Using the Following Accounts

question 1

Short Answer

Using the following accounts:
[1]Cash
[2]Sinking fund
[3]Equipment
[4]Building
[5]Land
[6]Accounts payable
[7]Notes payable
[8]Bond payable
[9]Bond interest expense payable
[10]Premium on bonds payable
[11]Discount on bonds payable
[12]Common stock
[13]Retained earnings
[14]Sinking fund earned
[15]Bond interest expense
[16]Gain on retirement
[17]Loss on retirement
Indicate the account(s) to be debited and credited to record the following transactions.
-Retired bonds plus interest previously accrued when the retirement value was above the cost of retirement,cash was paid.
Debit ________ & ________ & ________ Credit ________ & ________ & ________

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Definitions:

Asset Utilization Ratios

Ratios that measure how well a firm uses its assets to generate each $1 of sales.

Short-Term Assets

Assets that are expected to be converted into cash or used up within one year or within the business's operating cycle if longer than a year.

Quick Ratio

A financial metric that measures a company's ability to meet its short-term obligations with its most liquid assets.