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Accounting Notes- Day 19

Accounting Notes- Day 19 - Types of bonds-secured(very...

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ACCOUNTING 2000 10/26 EE taxes -salary and wage expense -FICA tax payable -federal income tax payable -state income tax payable -salary and wage payable ER taxes -payroll tax expense -FICA tax payable -federal unemployment tax payable -state unemployment tax payable CLICKER: employer payroll tax expense does not include which of the following? 1. Federal unemployment tax 2. State unemployment tax 3. FICA tax 4. Federal income tax Bonds payable are long-term liabilities CLICKER: which of the following is not a typical current liability? Bonds payable Bonds -a form of interest bearing notes payable issued by corporations, universities, and governmental agencies -sold in small denominations
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Unformatted text preview: Types of bonds-secured (very few)-unsecured (most, debenture)-convertible-callable (pay premium sometimes) Issuing procedures-bonds certificate-face value-maturity date-contractual interest rate…rate to determine cash interest paid, generally semiannually CLICKER: what term is used for bonds that have specific assets pledged as collateral? Secured bonds Bonds may be issued at: 1. Face value 2. Below face value (discount) 3. Above face value (premium) bond prices are quoted as a percentage of face value CLICKER: when market rate of interest exceeds the stated rate, bonds will sell at what? Discount *THE SLIDES ARE ON MOODLE...
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