Revenue 139857 93193 46664 14 15

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Unformatted text preview: 93,193 46,664 14-15 Financial Statement Disclosures Matrix Inc. Partial Balance S heet December 31, 2013 Long-term liabilities: Bonds payable, face amount Less: unamortized discount Less: unamortized issue costs Bonds payable, net $ 50,000,000 (244,875) (127,500) $ 49,627,625 Disclosures include fair value, the nature of the company’s liabilities, interest rates, maturity dates, call provisions, conversion options, restrictions imposed by creditors, any assets pledged as collateral, and the aggregate amounts payable for each of the next five years. 14-16 Early Extinguishment of Debt Debt retired at maturity results Debt retired at maturity results iin no gains or losses. n no gains or losses. BUT Debt retired before maturity may result in an Debt retired before maturity may result in an Debt gain or loss on extinguishment. gain or loss on extinguishment. Cash Proceeds – Book Value = Gain or Loss Cash Proceeds – Book Value = Gain or Loss 14-17 Early Extinguishment of Debt Illustration – On January 1, 2013, Masterwear Industries called its $700,000, 12% bonds when their carrying amount was $676,290. The in...
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