On December 1, Daw Company accepts a $46,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. (Use 360 days a year.) View transaction list
Q: In this module, we learned about a corporation's dividends, retained earnings, and income reporting.…
A: A dividend is a payment made by a company to its qualified shareholders. The executive board of a…
Q: *see attached Determine the (a) premium expense and (b) estimated liability as of the reporting…
A: Premium (Gift) means the product given free of cost to the customer on fulfilling the certain…
Q: C. Establish the value of each flour consumption taking place during the month, the value of the…
A: LIFO is last in first out, where inventory that is purchased at last and sold first.
Q: Zombie Berhad has the following trial balance at 31 December 2021: RM RM 7,602,504 Revenue Purchases…
A: We are given the trial balance of Zombie Berhad as on 31st Dec 2021 along with some additional…
Q: Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000,…
A: Account receivable shows the amount of sales which is not received yet. In simple, it represents the…
Q: e sheet ment of cash flows e statement
A: The summary of cash receipts and cash payments are provided by cash flow statement. A cash flow…
Q: Noora Company manufactures quality hair care product . The ingredients are combine in the mixing…
A: Unit cost means the cost incurred to produce one unit of output. Material means the raw material…
Q: Problem 18-2 (ACP) Endless Company provided the following shareholders' equity on December 31, 2021:…
A: Preference shares: Preference shares allow an investor to own a stake in the issuing firm in…
Q: All of the following are incorrect as to the rights of creditors regarding a business's assets…
A: Stockholders has the residual claims on the assets of the company after paying its creditors. So…
Q: On December 31, 2019, Potter Corporation issued €2,000,000, 6%, 5-year bonds for €1,840,324. The…
A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds payable.
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods:…
Q: At the beginning of the question-and-answer portion of the annual shareholder’s meeting of Kemper…
A: The following formulas are used for equity method of investments:- 1. Net Investment (before sale) =…
Q: Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $5,500 (that had…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 21, Pak ordinary shares are selling at P180/share. [ 5/share incurring P2,000 transaction costs on…
A: Solution calculation of gain on sale of shares Cost of shares = (1000 x 150) + 4,000 = 154,000 Now…
Q: The Retail Company currently has assets of P3,000,000 and accounts payable of P200,000. The firm's…
A: External Funds Needed is calculated with the help of following formula External Funds Needed =…
Q: Barkov Industries makes an electronic component in two departments, Machining and Assembly. The…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: Standard Direct Materials Cost per Unit Crazy Delicious Inc. produces chocolate bars. The primary…
A: Introduction: Direct materials are the fundamental components of produced goods. Businesses track…
Q: During the year 2021,David Company purchased 1,000 shares of Goliath Company ordinary shares at P150…
A: The shares designated to be valued at fair value through other comprehensive income are to be…
Q: What amount of current tax expense should be reported? a. P 565,000 b. P 678,000 c. P 505,000 d. P…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f.…
A: Perpetual inventory system - Movement of inventory is recorded on regular basis. Periodic inventory…
Q: considering the adjustment given below. adjustments 1. closing inventory / consumables as on…
A: The answer is stated below:
Q: Beauty Company purchased 10,000 shares of Taylor company's ordinary shares at P80 per share in 2021.…
A:
Q: Silver Star Realty Co. pays weekly salaries of $16,200 on Friday for a five-day workweek ending on…
A: The adjusting entries are very important so that Financial statements provides the true and fair…
Q: The supplies account had a beginning balance of $4,085 and was debited for $7,810 for supplies…
A: Routine transactions, such as client billings and supplier invoicing, should not be recorded using…
Q: Co. acquired equity securities on May 25, 2020. The acquisition did not result nificant influence…
A: Solution: When acquistion did not result into significant influence over investee company,…
Q: Reported in the ledger of Mayumi Company On December 31, 2017, is a Patent account with a balance of…
A: As per the accounting standards the carrying value of patent is equal to the purchase cost of…
Q: 3. The statement of financial position of Grand Hypermarket and Golden Supermarket at 31 Dec 2021…
A: Calculation of goodwill and Non-Controlling Interest (NCI) on the date of acquisition (31 Dec 2020):…
Q: Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and…
A: KAYAK COMPANY CASH BUDGET January February March Beginning balance 40,000 $…
Q: Theirs Company owns the properties below, which it leases out under operating leases to the…
A: Generally, The Properties, which are leases out under operating lease, is accounted for as…
Q: . On January 2, 2021, Big company classified non current asset with a carrying amount of P2,400,000…
A: In case of non-current assets, classified as held for sale the value of assets would be recorded as…
Q: st P 60,000 idual value at the end of 5 year 10,000 of an annuity of P1 at 14% for 5 years 3.43 of P…
A: Present Value of Annual Saving =PV of Net Cash flow Annual Saving * (PV Annuity 14%, 5)= Cost - PV…
Q: Bavarian Brewhouse had after tax earnings of P1,500,000 in 2020. The company needs P2,500,000 for…
A: Residual dividend policy the firm’s objectives is to meet its investment needs and mostly to…
Q: Malit Corporation has a total shareholders' equity of P1,000,000, including retained earnings of…
A: Stockholders are the company's business owners who invest in the company's equity. As a return on…
Q: Determine the price variance, quantity variance, and total direct materials cost variance for July.…
A: Variance refers to those deviation which is used to determine the difference between the actual…
Q: JEY-7067 Inc. reported the following data for last year:
A: Residual Income = Net Operating Income - Average Operating Assets x Required Rate of return…
Q: If E-P28,091.16 and N = P11,213.00, what is the value of D? Note: E= Total Earnings D- Deduction N=…
A: Formula used : Net pay = Total Earnings - Deductions
Q: ciple. What two conditions must be met before the allowance method can be used?
