# P10-8a p10-2 e12-18 e12-20 | Accounting homework help

P10-8A P10-2 E12-18 E12-20

P10-8A A company issued \$1,000,000

P10-2 Stacy Company

E12-18 The following

E12-20

P10-8A A company issued \$1,000,000 face value six years, 10% bonds on July 1, 2016, when the rate of the market was 12%. Interest payments are due every July 1 and January 1 Worthington uses the calendar year end.

1. Prepare a Journal entry to record the issuance of the bonds on July 1, 2016.
2. Prepare the adjusting journal entry on December 31, 2016, to accrue interest expense.
3. Prepare the journal entry to record the interest payment on January 1, 2017
4. Calculate the amount of cash that will be paid for the retirement of the bonds on the maturity date.

P10-2Stacy Company issued five year, 10% bonds they face value of \$10,000 on January 1, 2016. Interest is paid annually on December 31. The market rate of interest on this date is 12%, and the Stacy Company receives proceeds of \$9,279 on the board insurance.
1. Prepare a five-year table to amortize the discount using the effective interest method.
2. What is the total interest expense over the life of the bonds? Cash interest payment? Discount amortization?
3. Prepare the journal entry for the payment of interest and amortization of discount on December 31, 2018, third-year and determine the balance short presentation of the bonds on that date

E12-18 The following account balances for the Non-cash current assets and current liabilities for Suffolk Company are available. 2016 2015
Accounts Receivable \$43,000 \$35,000
Inventory \$30,000 \$40,000
Prepaid rent \$17,000 \$15,000
Totals \$90,000 \$90,000
Accounts Payable \$26,000 \$19,000
Income tax payable \$6000 \$10,000
Interest payable \$15,000 \$12,000
Totals \$47,000 \$41,000Net income for 2016 is \$40,000. Depreciation expense is \$20,000. Assume that all sales and all purchases are on account.

Prepare the operating activities section of the statement of cash flows using the indirect method.
2. Provide a brief explanation as to why cash flow from operating activities is more or less than the net income of the period.

Ex. 12-20
1. Purchase a six-month certificate of deposit
2. Purchase a 60-day treasury bill
3. Issued 1000 shares of common stock
4. Purchased 1000 shares of stock in another company
5. Purchase, 1000 shares of its own stock, to be held in the treasury
6. Invested 1000 and dollars in money market fund
7. Sold 500 shares of stock of another company
8. Purchased twenty-year bonds of another company
9. Issued 30-year bonds
10. Re-paid a six-month bank loan

Classify the above assume that stocks and bonds of other companies are classified as long-term investments.

II = Inflow from investing activities
OI = outflow from investing activities
IF = inflow from financing activities
OF = outflow from financing activities
CE = classified as a cash equivalent and included with cash for purposes of preparing the statement of cash flows

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