By Elizabeth A Minbiole
From budgeting, rate accounting, and liabilities to partnerships and firms, CliffsQuickReview Accounting ideas II might help comprehend and maintain complex accounting thoughts. This consultant introduces every one subject, defines keyword phrases, and walks you thru every one pattern challenge step by step. very quickly, you will be able to take on different recommendations during this e-book such as
- Long-term liabilities
- Financial assertion analysis
- Cost-volume-profit relationships
- Flexible budgets and traditional costs
- Capital budgeting
CliffsQuickReview Accounting ideas II acts as a complement in your textbook and to school room lectures. Use this reference in any respect that matches your own sort for examine and assessment — you opt what works most sensible along with your wishes. no matter if you learn the publication from hide to hide or specialise in pick out subject matters, you usually get transparent, jargon-free motives of the basics, supplemented with equations, charts, and tables.
With titles to be had for all of the most well-liked highschool and faculty classes, CliffsQuickReview courses are a complete source which can assist you get the very best grades.
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10 Cash 30,000 MJM, Capital ($7,500 × 60%) 4,500 EAM, Capital ($7,500 × 40%) 3,000 TLM, Capital 22,500 Investment in partnership by TLM Retirement or withdrawal of a partner If an existing partner wishes to retire or withdraw from the partnership, the partner may be bought out by an existing partner or may receive assets from the partnership. ” If an existing partner purchases the interest of the retiring partner, the partnership records an entry to close out the capital account balance of the retiring partner and adds the amount to the capital account balance of the partner who purchased the interest.
The entry for the first interest payment would be as follows: ACCOUNTING PRINCIPLES II 35 LONG-TERM LIABILITIES Date General Journal Account Title Ref. and Description Dec. 31 Interest Expense Premium on Bonds Payable ($11,246 ÷ 20) Debit Credit 538 62 Cash ($10,000 × 12% × 6 ⁄ 12) 600 Pay semiannual interest (using straight-line amortization) The carrying value will continue to decrease as the premium account’s balance decreases. When the bond matures, the premium account’s balance will be zero and the bond’ s carrying value will be the same as the bond’s principal amount.
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 dif ference (excess) between the cash received and the principal amount of the bonds.