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ACC - Like Home Inc.




Question;Like Home Inc. includes the following selected accounts in its general ledger Dec 31. 2012.1. Prepare the liabilities section of life Inc balance sheet of Dec 31, 2012 to show how the company report these items, report current liabilities and total liabilities.Data Table:Bonds payable $ 200,000Equipment 118,000Current portion of bonds payable 51,000Notes payable, long-term 125,000Interest payable (due March 1, 2013) 1,400Accounts payable 33,000Discount on bonds payable (all long-term) 6,000Accounts receivable 31,000*****************************Suspension Drive Ins Ltd borrowed money by issuing $ 2,000,000 of 8% bonds payable at 97.5 on July 1, 2012. The bonds are 10- year bonds and pay interest each Jan 1 and Jul 1.1. How much cash did Superior receive when it issued the bonds payable? Journalize this transaction.2. How much must Superior pay back at maturity? When is the maturity date?3. How much cash interest will Superior pay each six months?4. How much interest will Superior report each six months? Assume the straight line amortization method. Journalize the entries for a accrual interest on Dec 31, 2012 and payment of interest on Jan 1, 2013.


Paper#39335 | Written in 18-Jul-2015

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