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Fundamental Accounting Principles
Quiz 14: Long-Term Liabilities
Path 4
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Question 101
Multiple Choice
A company issues at par 9% bonds with a par value of $100,000 on April 1.The bonds pay interest semi-annually on January 1 and July 1.The cash received on July 1 by the bond holder(s) is:
Question 102
Multiple Choice
A corporation borrowed $125,000 cash by signing a 5-year,9% installment note requiring equal annual payments each December 31 of $32,136.What journal entry would the issuer record for the first payment?
Question 103
Multiple Choice
A company retires its bonds at 105.The face value is $100,000 and the carrying value of the bonds at the retirement date is $103,745.The issuer's journal entry to record the retirement will include a:
Question 104
Multiple Choice
A company has bonds outstanding with a par value of $100,000.The unamortized discount on these bonds is $4,500.The company retired these bonds by buying them on the open market at 97.What is the gain or loss on this retirement?