Suppose the face amount of the notevwas adjusted to include nonbearing interest note andc12% is yhr bank's statedvdiscountvrate prepare the journal entry to record the issuance of the nonbearing note by schilling on November 1, 2012
Q: Breezy Company is disposing of equipment that was originally purchased for $584,000 and has $255,000…
A: Sunk cost is the cost that is past cost. This cost has already been incurred and it does not have…
Q: Crane Company uses a perpetual inventory system and reports the following for the month of June.…
A: Weighted average costing method refers to the such method under which value of inventory is made…
Q: - book value of a plant asset is alwa True.
A: Depreciation is the process of reducing the value of the assets. It is a non-cash expense of the…
Q: Assuming situation (a), prepare the employer's September 30 journal entry to record the employer's…
A: The taxes that are paid by both the employer and the employee to support the country's employee…
Q: Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard…
A: Lets understand the basics.Material price variance is a variance between the rate at which material…
Q: What is the most profitable mix of Blue and Red for this company?
A: Since production hours are the constraint resource for Color Inc. we must decide the sales mix based…
Q: Braxton Technologies, Incorporated, constructed a conveyor for A&G Warehousers that was completed…
A: One of the main costs shown in the income statement is interest expense. A business needs to finance…
Q: Please help I only need the answer to question C, it is greatly appreciated and I will kindly…
A: a) Expected revenue collection = 1380*.85 = $ 1173Expected profit =expected revenue -present value…
Q: In its first year of operations, Sheridan Company recognized $30,000 in service revenue, $7,200 of…
A: The net income is calculated as the difference between the revenue and expenses. Under cash basis…
Q: In 2022, Remico has taxable income of $74,000 and a charitable contribution limit modified taxable…
A: As Per IRS, the charitable contribution deduction is limited to 10% of the Charitable contribution…
Q: omputer Company has been purchasing carrying cases for its portable computers at a purchase price of…
A: A tool for decision-making is differential analysis, which evaluates the incremental changes in…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Journal entries indicates to the procedure of identifying business related minatory transactions,…
Q: A machine is purchased on September 30, 2024, for $60,000. Useful life is estimated at four years…
A: Annual depreciation using SLM = (Cost - Residual value) / useful lifeDepreciation for partial period…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Revenue and spending variance is computed as Actual results less flexible budget amounts.Activity…
Q: Following are the issuances of stock transactions. 1. A corporation Issued 2,000 shares of $20 par…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Assume a company is considering buying 10,000 units of a component part rather than making them. A…
A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which…
Q: The unadjusted trial balance of ABC Company reports the following balances at the end of the year:…
A: Allowance for doubtful accounts is a contra asset account and is deducted from accounts receivable…
Q: The following data have been provided by Lopus Corporation: Budgeted production Standard…
A: Variable overhead spending variance is calculated by deducting the actual variable overhead costs…
Q: The information below pertains to Sarasota Company for 2021. Net income for the year 6% convertible…
A: Basic Earnings Per Share (EPS): Basic EPS is calculated by taking the net income for the year,…
Q: Lily Company uses a standard cost accounting system. During January, the company reported the…
A: Income statement The income statement is an important financial statement of a company. It is also…
Q: 393,900 $113,900 5 years 192,000 $ 52,800 7 years 78,100 $ 28,100 6 years 1,038,160 $ 258,100 6…
A: The Profitability Index is a financial indicator that compares the present value of predicted future…
Q: Adjusting Entries: At the end of August 2023, the following additional information is available: a.…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. These…
Q: Rita is 40 years old and lived all year in California with her boyfriend who paid most of the bills.…
A: Rita is required to file a California tax return if her income exceeds a certain amount. According…
Q: Hollywood Tabloid needs a new state-of-the-art camera to produce its monthly magazine. The company…
A: The question is related to Capital Budgeting. In the given question we calculation the Present value…
Q: use the adjusted trial balance figures to prepare an income statement, a statement of owner’s…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: Oriole Company paid $1650 for a 12-month insurance policy and increased the Prepaid Insurance…
A: Oriole company need to make adjusting entry at Dec 31, 2014 to record two month expired insurance.
Q: Some of the information found on a detail inventory card for Crane Inc. for the first month of…
A: Inventory includes all the items, merchandise, and raw materials that are used by the business…
Q: Does renting or purchasing makes t
A: If you have the savings and the income stability, you can buy. If not, you should continue renting.…
Q: Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30,…
A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…
Q: Pavillion Company experienced the following events and transactions during July: July 1 Received…
A: In case of multiple questions, we are allowed to solve only the first question. If you want other…
Q: Required information Problem 10-67 (LO 10-3) (Algo) [The following information applies to the…
A: According to the given Lina bought a new automobile in 2020 to operate for her company. Her firm…
Q: Hunter has a $60,000 loss from an investment in a partnership in which he does not participate. His…
A: At-Risk Rules: At-risk rules limit the amount of loss an investor can claim based on their invested…
Q: The most subjective and also significant segment of the 5 C's of credit for giving final approval…
A: The 5 C's of credit include:Capacity (ability to repay)Capital (financial position)Collateral…
Q: (Appendix 12A) Kircher, Inc. manufactures a product with the following costs Direct materials Direct…
A: The target selling price per unit is the desired price at which a product or service should be sold…
Q: Bonita Corporation began constructing a new plant facility in 2025. The building is expected to be…
A: When allowing companies to correctly allocate interest expenses to the costs of qualifying assets,…
Q: Sylvestor Systems borrows $183,000 cash on May 15 by signing a 90-day, 6%, $183,000 note. 1. On what…
A: Notes payable are issued to raise the long-term or short-term funds. If the notes payable are to be…
Q: What is the true cash balance?
