By Elizabeth A. Minbiole
Semesters of accounting are required by means of such a lot company, economics, finance, and actuarial technological know-how courses ñ- and on regular, there are a few 700,000 scholars taking accounting every year! Are you certainly one of them? CliffsQuickReview Accounting ideas II offers every thing you want to quick comprehend complicated accounting fundamentals ñ- from budgeting to price accounting.
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Extra resources for Accounting Principles II
10 Cash 30,000 TLM, Capital 30,000 Investment in partnership by TLM If TLM receives a 30% interest for his $30,000 investment, TLM’s capital account would be credited for $45,000. Existing Capital MJM, Capital EAM, Capital Total Existing Capital Add: TLM Investment New Capital Balance TLM Ownership % TLM, Capital 54 $ 70,000 50,000 120,000 30,000 150,000 × 30% $ 45,000 CLIFFSQUICKREVIEW PARTNERSHIPS The $15,000 difference between his initial capital balance of $45,000 and his cash investment of $30,000 must be deducted from the existing partners’ capital account balances according to their sharing of gains and losses.
A bond sold at 102, a premium, would 20 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES generate $1,020 cash for the issuing company (102% × $1,000) while one sold at 97, a discount, would provide $970 cash for the issuing company (97% × $1,000). To illustrate how bond pricing works, assume Lighting Process, Inc. issued $10,000 of ten-year bonds with a coupon interest rate of 10% and semi-annual interest payments when the market interest rate is 10%. This means Lighting Process, Inc. will repay the principal amount of $10,000 at maturity in ten years and will pay $500 interest ($10,000 × 10% coupon interest rate × 6 ⁄ 12 ) every six months.
Discount on bonds payable is a contra account to bonds payable that decreases the value of the bonds and is subtracted from the bonds payable in the long-term liability section of the balance sheet. Initially it is the difference between the cash received and the maturity value of the bond. Date General Journal Account Title Ref. and Description Debit Credit 20X1 July 1 Cash Discount on Bonds Payable 9,377 623 Bonds Payable 10,000 Issue bonds at a discount After this entry, the bond would be included in the long-term liability section of the balance sheet as follows: Long-term liabilities Bonds Payable Less: Discount on Bonds Payable ACCOUNTING PRINCIPLES II 10,000 (623) 9,377 25 LONG-TERM LIABILITIES The $9,377 is called the carrying amount of the bond.
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