A: Under the allowance method , the portion of accounts receivable that involves some degree of…
Q: #2 has enough demand to sell 700 units of each product per month. Each pre an. The direct materials…
A: X5 Y8 Z9 Direct material $ 24.00 $ 16.50 $ 12.00 Cost per pound $ 3.00…
Q: What is the carrying value of the franchise at December 31, 2022? How much is the amortization…
A: As Per Ind As 38 and IAS 38 : - A. An intangible asset is an identifiable non-monetary asset without…
Q: The remaining commercial goods of the enterprise from the previous period are 15,500 TL. the cost of…
A: Introduction: Gross sales mean the highest sellers, are the total of a company's service and product…
Q: Noora Company manufactures quality hair care product. The ingredients are combined in the mixing…
A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…
Q: Prepare the Journal Entries and Trial Balance for Wendy Winger. Set up the T–accounts for the…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Them Company has a single investment property, which had original cost of P5,800,000 and estimated…
A: In case of Fair value model, assets is measured at fair value and any change in fair value during…
Q: Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for All items…
A: The cash budget is prepared to record the cash receipts and cash payments during the period and…
Q: Intangible Asset & Impairment PT Cabo is operating in the cosmetics industry. A company-owned…
A: a. First of all we have to calculate impairment loss for the year 2021. Impairment loss (2021) =…
Q: Good Company purchased a franchise on July 1, 2021 for the following considerations: The company…
A: Given :- Initial payment is P1,000,000 PV of future payment is 3,000,000 payable semi-annually for 3…
Q: SHE CO. currently has annual sales of P2,000,000. Its average collection period is 40 days, and bad…
A: When the average receivables and the per-unit cost to selling price ratio are multiplied the net…
Q: Richards Corporation had net income of $231,470 and paid dividends to common stockholders of…
A: Price-earnings ratio = Market price per share / Earnings per share Market price per share = $52 per…
Q: 21-Apr 22-Apr 23-Apr 24-Apr 25-Apr 25-Apr 25-Apr 26-Apr 27 Apr 28-Apr 29-Apr 30-Apr 30-Apr 30-Apr…
A:
Q: On January 2, 2021, Big company classified non current asset with a carrying amount of P2,400,000 as…
A: In case of non-current assets, classified as held for sale the value of assets would be recorded as…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Anderson Air is a customer of Handler Cleaning Operations. For Anderson Airs latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Handler Cleaning Operations for the following transactions. A. Entry for note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
- Arvan Patel is a customer of Banks Hardware Store. For Mr. Patels latest purchase on January 1, 2018, Banks Hardware issues a note with a principal amount of $480,000, 13% annual interest rate, and a 24-month maturity date on December 31, 2019. Record the journal entries for Banks Hardware Store for the following transactions. A. Note issuance B. Subsequent interest entry on December 31, 2018 C. Honored note entry at maturity on December 31, 2019.On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note’s maturity date assuming it is honored.On December 1, Daw Company accepts a $32,000, 45-day, 9% note from a customer. (1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31. (2) Prepare the entry required on the note's maturity date assuming it is honored. Note: Use 360 days a year. View transaction list No 1 2 Date View journal entry worksheet December 31 January 15 Interest receivable Interest revenue Cash Notes receivable Interest receivable General Journal Debit 240 32,360 Credit 240 32,000 260 X
- Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Nester Company whose fiscal year end is December 31, You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description 7/1/20Y5 Accepted a 5-month, 6% note in settlement of a past due customer account, Barns Company, with a $9,000 balance. 11/1/20Y5 Accepted a promissory note from a Nester Company executive in exchange for providing the executive with S20,000 to be used for relocation costs. The note carries interest of 9% and is due in 8 months. 12/1/20Y5 Received the amount due on the note from Barns Company. 12/31/20Y5 Accrued interest on the 8-month note received from the Nester Company executive. 7/1/20Y6 Received full payment from the Nester Company executive.Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. C. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.Prefix Supply Company received a 60-day, 5% note for $57,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. a. Determine the due date of the note. September 10 b. Determine the maturity value of the note. Assume a 360-day year. (Note: Round computations to the nearest whole dollar.) c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.
- on december 1st Daw company accepts a $18,000, 45-day, 10% note from a customer. 1. prepare the year end adjusting entry to record accrued interest revenue on december 31st. 2. prepare the entry required on the notes maturity date assuming it is honored. note: using 360 days a yearPrefix Supply Company received a 60-day, 4% note for $46,000 dated July 12 from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume a 360-day year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Prefix Supply Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY…Lundquist Company received a 60-day, 4% note for $46,000, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles.