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?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
PAGE 864
Fundamental Accounting Principles, 21st Edition
?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part.
PAGE 863
Solutions Manual, Chapter 14
Chapter 14
Long-Term Liabilities
QUESTIONS
1. Notes payable generally involve borrowing from a single creditor, whereas bonds payable are usually sold to many different lenders (bondholders).
2. A bond is a liability of the issuing company. A share of stock represents an ownership interest in the company.
3. Bonds can allow a company’s owners to increase their return on equity without investing additional amounts. This result occurs as long as the rate of return on the assets acquired from the borrowed cash is greater than the interest rate paid on the bonds. Bonds also help the current owners remain in control of the company. There is also a tax advantage with bonds when issued by corporations.
4. A bond indenture is a legal contract between the issuing company and the bondholders that identifies the obligations and rights of both parties. It specifies such items as the par value of the bonds, the contract interest rate, the due dates for interest payments, and the maturity date(s) of the bonds. It also may name a trustee, describe the bond issue in detail, and provide for a sinking fund.
5. A trustee for bondholders has the responsibility of monitoring the issuer’s actions, financial performance, and financial condition to ensure that the obligations in the bond indenture are met.
6. The contract rate (also kno
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