February 21, 2021
February 21, 2021


Assignment 1 Steps

Resources: Financial Accounting: Tools for Business Decision Making

Prepare a detailed liabilities section of O’Brian’s balance sheet using the following information:

  • Accounts payable $157,000
  • Notes payable (due May 1, 2018) $20,000
  • Bonds payable (due 2021) $900,000
  • Unearned rent revenue $240,000
  • Discount on bonds payable $41,000
  • FICA taxes payable $7,800
  • Interest payable $40,000
  • Notes payable (due 2019) $80,000
  • Income taxes payable $3,500
  • Sales taxes payable $1,700

Show work on the Week 3 Excel® spreadsheet.

Note: This assignment requires that you only submit an Excel® Workbook file. Use excel formulas to calculate results. There are no written or APA guideline requirements.

Assignment 2 P9-7A Blythe Corporation and Jacke Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe‐tracing devices. Each company depreciates its plant assets using the straight‐line approach. An investigation of their financial statements reveals the information shown below.

Blythe Corp.

Jacke Corp.

Net income

$  240,000

$  300,000

Sales revenue



Total assets (average)



Plant assets (average)



Intangible assets (goodwill)




(a) For each company, calculate these values:

  1. Return on assets.
  2. Profit margin.
  3. Asset turnover.

(b) Based on your calculations in part (a), comment on the relative effectiveness of the two companies in using their assets to generate sales. What factors complicate your ability to compare the two companies?

Compute depreciation under different methods.

Assignment 3 P10-10A On January 1, 2017, Lachte Corporation issued $1,800,000 face value, 5%, 10‐year bonds at $1,667,518. This price resulted in an effective‐interest rate of 6% on the bonds. Lachte uses the effective‐interest method to amortize bond premium or discount. The bonds pay annual interest January 1.


(Round all computations to the nearest dollar.)

(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2017.

(b) Prepare an amortization table through December 31, 2019 (three interest periods) for this bond issue.

(c) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2017.

(c) Interest Expense $100,051

(d) Prepare the journal entry to record the payment of interest on January 1, 2018.

(e) Prepare the journal entry to record the accrual of interest and the amortization of the discount on December 31, 2018.

Prepare journal entries to record issuance of bonds, payment of interest, and effective‐interest amortization, and balance sheet presentation.

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