# accounting homework 2

i have provided anwsers and anwser sheet i need proper journal entries and showing of calculations

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Chapter 10

Reporting and Analyzing Long-Term Liabilities

Quick Study 10-10 (10 minutes)

Ratio of debt to equity

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 Canal Company Sears Company Total liabilities Total equity Debt-to-equity ratio

Analysis and interpretation:

Problem 10-2A (40 minutes)

2011

 Jan. 1

## Part 2

[Note: The semiannual amounts for (a), (b), and (c) below are the same throughout the bonds’ life because this company uses straight-line amortization.]

(a)

(b)

(c)

## Part 3

Thirty payments

Par value at maturity

Total repaid

Less amount borrowed

Total bond interest expense

or:

Thirty payments

Total bond interest expense

 Plus discount

## Part 4

 Semiannual Period-End Unamortized Discount Carrying Value 1/01/2011 6/30/2011 12/31/2011 6/30/2012 12/31/2012

## Part 5

2011

June 30

2011

Dec. 31

Problem 10-3A (40 minutes)

Part 1

2011

 Jan. 1

Part 2

(a)

(b)

(c)

Part 3

Thirty payments

Par value at maturity

Total repaid

Less amount borrowed

Total bond interest expense

or:

Thirty payments

Total bond interest expense

Part 4

Semiannual

Period-End

Carrying

Value

1/01/2011

6/30/2011

12/31/2011

6/30/2012

12/31/2012

## Part 5 Problem

2011 June 30

2011

Dec. 31

Ethics Challenge — BTN 10-3

1.

Ethics Challenge – BTN 10 – 3 Continued

2.

Read Appendix 10D pg. 438 Leases and Pensions.

1. Why are Leases long-term liabilities?

2. How are they journalized?

3. Where are they accounted for in the financial Statements?

530

Financial Accounting, 6th Edition

531

Solutions Manual, Chapter 10

10-10 is above, the question with the table shown middle of pic

10-2A is below…………… it is the bottom question in the pic.

10-3A is below the very first part of pic

BTN below 10-3

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