A: Banks maintain the account of the account holder but at some time they give unadjusted balances due…
Q: ties, Incorporated, is considering the purchase of new electronic games to place in its amusement…
A: The number of years needed to recover the initial investment is known as the payback period. Because…
Q: Question Content Area Cash and accounts receivable for Adams Company are as follows: Line Item…
A: The objective of the question is to calculate the dollar change and percent change in Cash and…
Q: Mojo Mining has a bond outstanding that sells for $2.111 and matures in 19 years. The bond pays…
A: The term "after-tax cost" describes the cost or expense of an investment or financial decision that…
Q: Flexible budget for selling and administrative expenses for a service company Digital Solutions Inc.…
A: Budgeting is a method of estimating expected future outcomes based on past events. Budgeting…
Q: Variable costs and fixed costs can best be described by which of the following when production…
A: The objective of the question is to understand the behavior of fixed costs and variable costs when…
Q: ry department ewelry department etics department osmetics department s worked Hours 49 Numerator…
A: Cost allocated is the method of allocating indirect cost to products and services by fairly…
Q: Interest to capitalize $
A: As per IAS 23:In the case of a specific loan used for an activity - Interest to be capitalized will…
Q: Consider the following costs that take place in Publisher Inc. that prints various textbooks (1)…
A: Cost refers to the total expenditure incurred by a business in producing goods or services,…
Q: On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash,…
A: The objective of the question is to calculate the amount of stockholders' equity as of July 1 of the…
Q: An investor desiring to receive dividends over the next several years would probably be most…
A: The objective of the question is to identify the financial statement that would be most useful to an…
Q: Patterson Corporation is considering the purchase of a new piece of equipment, which would have an…
A: Payback period is concept of capital budgeting. Payback period is the period in which initial…
Q: Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the…
A: Gain or loss from the sale of securitiesGain or loss from the securities which is available for sale…
Q: E-Tech Initiatives Limited plans to issue $550,000, 10-year, 3 percent bonds. Interest is payable…
A: The bonds have a face value of $500,000 and are issued at 95% of the face value.Issue Price = Face…
Step by step
Solved in 3 steps
- On 5th October 2020 Mazoon LLC has accepted a note receivable from one of the accounts receivables. The maturity period is three months. The maturity date will be. a. 3rd December 2020 b. 5th January 2021 c. 3rd January 2021 d. 5th December 2020Anderson 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, 2019Arvan 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.
- ACCRUED INTEREST RECEIVABLE The following is a list of outstanding notes receivable as of December 31, 20--: REQUIRED 1. Compute the accrued interest at the end of the year. 2. Prepare the adjusting entry in the general journal.Kingbird Corporation issued $460,000, 8%, 20-year bonds on January 1, 2022, for $418,008. This price resulted in an effective- interest rate of 9% on the bonds. Interest is payable annually on January 1. Kingbird uses the effective-interest method to amortize bond premium or discount. (a) Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Jan. 1, 2022 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Debit 418008 41992 Credit 460000On 1st July 2020 Suntek LLC has accepted a note receivable for RO 4000 from one of the accounts receivables. The maturity period is 6 months. The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be a. RO 500 b. RO 400 c. RO 300 d. RO 200
- On 1st July 2020 Star LLC has accepted a note receivable for RO 2000 from one of the accounts receivables. The maturity period is 60 days . The interest rate is 10%. The amount of interest to be recorded in account on 31 December will be. a. RO 22 b. RO 32.87 c. RO 24 d. RO 33.9712. On July 1 of the current year, an entity received a one-year note receivable bearing interest at the market rate. The face amount of the note receivable and the entire amount of the interest are due in one year. The interest receivable account would show a balance on c. July 1 and December 31 d. Neither July 1 nor December 31 a. July 1 but not December 31 b. December 31 but not July 1Erza Company has a P180,000, 10%, 90-day note receivable outstanding at December 31. The note is dated December 1, 2020. The appropriate adjusting entry is made to record accrued interest on the note at year-end. What is the correct adjusting entry on December 31 of the current year? Debit Interest Revenue and credit Interest Receivable, P4,500 Debit Interest Receivable and credit Interest Revenue, P1,500 Debit Interest Receivable and credit Interest Revenue, P4,500 Debit Interest Revenue and credit Interest Receivable, P1,500
- Accounting for notes receivable and accruing interest Carley Realty loaned money and received the following notes during 2018. Note Date Principal Amount Interest rate term April 1 $6000 7% 1 year Sept 30 $12000 6% 6 month Sept 19 $18000 8% 90 days Requirements Determine the maturity date and maturity value of each note. Journalize the entries to establish each Note Receivable and to record collection of principal and interest at maturity. Include a single adjusting entry on December 31, 2018, the fiscal year-end, to record accrued interest revenue on any applicable note. Explanations are not required. Round to the nearest dollar.Determine the maturity date and maturity value of each note. Date Principle Amount Interest Rate Term (Note 1) Oct. 1 $18,000 14% 1 year (Note 2) Jun. 30 $14,000 10% 9 months (Note 3) Sept. 19 $26,000 12% 90 days Begin with the journal entry to establish note 1. Journalize the entry to establish note 2. Journalize the entry to establish note 3. Journalize the single adjusting entry to record accrued interest revenue on any applicable note(s) on December 31, 2024, the fiscal year-end. Now journalize the collection of principal and interest at maturity on the three notes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the collection of principal and interest at maturity for note (1). Journalize the collection of principal and interest at…Determine the maturity date and interest for a notes receivableAmplify Bank establishes a $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due at its maturity date. After reviewing the information, determine the maturity date of the note and calculate the amount of interest that is due at the maturity date. 1. What is the maturity date of the note (include the month, day and year)? 2. What is the amount of interest that is due at the maturity date (round answer to two decimal places)? 2(a). Show the work for your interest calculation
