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BCO123 ACCOUNTING II Task brief & rubrics Task

• This is an assignment to be done individually. • You must answer all the questions in the proposed problems. • Submission file format: Word document with all the answers, clearly identifying all steps, results, journals, ledger accounts and including

comments when requested.

Submission: Week 7– Via Moodle (Turnitin). Deadline: 14 March 2021 at 23:59.

Weight: This task is a 30% of your total grade for this subject. This task assesses the following learning outcomes:

• Know how to classified current liabilities and long-term liabilities • Understand how to book a note payable and its interest • Understand how to book bonds

Problem 1

On January, 2009 Maryland Company borrowed 145,000 EUR cash from Caixa Bank. The terms of the note were 5 years at 8% interest rate.

You made yearly payments of 36.316,19 EUR for 5 years. Instructions

1. Prepare an amortization table (20 points) Date beginning balance cash payment interest expense to principal ending balance

2. Prepare the journal entry for Maryland to record the notes issuance. (10 points) 3. Prepare the journal entries to record 1st year and 2nd year payment (one journal entry for each year) (20 points)

Problem 2

The following are selected items from the financial statement of Monster Pin company.

Instructions

Please confirm:

how much does Monster Pin Company have in current liabilities? (5 points)

how much does Monster Pin Company have in long term liabilities? (5 points)

Problem 3 Journalize the following entries

On October 1st, 2008, the Company Issued $15,000,000 of 7 year 10% bonds dated October, 1 2008, receiving cash of $12,375,800 . (5 points)

Interest is paid semiannually on September 30 and March 30.

On December 31, 2008. Recorded the bond discount amortization for 3 months using the straight line method. (10 POINTS)

On March 31, 2009 . paid the semiannual interest bonds. (5 Points)

On September 30, 2009. Paid semiannual interest bonds (5 points)

On December 31, 2009. Recorded the bond discount amortization for 12 months using interest line method. (5 points)

On October 1, 2015. Recorded the retirement of the Bonds. ( 10 points)

Rubrics Descriptor 9-10 The student demonstrates an excellent understanding of the

concepts. 8-8.9 The student demonstrates a good understanding of the

concepts. 7-7.9 The student demonstrates a fair understanding of the concepts. 6-6.9 The student demonstrates some, but insufficient understanding

of the concepts. 3-5.9 The student demonstrates insufficient understanding of the

concepts. They may mention some relevant ideas or concepts, although it is clear that the relationship between them is not understood by the student.

1-2.9 The student demonstrates insufficient understanding of the concepts and does not mention any relevant ideas or concepts.

0 The student leaves the question blank or cheats. 95% of the grade based on the approach, calculations and comments, and 5% based on the presentation and look & field of the spreadsheet. Points are at the end of each question