Hatfield Corporation reports the following amounts in its 2019 financial statements

Hatfield Corporation reports the following amounts in its 2019 financial statements:

Compute the December 31, 2020, balance in stockholders' equity
Compute the debt to assets ratio at December 31, 2020.
Compute times interest earned for 2020.

Solution

Problems: Long-Term Liabilities

Problem-01: Long-Term Liabilities

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Problem-02: Long-Term Liabilities

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Problem-03: Long-Term Liabilities

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Problem-04: Long-Term Liabilities

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Problem-05: Long-Term Liabilities

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Problem-06: Long-Term Liabilities

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Problem-07: Long-Term Liabilities

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Problem-08: Long-Term Liabilities

The following is taken from the Colaw Company balance sheet. Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization...

Problem-09: Long-Term Liabilities

On January 1, 2021, Lock 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. Lock uses the...

Problem-10: Long-Term Liabilities

On January 1, 2021, Jade Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Jade uses the effective-interest...

Problem-11: Long-Term Liabilities

On January 1, 2019, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. Instructions Prepare the journal entries to record the following...

Problem-12: Long-Term Liabilities

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Problem-13: Long-Term Liabilities

Laudie Company issued $400,000 of 9%, 10-year bonds on January 1, 2019, at face value. Interest is payable annually on January 1, 2020.Instructions Prepare the journal entries to record the...

Problem-14: Long-Term Liabilities

Swisher Company issued $2,000,000 of bonds on January 1, 2019. Instructions Prepare the journal entry to record to record the issuance of the bonds if they are issued as (1)...

Problem-15: Long-Term Liabilities

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Problem-16: Long-Term Liabilities

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Problem-17: Long-Term Liabilities

Presented below are three independent situations. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2021, at 102. The carrying value of the bonds at the redemption date...

Problem-18: Long-Term Liabilities

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Problem-19: Long-Term Liabilities

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Problem-20: Long-Term Liabilities

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Problem-21: Long-Term Liabilities

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Problem-22: Long-Term Liabilities

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Problem-23: Long-Term Liabilities

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Problem-24: Long-Term Liabilities

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Problem-25: Long-Term Liabilities

Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2020, for $730,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium...

Problem-26: Long-Term Liabilities

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Problem-27: Long-Term Liabilities

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Long-Term Liabilities

Problem-22: Long-Term Liabilities

Solution

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