Work4Me Accounting Simulations. Problem Fifteen
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1 Work4Me Accounting Simulations 3 rd Web-Based Edition Problem Fifteen Long Term Notes and Bonds Page 1
2 Introduction Bus-Way, Incorporated, is a small telecommunications firm specializing in telecommunications between credit unions. Located in downtown Penyrn, California, Bus-Way has grown from a modest 5-person operation to an employer who has a large staff with varying skills in telecommunications, accounting, and financing. In addition to providing telecommunication services, it also provides financing for installation of its telecommunication services. In the coming year, the company will issue bonds, long-term notes, and installment notes payable to increase the size of its operating capacity, replace current facilities, and construct a new office building. The normal, day-to-day transactions of sales and collection of accounts receivable are ignored for this problem. Interest rates have fallen since the company issued its first bonds at 8%. CHART OF ACCOUNTS ASSETS 101 Cash 105 Accounts Receivable 106 Allowance for Doubtful Accounts 108 Notes Receivable 121 Prepaid Insurance 127 Office Supplies 131 Office Equipment 132 Accum. Depreciation - Office Equipment 141 Office Building 142 Accum. Depreciation - Office Building 150 Land LIABILITIES 201 Accounts Payable 202 Interest Payable 203 Short-Term Notes Payable 204 Long-Term Notes Payable 210 A-Bonds Payable 212 Discount on A-Bonds Payable 215 B-Bonds Payable 217 Premium on B-Bonds Payable 220 C-Bonds Payable 222 Discount on C-Bonds Payable 230 Long-Term Notes Payable 235 Installment Notes Payable 240 Mortgage Notes Payable Page 2
3 STOCKHOLDERS EQUITY 301 Common Stock 302 Contributed Capital in Excess of Par 305 Retained Earnings REVENUE 401 Service Revenues EXPENSES 601 Salaries and Wages Expense 602 Office Supplies Expense 606 Delivery Expense 610 Depreciation Expense - Office Equip. 615 Depreciation Expense - Office Building 625 Utilities Expense 626 Telephone Expense 628 Professional Services Expense OTHER REVENUE 711 Interest Earned 721 Gain on Bond Retirement OTHER EXPENSES 813 Interest Expense 821 Loss on Bond Retirement INCOME SUMMARY 901 Income Summary Page 3
4 Log on to Work4Me II and from the Problems Menu Bar select Problem 15, Long-Term Notes and Bonds. From the Journals/Ledgers/Statements Menu Bar, select General Ledger and print a copy of the Trial Balance. RECORD THE FOLLOWING TRANSACTIONS FOR THE MONTH OF OCTOBER Present and Future Value Tables: For those transactions requiring that you use a Present Value table, either for a single amount or for an annuity, go to the Menu Bar, click on Support, and select Present Value Tables. From the Present Value Tables page, you can select tables for the (1) Present Value of a Single Amount, (2) Present Value for an Ordinary Annuity, (3) Future Value of a Single Amount, and (4) Future Value for an Ordinary Annuity by clicking on the appropriately titled button. USE ONLY THESE PRINTED TABLES, where necessary, to complete this problem. Notes: 1. The fiscal year for Bus-Way ends September Most other day-to-day transactions are not included in this problem. 3. The bond transactions are made in relatively small dollar amounts, for illustrative purposes. 4. Transactions begin on October 1 and end on October Present Value and Future Value tables will be provided for you in this problem. ************************ TRANSACTIONS Student Analysis October 1: Retirement of bonds The company issued check and retired ½ of its $40,000 of 8%, A-Bonds at 102. Assume that the balance of Discount on A- Bond Payable and interest is up-to-date. At the Invoice Number, enter ABRET for A Bonds Retired. October 1: Issue bonds at a premium The company issued 10-year, $50,000, 6% B-Bonds at a selling price of 103. At the Invoice Number, enter BBOND for B Bonds. These bonds will sell at 103% of their par value. Page 4
5 TRANSACTIONS October 1: Issue bonds at a premium The company issued 10-year, $30,000 of 6%, B-Bonds, dated October 1. On this date, the market rate of interest for this type of bond was five (5) percent. At the invoice number enter BBOND for B Bonds. To calculate the selling price of the bonds, carefully follow the instructions that follow below. Student Analysis ************************ Present and Future Value Tables will be used to calculate the selling price of some of the bond sales in this problem. Important: To match the check figures, you must use the Present Value and Future Value tables provided for this problem. If you have not already done so, Click on Support, select Present Value Tables, and print a copy of the tables needed for this problem. Use the Present Value Table for a Single Amount Enter the face value of the bonds at a. Enter the present value factor 10 time periods) for a single amount at b. Multiply a times b and enter the result at c. x = a b c Next, use the Present Value Table for an Ordinary Annuity At letter d enter the amount of a single interest payment of $1,800 ($30,000 x 0.06). Enter the present value of an annuity factor 10 time periods) at e. Multiply d times e and enter the result, to the nearest dollar, at f. x = d e f The selling price of the bonds is equal to the sum of the present value of the single amount, (par value of the bonds), (c) and the present value of the all of the interest payments treated as an annuity (f). Page 5
