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Spring 2025-11639-202510-ACC204-04 - Accounting Principles II
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On April 12, Hong Company agrees to accept a 60-day, 10%, $5,200 note from Indigo Company to extend the due date on an overdue account payable. What is the journal entry made by Indigo Company to record the transaction?
On July 1, Shady Creek Resort borrowed $300,000 cash by signing a 10-year, 6% installment note requiring equal payments each June 30 of $40,760. What is the journal entry to record the first annual payment?
Granite Company purchased a machine costing $124,740. Granite paid freight charges of $2,600. The machine requires special mounting and wiring connections costing $10,600. When installing the machine, $2,100 in damages occurred. Compute the cost recorded for this machine.
Landmark Corporation buys $370,000 of Schroeter Company's 9%, 5-year bonds payable, at par value on September 1. Interest payments are made semiannually. Landmark plans to hold the bonds for the 5-year life. When the bonds mature, the journal entry to record the proceeds will be:
Martin Company purchases a machine at the beginning of the year at a cost of $69,000. The machine is depreciated using the straight-line method. The machine’s useful life is estimated to be 5 years with a $6,000 salvage value. Depreciation expense in year 4 is:
On February 15, Jewel Company buys bonds of Marcelo Corporation for $201,400. The investment is classified as available-for-sale securities. This is the company’s first and only investment in available-for-sale securities. On December 31, the bonds had a fair value of $203,100. The entry to record the year-end adjustment is:
In preparing a company's statement of cash flows for the most recent year, the following information is available:
| Loss on the sale of equipment | $ 15,100 |
|---|---|
| Purchase of equipment for cash | 156,000 |
| Proceeds from the sale of equipment | 137,000 |
| Repayment of outstanding bonds | 92,500 |
| Purchase of treasury stock | 67,500 |
| Issuance of common stock | 101,500 |
| Purchase of land for cash | 126,000 |
| Increase in accounts receivable during the year | 48,500 |
| Decrease in accounts payable during the year | 80,500 |
| Payment of cash dividends | 40,500 |
Net cash flows from investing activities for the year were:
On May 22, Jarrett Company borrows $8,600, signing a 90-day, 6%, $8,600 note. What is the journal entry made by Jarrett Company to record the payment of the note on the maturity date?
A company issues 7%, 8-year bonds with a par value of $110,000 on January 1 at a price of $118,359, when the market rate of interest was 6%. The bonds pay interest semiannually. The amount of each semiannual interest payment is:
A company had interest expense of $7,800, income before interest expense and income taxes of $19,200, and net income of $9,600. The company's times interest earned ratio equals: