest payment = 2(b) For each semiannual period, complete the table below to calculate the straightline discount amortization. http://ezto.mheducation.com/hm.tpx 1/3 5/10/2016 Chapter 10 Problems Par (maturity) value Discount on Bonds Payable Bonds price Semiannual periods = Straightline discount amortization = 2(c) For each semiannual period, complete the table below to calculate the bond interest expense. Semiannual cash Discount Bond interest expense payment amortization = 3. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense 4 Prepare the first two years of an amortization table using the straightline method. Semiannual Period Unamortized Carrying End Discount Value 01/01/2013 06/30/2013 12/31/2013 06/30/2014 12/31/2014 5 Prepare the journal entries to record the first two interest payments. http://ezto.mheducation.com/hm.tpx 2/3 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 2 Record the first interest payment on June 30, 2015. Date General Journal Debit Credit Jun 30, 2015 *Enter debits before credits done clear entry record entry e References eBook & Resources Worksheet Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P2 Compute and record amortization of bond discount using straightline method. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 3/3 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems instructions | help [The following information applies to the questions displayed below.] Legacy issues $610,000 of 6.5%, four-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. They are issued at $579,203 and their market rate is 8% at the issue date. 3. value: Required information 1.17 points Required: 1. Prepare the January 1, 2015, journal entry to record the bonds' issuance. view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $610,000 cash on January 1, 2015 at an issue price of $579,203. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry References Worksheet http://ezto.mheducation.com/hm.tpx eBook & Resources Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Learning Objective: 10P3 Compute and record amortization of bond premium using straightline method. 1/4 5/10/2016 Chapter 10 Problems Difficulty: 3 Hard Learning Objective: 10P2 Compute and record amortization of bond discount using straightline method. Check my work 4. value: Required information 1.17 points 2. Determine the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense References eBook & Resources Expanded table Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 3 Hard Learning Objective: 10P2 Compute and record amortization of bond discount using straightline method. Learning Objective: 10P3 Compute and record amortization of bond premium using straightline method. Check my work 5. value: 1.17 points Required information 3. Prepare a straightline amortization table for the bonds' first two years. http://ezto.mheducation.com/hm.tpx 2/4 5/10/2016 Chapter 10 Problems Semiannual Period End Unamortized Discount Carrying Value 01/01/2015 06/30/2015 12/31/2015 06/30/2016 12/31/2016 References eBook & Resources Expanded table Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 3 Hard Learning Objective: 10P2 Compute and record amortization of bond discount using straightline method. Learning Objective: 10P3 Compute and record amortization of bond premium using straightline method. Check my work 6. value: 1.17 points Required information 4. Prepare the journal entries to record the first two interest payments. http://ezto.mheducation.com/hm.tpx 3/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 2 Record the interest payment and amortization on June 30, 2015. Date General Journal Debit Credit Jun 30, 2015 *Enter debits before credits done clear entry record entry References eBook & Resources Worksheet Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 3 Hard Learning Objective: 10P2 Compute and record amortization of bond discount using straightline method. Learning Objective: 10P3 Compute and record amortization of bond premium using straightline method. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 4/4 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems 7. instructions | help value: 1.17 points On November 1, 2015, Norwood borrows $590,000 cash from a bank by signing a fiveyear installment note bearing 7% interest. The note requires equal total payments each year on October 31. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Required: 1. Complete the below table to calculate the total amount of each installment payment. Amount of Initial Cash PV Factor annual Proceeds payment = 2. Complete an amortization table for this installment note. (Round your intermediate calculations to the nearest dollar amount.) Period Ending Date Beginning Balance Debit Interest + Debit Notes = Credit Cash Expense Payable Ending Balance 10/31/2016 10/31/2017 10/31/2018 10/31/2019 10/31/2020 Total 3. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2015 (the end of its annual reporting period). http://ezto.mheducation.com/hm.tpx 1/3 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the interest accrued on the note as of December 31, 2015. Date General Journal Debit Credit Dec 31, 2015 *Enter debits before credits done clear entry record entry (b) The first annual payment on the note. view transaction list view general journal Journal Entry Worksheet 1 Record the first installment payment on October 31, 2016. Assume no reversing entries were prepared. Date General Journal Debit Credit Oct 31, 2016 *Enter debits before credits done clear entry record entry http://ezto.mheducation.com/hm.tpx 2/3 5/10/2016 Chapter 10 Problems References Expanded table eBook & Resources Difficulty: 2 Medium Learning Objective: 10C1 Explain the types of notes and prepare entries to account for notes. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 3/3 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems 8. instructions | help value: 1.17 points At the end of the current year, the following information is available for both Pulaski Company and Scott Company. Pulaski Company Scott Company Total assets $ 2,326,000 $ 1,195,000 Total liabilities 833,000 527,000 Total equity 1,493,000 668,000 Required: 1. Compute the debttoequity ratios for both companies. Choose Numerator: / / Pulaski Company / Scott Company / Choose Denominator: DebttoEquity Ratio rev: 12_09_2013_QC_42003 References Expanded table eBook & Resources Difficulty: 2 Medium Learning Objective: 10A3 Compute the debttoequity ratio and explain its use. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 1/1 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems instructions | help [The following information applies to the questions displayed below.] Ike issues $180,000 of 11%, three-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. They are issued at $184,565. Their market rate is 10% at the issue date. 9. value: Required information 1.17 points Required: 1. Prepare the January 1, 2015, journal entry to record the bonds' issuance. view transaction list view general journal Journal Entry Worksheet 1 Record the issue of bonds with a par value of $180,000 cash on January 1, 2015 at an issue price of $184,565. Date General Journal Debit Credit Jan 01, 2015 *Enter debits before credits done clear entry record entry References eBook & Resources Worksheet Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P4 Record the retirement of bonds. http://ezto.mheducation.com/hm.tpx Learning Objective: 10P6 Appendix 10BCompute and record amortization of bond premium using effective interest method. 1/5 5/10/2016 Chapter 10 Problems Check my work 10. value: Required information 1.17 points 2. Complete the below table to calculate the total bond interest expense to be recognized over the bonds' life. Total bond interest expense over life of bonds: Amount repaid: payments of Par value at maturity Total repaid Less amount borrowed Total bond interest expense References eBook & Resources Expanded table Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P4 Record the retirement of bonds. Learning Objective: 10P6 Appendix 10BCompute and record amortization of bond premium using effective interest method. Check my work 11. value: 1.17 points Required information 3. Prepare an effective interest amortization table for the bonds' first two years. (Enter all amounts positive values.) http://ezto.mheducation.com/hm.tpx 2/5 5/10/2016 Chapter 10 Problems Semiannual Interest PeriodEnd Cash Interest Paid Bond Interest Expense Premium Amortization Unamortized Carrying Value Premium 01/01/2015 06/30/2015 12/31/2015 06/30/2016 12/31/2016 References eBook & Resources Expanded table Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P4 Record the retirement of bonds. Learning Objective: 10P6 Appendix 10BCompute and record amortization of bond premium using effective interest method. Check my work 12. value: 1.17 points Required information 4. Prepare the journal entries to record the first two interest payments. http://ezto.mheducation.com/hm.tpx 3/5 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 2 Record the first interest payment on June 30, 2015. Date General Journal Debit Credit Jun 30, 2015 *Enter debits before credits done clear entry record entry References eBook & Resources Worksheet Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P4 Record the retirement of bonds. Learning Objective: 10P6 Appendix 10BCompute and record amortization of bond premium using effective interest method. Check my work 13. value: 1.17 points Required information 5. Prepare the journal entry to record the bonds' retirement on January 1, 2017, at 98. http://ezto.mheducation.com/hm.tpx 4/5 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the retirement of the bonds on January 1, 2017 at 98. Date General Journal Debit Credit Jan 01, 2017 *Enter debits before credits done clear entry record entry References eBook & Resources Worksheet Learning Objective: 10P1 Prepare entries to record bond issuance and interest expense. Difficulty: 2 Medium Learning Objective: 10P4 Record the retirement of bonds. Learning Objective: 10P6 Appendix 10BCompute and record amortization of bond premium using effective interest method. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 5/5 5/10/2016 Chapter 10 Problems Katie Byrd Acct 211: ACCT 211 - Spring D 2016 24 Chapter 10 Problems instructions | help [The following information applies to the questions displayed below.] Rogers Company signs a ve-year capital lease with Packer Company for oce equipment. The annual yearend lease payment is $16,000, and the interest rate is 7%. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) 14. value: Required information 1.17 points 1. Complete the below table to calculate the present value of Roger's fiveyear lease payments. Lease Payment Amount Present value of lease payments PV Factor = References Expanded table eBook & Resources Difficulty: 2 Medium Learning Objective: 10C4 Appendix 10DDescribe accounting for leases and pensions. Check my work 15. value: 1.17 points Required information 2. Prepare the journal entry to record Roger's capital lease at its inception. http://ezto.mheducation.com/hm.tpx 1/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the capital lease of office equipment. Transaction General Journal Debit Credit 1 *Enter debits before credits done clear entry record entry References Worksheet eBook & Resources Difficulty: 2 Medium Learning Objective: 10C4 Appendix 10DDescribe accounting for leases and pensions. Check my work 16. value: 1.17 points Required information 3. Complete a lease payment schedule for the five years of the lease with the following headings. Assume that the beginning balance of the lease liability is the present value of lease payments. http://ezto.mheducation.com/hm.tpx 2/4 5/10/2016 Chapter 10 Problems Period Ending Date Beginning Interest on Reduction of Balance of Lease Liability Lease Liability Lease Liability Cash Lease Payment Ending Balance of Lease Liability Year 1 Year 2 Year 3 Year 4 Year 5 Total References Expanded table eBook & Resources Difficulty: 2 Medium Learning Objective: 10C4 Appendix 10DDescribe accounting for leases and pensions. Check my work 17. value: 1.28 points Required information 4. Use straightline depreciation and prepare the journal entry to depreciate the leased asset at the end of year 1. Assume zero salvage value and a fiveyear life for the office equipment. http://ezto.mheducation.com/hm.tpx 3/4 5/10/2016 Chapter 10 Problems view transaction list view general journal Journal Entry Worksheet 1 Record the annual depreciation expense on the office equipment at the end of year 1. Transaction General Journal Debit Credit 1 *Enter debits before credits done clear entry record entry References Worksheet eBook & Resources Difficulty: 2 Medium Learning Objective: 10C4 Appendix 10DDescribe accounting for leases and pensions. Check my work 2016 McGraw-Hill Education. All rights reserved. http://ezto.mheducation.com/hm.tpx 4/4