By Elizabeth A. Minbiole
Semesters of accounting are required via so much company, economics, finance, and actuarial technological know-how courses ñ- and on common, there are a few 700,000 scholars taking accounting every year! Are you one in all them? CliffsQuickReview Accounting rules II presents every thing you must fast comprehend complex accounting fundamentals ñ- from budgeting to price accounting.
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Debit Credit 10,000 10,000 Repay bond principal at maturity The effective interest method of amortizing the discount to interest expense calculates the interest expense using the carrying value of the bonds and the market rate of interest at the time the bonds were issued. For the first interest payment, the interest expense is $469 ($9,377 carrying value × 10% market interest rate × 6 ⁄ 12 semiannual interest). The semiannual interest paid to bondholders on Dec. 31 is $450 ($10,000 maturity amount of bond × 9% coupon interest rate × 6 ⁄ 12 for semiannual payment).
This section discusses how to account for those changes. New partner Partners may agree to add partners in one or two ways. First, the new partner could buy out all or a portion of the interest of an existing partner or partners. Second, the new partner could invest in the partnership resulting in an increase in the number of partners. The partnership accounts for these changes in partners differently. Buying out existing partner. The capital balances of an existing partnership are: 52 CLIFFSQUICKREVIEW PARTNERSHIPS MJM EAM Total partnership capital $ 70,000 50,000 $120,000 If MJM decides to retire and the partners agree to have TLM buy out MJM’s partnership interest, the partnership’s accounting records must simply reflect the change of ownership.
And Description Debit Cash 11,246 Credit 20X1 July 1 Bonds Payable 10,000 Premium on Bonds Payable 1,246 Issue bonds at a premium After the entry, the bonds would be included in the long-term liability section of the balance sheet as follows: Long-term liabilities Bonds Payable Plus: Premium on Bonds Payable 34 10,000 1,246 11,246 CLIFFSQUICKREVIEW LONG-TERM LIABILITIES The premium account balance represents the difference (excess) between the cash received and the principal amount of the bonds.