By Elizabeth A. Minbiole
Semesters of accounting are required via such a lot enterprise, economics, finance, and actuarial technology courses ñ- and on ordinary, there are a few 700,000 scholars taking accounting every year! Are you one among them? CliffsQuickReview Accounting rules II presents every little 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
The principal and interest amounts are based on the face amounts of the bond while the present value factors used to calculate the value of the bond at issuance are based on the market interest rate of 10%. Given these facts, the purchaser would be willing to pay $10,000, or the face value of the bond, as both the coupon interest rate and the market interest rate were the same. The total cash paid to investors over the life of the bonds is $20,000, $10,000 of principal at maturity and $10,000 ($500 × 20 periods) in interest throughout the life of the bonds.
Number of partners The informality of decision making in a partnership tends to work well with a small number of partners. Having a large number of partners, particularly if all are involved in operating the business, can make decisions much more difficult. Partnership Accounting Except for the number of partners’ equity accounts, accounting for a partnership is the same as accounting for a sole proprietor. Each partner has a separate capital account for investments and his/her share ACCOUNTING PRINCIPLES II 47 PARTNERSHIPS of net income or loss, and a separate withdrawal account.
Debit Credit 481 Discount on Bonds Payable ($623 ÷ 20) 31 Cash ($10,000 × 9% × 6 ⁄ 12 ) 450 Pay semiannual interest using straight-line amortization After the payment is recorded, the carrying value of the bonds payable on the balance sheet increases to $9,408 because the discount has decreased to $592 ($623 – $31). Long-term liabilities Bonds Payable Less: Discount on Bonds Payable 10,000 (592) 9,408 The carrying value will continue to increase as the discount balance decreases with amortization.
Accounting Principles II by Elizabeth A. Minbiole