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Answer:
Salaries and Wages are owed so they are now liabilities. They are also expenses and will reduce the Net Income.
Rent Revenue was in advance for 2 months meaning one of those months will be December which is in the current period so;
= 7,520/2
= $3,760 will be added to net income for the year
The same amount will be removed from Liabilities as the revenue has now been recognized.
Depreciation reduces the value of Fixed assets so will be deducted from Assets.
It is also an expense so it will reduce Net Income.
Whatever happens to Net Income will happen to Stockholders' equity as well because Net Income is an Equity account.
Answer:
1. Total interest rate is $166,790
2. Refer to the attached file for the straight-line amortization table for the bonds' life.
3.
To record interest rate paid in 30th June 2018:
Dr Interest expenses 16,679
Dr Premium on bond payable 4,521
Cr Cash 21,200
To record interest rate paid in 31st Dec 2018:
Dr Interest expenses 16,679
Dr Premium on bond payable 4,521
Cr Cash 21,200
Explanation:
Total interest rate as followed : Interest payment - Premium on bond payable = 530,000 x 8% /2 x 10 - (575,210 - 530,000) =166,790.
