69. Webb Co. has outstanding a 7%, 10-year $100,000 face-value
bond. The bond was originally sold to yield 6% annual interest. Webb
uses the effective interest rate method to amortize bond premium. On
June 30, year 1, the carrying amount of the outstanding bond was
$105,000. What amount of unamortized premium on bond should
Webb report in its June 30, year 2 balance sheet?
70. What amount should Bloy accrue as its share of payroll taxes in
its October 31, year 1 balance sheet?
71. Glen Corporation had the following long-term debt:
72. The total of the serial bonds amounted to
73. Ande Co. estimates uncollectible accounts expense using the ratio
of past actual losses from uncollectible accounts to past net credit
sales, adjusted for anticipated conditions. The practice follows the
accounting concept of
74. An expropriation of assets which is imminent and for which the
amount of loss can be reasonably estimated should beBronson
Apparel, Inc. operates a retail store and must determine the proper
December 31, year 1 year-end accrual for the following expenses:
75. In its December 31, year 1 balance sheet, Bronson should report
accrued expenses of
76. How would the amortization of discount on bonds payable affect
each of the following?
77. What type of bonds in a particular bond issuance will not all
mature on the same date?