By Elizabeth A. Minbiole
Semesters of accounting are required through so much company, economics, finance, and actuarial technological know-how courses ñ- and on normal, there are a few 700,000 scholars taking accounting every year! Are you one among them? CliffsQuickReview Accounting ideas II offers every thing you must speedy comprehend complicated accounting fundamentals ñ- from budgeting to price accounting.
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Therefore, they are called limited partners. A limited partnership usually has LLP in its name. Ease of formation Other than registration of the business, a partnership has few requirements to be formed. 46 CLIFFSQUICKREVIEW PARTNERSHIPS Transfer of ownership Although it is relatively easy to dissolve a partnership, the transfer of ownership, whether to a new or existing partner, requires approval of the remaining partners. Management structure and operations In most partnerships, the partners are involved in operating the business.
The entry to record the issuance of the bonds increases (debits) cash for the $11,246 received, increases (credits) bonds payable for the $10,000 maturity amount, and increases (credits) premium on bonds payable for $1,246. Premium on bonds payable is a contra account to bonds payable that increases its value and is added to bonds payable in the long-term liability section of the balance sheet. Date General Journal Account Title Ref. 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.
2) Present value of annuity of 1 using 5% and 20 periods from Appendix B. ACCOUNTING PRINCIPLES II 21 LONG-TERM LIABILITIES Assume instead that Lighting Process, Inc. issued bonds with a coupon rate of 9% when the market rate was 10%. The bond purchaser would be willing to pay only $9,377 because Lighting Process, Inc. will pay $450 in interest every six months ($10,000 × 9% × 6 ⁄ 12 ), which is lower than the market rate of interest of $500 every six months. The total cash paid to investors over the life of the bonds is $19,000, $10,000 of principal at maturity and $9,000 ($450 × 20 periods) in interest throughout the life of the bonds.
Accounting Principles II by Elizabeth A. Minbiole