By Elizabeth A. Minbiole
Semesters of accounting are required by means of such a lot enterprise, economics, finance, and actuarial technology courses ñ- and on general, there are a few 700,000 scholars taking accounting every year! Are you certainly one of them? CliffsQuickReview Accounting ideas II presents every thing you want to quick comprehend complicated accounting fundamentals ñ- from budgeting to price accounting.
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Extra info for Accounting Principles II
Some partnership agreements refer to salaries or salary allowances for partners and interest on investments. These are not expenses of the business, they are part of the formula for splitting net income. Many partners use the components of the formula for splitting net income or loss to determine how much they will withdraw in cash from the business during the year, in anticipation of their share of net income. If the partnership uses the accrual basis of accounting, 48 CLIFFSQUICKREVIEW PARTNERSHIPS the partners pay federal income taxes on their share of net income, regardless of how much cash they actually withdraw from the partnership during the year.
At issue, carrying value = $10,000 face value + $1,246 premium. 41 LONG-TERM LIABILITIES (A) LONG-TERM LIABILITIES General Journal Date July 1 Account Title and Description Bonds Payable Ref. Debit Credit 10,000 Cash 10,000 Repay bond principal at maturity Bonds issued between interest dates If a bond is sold at a time other than on its original issue date, the purchaser of the bond pays the issuing company the price of the bond plus accrued interest from the last interest payment date. This accrued interest is paid back to the purchaser who receives six months of interest at the next semiannual interest payment date.
To illustrate how bond pricing works, assume Lighting Process, Inc. issued $10,000 of ten-year bonds with a coupon interest rate of 10% and semi-annual interest payments when the market interest rate is 10%. This means Lighting Process, Inc. will repay the principal amount of $10,000 at maturity in ten years and will pay $500 interest ($10,000 × 10% coupon interest rate × 6 ⁄ 12 ) every six months. The price of the bonds is based on the present value of these future cash flows. 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%.
Accounting Principles II by Elizabeth A. Minbiole