6 TRANSACTIONS October 1: Issue bonds at a discount Bus-Way, Incorporated, issued $30,000 of 20 year, 6% C-Bonds, dated October 1. On October 1, the market rate of interest for this type of bond was eight (8) percent. If necessary, round the calculation to the nearest dollar. At the Invoice Number, enter CBOND for C bonds. Student Analysis Use the Present Value Table for a Single Amount and determine the present value of the bonds by multiplying the total par value of the bonds times the present value factor for 20 time periods at 8%. Make note of this present value amount. Next, use the Present Value Table for an Ordinary Annuity to determine the present value of the interest payments by multiplying the amount of a single annual interest payment times the present value factor for 20 time periods at 8% ($30,000 x 0.06 x PV factor). Make note of this present value amount. The selling price of the bonds is equal to the sum of the present value of the single amount (par value of the bonds) and the present value of the annuity (interest payments). October 4: Mortgage notes Issued check number to payoff the mortgage note balance of $10,000, plus interest of $2,300. At the Invoice Number, enter MNOTE for mortgage note. October 8: Convertible bonds exchanged for common stock The holders of $20,000 of A-Bonds, which are convertible to 3,500 shares of $5-par common stock, have elected to convert the bonds. Assume the Discount on the A-Bonds Payable balance of $1,500 is up-to-date when recording this transaction. The current market price of the common stock is $7 per share. At the Invoice Number, enter ABCON for A bonds converted. Page 6
7 TRANSACTIONS October 15: Issuing a mortgage note The construction of the new office building has been completed on land the company owns and is adjacent to the current office building. The contractor is transferring ownership to the company. This transfer requires issuing a mortgage note for $250,000 to Construction Financial. At the Invoice Number, enter MNOTE. Student Analysis October 25: Paying for financial services Check number was issued to Financial Accommodators for $3,000 for services performed during the bond and mortgage note transactions from October 1 to October 15. At the Invoice number, enter PFEES. October 31: Issue bonds at a premium between interest periods The company issued 10-year, $30,000, 6%, B-Bonds, dated October 1, at a selling price of 101. At the Invoice Number, enter BBOND. Accrued interest to October 31 is $ October 31: Amortizing bond discount Print the ledger accounts 220 (C-Bonds Payable) and 222 (Discount on C-Bonds Payable) as a reference for this transaction. Record the payment of the interest expense for the month of October and the one month, straight-line amortization of the $5,878 balance of the Discount on C-Bonds Payable. The C- Bonds are 6%, 20-year bonds. Straight-line amortization of the Discount on Bonds Payable totals $ (Check Number and Invoice Number CDISC) Page 7
8 TRANSACTIONS October 31: Amortizing bond premium Student Analysis Print the ledger accounts 215 (B-Bonds Payable) and 217 (Premium on B-Bonds Payable) as a reference for this transaction. Record the payment of interest expense for the month of October and the one month, straight-line amortization of the $3,820 balance in the Premium on B-Bonds Payable account which is $ Remember, the B-Bonds are 6% 10-year bonds (Check Number and Invoice Number BPREM) October 31: Payments on an installment note Last year, on October 31, the company is issued a $12,000 installment note payable. The interest rate on the note 5% and the note is to be paid over 5 equal annual installments that include interest on the unpaid balance. Use the Present Value Table for an Ordinary Annuity and determine the amount of the installment payments. Find the future value factor for 5 time periods at 5%. Divide the face value of the installment note by this factor. The result is the amount of the installment payments that include interest on the unpaid balance. Subtract the interest of $600 (=$12,000 x 0.05) from the result to determine the amount of the reduction on the principle of the installment note. Record this transaction as a compound entry. Check Number 10505, Invoice Number INPAY. Verify the annual payments by completing the schedule below. For the last payment in Year 5, an adjustment of less than $2.00 must be made to Interest Expense to bring the Ending Balance of the Note Payable to zero ($00.00). Year Beginning Balance Debit Interest Expense 1 $12, $ Debit Notes Payable Credit Cash Ending Balance Page 8
9 You have completed entering the October transactions. Print a copy of your October 31, Trial Balance and check the accuracy of your work with the account balances listed in the Check It Out box below. If all of your totals match the check figures, print the additional documents listed on the print list. If you do not match the check figures, you must reevaluate your entries, make the required corrections, and then print a new Trial Balance before proceeding. CHECK IT OUT 101 Cash $178, B-Bonds Payable 110, C-Bonds Payable 30, Discount on C-Bonds Payable 5, Installment Notes Payable 9, Professional Services Expense 5, When your trial 302 balance Contributed matches Capital all the check in Excess figures of Par in the Check It 1, Out box, print the following additional TRIAL documents: BALANCE TOTAL $731, The General Journal 2. The Following Ledger Cards 101 Cash 222 Discount on C-Bonds Payable 235 Installment Notes Payable 813 Interest Expense 821 Loss On Bond Retirement Use your printed documents to answer the Problem 15 questions that follow on page 10. Page 9
10 WORK4ME - PROBLEM 15 LONG TERM NOTES AND BONDS NAME CLASS DAY AND TIME DATE 1. What is the monthly amortization of the balance of Discount on C- Bonds? 2. What is the monthly amortization of the balance of Premium on B- Bonds for B-Bonds issued prior to October 31? 3. What will be the monthly amortization of the balance of Premium on B-Bonds for the B-Bonds issued on October 31? 4. Was there a Gain on Bond Retirement during October? Answer Y for Yes or N for No. 5. What is the current carrying value of the B-Bonds? 6. What is the current carrying value of the C-Bonds? 7. What is the amount of the increase in interest expense as a result of the amortization of bond discount? 8. What is amount of the reduction in interest expense as a result of the amortization of bond premium? 9. What amount of interest expense will be debited when the second annual payment is made on the installment note payable on October 31? 10. What will be the balance of the Installment Notes Payable account after the second annual payment is made? (See Question 9) Page 10
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