On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500
Q: Walsh Corporation has two divisions: East and West. Data from the most recent month appear below:…
A: Break even means where there is no profit no loss. Break even point means where the total cost and…
Q: a. Forecast return of common equity (ROCE) and residual earnings for each year, 2013-2015. b. Based…
A: Forecasting the return on equity (ROE) is critical for investors and financial experts. ROE is an…
Q: Smith Company inventory records indicate the following transactions for October. Smith uses a…
A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…
Q: Teal Mountain Inc. determines that at the end of December, they have the following aging schedule of…
A: Bad debt expense :— It is the amount of receivables that are uncollectible from the customers during…
Q: Using the following information, calculate the static budget, flexible budget and sales-volume…
A: Budgeting is the process of determining future performance, costs, and revenue expected to be…
Q: The risk premium on corporate bonds becomes smaller if a. the riskiness of corporate bonds…
A: The additional return or compensation an investor seeks for taking on a higher level of risk…
Q: During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account.…
A: The value which is used to estimate the value of ending inventory and accounts receivables is…
Q: 5 Exercise 8-16 (Algo) Financial statement impact of plant asset transactions LO P1, C3 Analyze each…
A: Accounting equation is a mathematical equation that shows relationship between assets, liabilities…
Q: Preparation of Journal Entries: Transaction Account Titles and Explanations Debit Credit a Cash $…
A: BookkeepingBookkeeping is the process of recording daily transactions in books of accounts.…
Q: Sales revenues are usually considered earned when cash is received from credit sales. an order is…
A: Lets understand the basics.Revenue recognition is recorded when ownership gets transferred from…
Q: Required: 1. This part of the question is not part of your Connect assignment. 2. Complete the…
A: Standards are set in advance, from the standard the actual performance is measured. In case if the…
Q: This year, Lawn Care Partnership had the following items related to the partnership: Sales…
A: Ordinary income, in the context of business and taxation, refers to the regular, recurring income…
Q: Shawke Company's partially completed flexible overhead budget for the current period follows. This…
A: Variable cost Depends upon the production of goods or services that is increment of sales increases…
Q: Jefferson City has invited an orchestra to play in the city's museum. Your job is to calculate the…
A: The break-even point indicates that total units are to be sold by the business entity to recover its…
Q: ournalize the following transactions for Becah's Bakery: Becah's Bakery a. Incurred and paid…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…
A: As per the weighted average model, cost of the goods that are available for sale divided by the…
Q: Variances, Entries, and Income Statement A summary of Martindale Company's manufacturing variance…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: Use the following information for the Exercises 8-9 below. (Algo) [The following information applies…
A: The stock split is a corporate action that is taken by the company to increase the number of shares…
Q: Required Information [The following information applies to the questions displayed below.] Iguana,…
A: The question is based on the concept of Cost Accounting.
Q: Grouper Corp. purchased machinery for $492,000 on May 1, 2020. It is estimated that it will have a…
A: Depreciation is an accounting method used to allocate the cost of a tangible asset over its useful…
Q: Cullumber Corporation issued a 4-year, $70,000, zero-interest-bearing note to Brown Company on…
A: Notes payable, also known as promissory notes, are a type of debt that a business or individual…
Q: Required information - [The following information applies to the questions displayed below.] The…
A: Preferred stock is a type of ownership in a corporation that has a higher claim on its assets and…
Q: Discuss with reference to IAS37 whether the restructuring can be recognized as a provision. Indicate…
A: Provisions, according to IAS 37, are obligations with undetermined time or amount. The following…
Q: Lindor Enterprises projects sales for the first three months of the year to be: $10,200 in January,…
A: The cash budget refers to the statement prepared by the management estimating future possible cash…
Q: Solution?
A: The objective of the question is to calculate the Sharpe ratio of the Tanglewood Fund, the Sharpe…
Q: The units of an item available for sale during the year were as follows: Date Line Item Description…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: 1 Baratie Restaurant 2 Worksheet 3 For the period ended December 31, 2022 4 5 Accounts 6 Cash 7…
A: A 10-column worksheet helps to provide a structured format in accounting and financial management to…
Q: On January 1, 2024, the Highlands Company began construction on a new manufacturing facility for its…
A: Interest capitalize: The unpaid interest on your loan is added to the principal amount, which is…
Q: The following stockholders' equity accounts, arranged alphabetically, are in the ledger of Telex…
A: Stockholders' equity indicates the amount of money invested by the shareholders in the entity. It…
Q: Lasso Company expects to sell 1,750 units in January and 1,990 units in February. The company…
A: A budget is an estimation of preparing a plan to manage the company's revenue and expenses on the…
Q: S. Ken Flint retired as president of Colour Tile Company, but he is currently on a consulting…
A: Present value of consulting contract: (If payment is received at the end of the period)Present…
Q: In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: PKT Ltd wanted to achieve a 25% GP for each sale completed. Inventory sales between AB and CF Ltd…
A: Answer:- Journal entries refer to the initial recording of financial transactions that are made in…
Q: Michael has the following items of income and expense for the current year: Interest income…
A: The objective of the question is to calculate the amount of investment interest expense that Michael…
Q: Haricot Corporation and Pinto Corporation both have operating profits of $135 million. Haricot is…
A: For investors and analysts, operating profit is an essential indicator or tool because it provides…
Q: Required: 1. Calculate the return on common share equity for 2022 and 2023. (Assume total equity was…
A: RETURN ON EQUITYReturn on equity is the ratio between net income & average shareholders equity.…
Q: Choi Company manufactures two skin care lotions, Smooth Skin and Silken Skin, from a joint process.…
A: The value at which an asset can be sold less the anticipated expenses associated with doing so is…
Q: Alexa owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses…
A: Rental real estate loss allowance is an allowance which is provided by the IRS. It is a federal tax…
Q: You need to estimate the value of Laputa Aviation. You have the following forecasts (in millions of…
A: Companys Value using FCFF - Free cash flow (FCF) from operations is the cash available to pay back…
Q: The following reconciling items are applicable to the bank reconciliation for Ellington Company.…
A: The objective of this question is to identify which of the given items in a bank reconciliation…
Q: Read the transactions and fill in the Cash basis/Accrual basis table. Enter expenses in parentheses…
A: The accrual concept acts as the basis of accounting which states that transactions are recorded in…
Q: O's medical expenses paid during a 12-month period ending in the current year totaled $3,000. The…
A: A taxpayer can claim medical expenses if they are paid by the taxpayer for himself or his spouse or…
Q: current Attempt in Progress Sandhill Company incurred the following costs during the current year in…
A: As per IFRS/IAS 38 Intangible assets, The cost incurred for research and development expenses are to…
Q: MG Ltd is no longer operating as a business but still owes Mr Tea £2,850. Mr Tea now does not…
A: Doubtful Debt: This term is usually associated with debts for which there is uncertainty regarding…
Q: Home Properties is developing a subdivision that includes 410 home lots. The 180 lots in the Canyon…
A: When two or more products get produced from single a pool of expense then joint cost needs to be…
Q: On November 1, 2023, the company purchased additional equipment at a cost of $50,000. This equipment…
A: The objective of the question is to calculate the adjusting entry for the depreciation of the…
Q: Connors Corporation acquired manufacturing equipment for use in its assembly line. Below are four…
A: The acquisition of assets like equipment is a capital expenditure. The acquisition of assets is not…
Q: Kapoor Catering Co. uses a job cost system. Its activities in November 2020, the first month of…
A: According to the question given, we need to compute the job cost..Job costing:Job costing refers to…
Q: When accounting for asset exchanges, O when an exchange lacks commercial substance, either a gain or…
A: Asset exchange means when an entity exchanges its asset with another entity and it may involve…
Q: Product Flight Dynamic $ 710,000 63% Sales CM ratio Fixed expenses total $583,500 per month. Sure…
A: Contribution margin is a sales less variable cost of the company. It is calculated in order to…
Step by step
Solved in 3 steps
- 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.Example 4 (Notes Receivable): On November 30, 2020, James Co. lent money to Scott Co. and issued a 5-month, $120,000, 8% note receivable. Scott paid James the full amount of interest and principal on April 30, 2021. What is the journal entry for James Co. to record the issuance of the note receivable? What is the end-of-year adjusting journal entry for James Co. to record interest revenue earned as of December 31?Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry to record the receipt of the funds from the loan? what is the entry to accrue the interest on June 30?
- 1) On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest bearing note due in 4 years. The effective interest rate for a note of this type is 15 percent. How much revenue does Hideki recognize on January 1, 2022? a) What journal entry to interest revenue does Hideki make on December 31, 2023? Use a positive for a debit, negative for a credit, and zero if there is no journal entry.Joshua borrowed $500 on January 1, 2021, and paid $30 in interest. The bank charged him a service charge of $21. He paid it all back at once on December 31, 2021. What was the APR? (Enter your answer as a percent rounded to 1 decimal place.) APR %Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the amount of interest on the loan using the exact interest method? Select one O a $263.01 Ob $273.06 De $21458 Od $285.20
- On November 1, 2019, Edwin Inc. borrowed cash and signed a $60,000, 1-year note payable. 1. Compute the following items assuming (a) an interest-bearing note at 12%, (b) a non-interest-bearing note discounted at 12%: a. cash received b. effective interest rate c. interest expense for 2019 2. Prepare the journal entries for Edwin under each case for 2019 and 2020. 3. Next Level Why is the effective rate higher for the non-interest-bearing note?Dave borrowed $550 on January 1, 2022, and paid it all back at once on December 31, 2022. The bank charged him a $3.50 service charge, and interest was $40.70. What was the APR? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Annual percentage rate %On January 1, 2022 Hideki Matsuyama provides services in exchange for a $10,000 zero-interest bearing note due in 4 years. The effective interest rate for a note of this type is 15 percent. What journal entry to interest revenue does Hideki make on December 31, 2023? Use a positive for a debit, negative for a credit, and zero if there is no journal entry.
- C. Interest from Notes Receivable.On September 31, 2021, Mr. Dela Cerna, engaged in warehouse spaces, received a P 250,000, 6%, 2-year note from a customer. LBy the year end Dec 31, 2021, provide Adjusting Entry to record the accrued interest. (Round off your answers to whole numbers)McKoel Corporation has a three-month, $20,000, 3% note receivable from L. Noel that was signed on June 1, 2024. Noel defaults on the loan on September 1. Journalize the entry for McKoel to record the default of the loan. (Use months as a calculation base and not days. Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate except with respect to the customer's name. When entering the customer name, enter the name exactly as it is presented in the problem data. For example: Accounts Receivable-J. Samson.) Date Accounts and Explanation Debit Credit 2024 Sep. 1Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in 2018 and 2019 from this note? 4. Prepare journal entries to record (a) issuance of the note, (b) accrual of interest at the end of 2018, and (c) payment of the note at maturity. (Assume no reversing entries are made.) Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 On what date does this note mature? On what date does this note mature?
