By Elizabeth A. Minbiole

ISBN-10: 0764523600

ISBN-13: 9780764523601

ISBN-10: 0764585657

ISBN-13: 9780764585654

Semesters of accounting are required via such a lot company, economics, finance, and actuarial technological know-how courses ñ- and on ordinary, there are a few 700,000 scholars taking accounting every year! Are you certainly one of them? CliffsQuickReview Accounting rules II offers every little thing you must speedy comprehend complex accounting fundamentals ñ- from budgeting to price accounting.

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Extra info for Accounting Principles II

Sample text

A) At issue, carrying value = \$10,000 face value + \$1,246 premium. LONG-TERM LIABILITIES 38 Date LONG-TERM LIABILITIES The effective interest method of amortizing the premium calculates interest expense using the carrying value of the bonds and the market interest rate when the bonds were issued. For the first payment, the interest expense is \$562. It is calculated by multiplying the \$11,246 (carrying value of the bonds) times 10% (market interest rate) × 6 ⁄ 12 (semiannual payment). The amount of interest paid is \$600 (\$10,000 face value of bonds × 12% coupon interest rate × 6 ⁄ 12 semiannual payments).

9,678 12/31/X6 (A) * 9,646 Beginning Carrying Value (1) 6/30/X6 Date 9,953 10,000 0 47 47 9,908 9,865 9,824 9,785 9,748 9,712 9,678 Ending Carrying Value (7)=(1)+(3) 47 92 135 176 215 252 288 322 Ending Discount (6)=(5)-(4) 92 135 176 215 252 288 322 354 Beginning Discount (5) 45 623 * 43 41 39 37 36 34 32 Discount Amortized (4)=(2)-(3) LONG-TERM LIABILITIES 33 LONG-TERM LIABILITIES Bonds issued at a premium On July 1, Lighting Process, Inc. issues \$10,000 ten-year bonds, with a coupon rate of interest of 12% and semiannual interest payments payable on June 30 and December 31, when the market interest rate is 10%.

And Description Bonds Payable Cash Debit Credit 10,000 10,000 Paid off bonds at maturity 24 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES Bonds issued at a discount Lighting Process, Inc. issues \$10,000 ten-year bonds, with a coupon interest rate of 9% and semiannual interest payments payable on June 30 and Dec. 31, issued on July 1 when the market interest rate is 10%. The entry to record the issuance of the bonds increases (debits) cash for the \$9,377 received, increases (debits) discount on bonds payable for \$623, and increases (credits) bonds payable for the \$10,000 maturity amount.