Homework Answers
Answer
- Amount of interest accrued will be for 4 months (Sept, Oct, Nov and Dec)
- 4 Month Interest accrued = $ 2400 x 6% x 4 months
/12months
= 2400 x 6% x 4/12
= $ 48 - Correct Answer = Option ‘C’ $ 48
Add Answer to:
On September 1, 2018, Cesario Co. lent $2,400 to Ron Wood on a 6-month 6% promissory...
On June 1, 2018, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with...
On June 1, 2018, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $440,000 and a discount rate of 6%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2018? (Round all calculations to the nearest whole dollar amount.) Multiple Choice 0 $426,800 O $418,000 0 $462.000 0 $435,600
Problem 2(20 points) On September 1, 2018, Smit Co. received a 12%, six-month note receivable in...
Problem 2(20 points) On September 1, 2018, Smit Co. received a 12%, six-month note receivable in settlement of accounts receivable of $320,000. Smit Co. insists that any customer who fails to pay an account receivable when due must replace their unpaid account receivable with an interest-bearing note receivable. Assume the company makes adjusting entries for accrued interest revenue once a year on December 31. Journalize the following events on the books of Smit Co.: 1. Record the receipt of the...
Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment...
Pockets lent $26,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.)
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground....
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three year, 6% Installment note to be paid in three equal payments at the end of each year (FV of $1. PV O SLEVA O 51. PVA of $1. EVAD of S1 and PVAD of SD (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018 2. Prepare an...
6) Jane's Donut Co. borrowed $200,000 on September 1, 2018, and signed a one-year note bearing...
6) Jane's Donut Co. borrowed $200,000 on September 1, 2018, and signed a one-year note bearing interest at 12%. Interest is payable in full at maturity on September 1, 2019. In connection with this note, Jane's should report interest expense at December 31, 2018, in the amount of:
Keesha Co. borrows $250,000 cash on November 1, 2018, by signing a 180-day, 10% note with...
Keesha Co. borrows $250,000 cash on November 1, 2018, by signing a 180-day, 10% note with a face value of $250,000. What is the amount of interest expense in 2018 and 2019 from this note? (Use 360 days a year. Do not round intermediate calculations. Round final answers to the nearest whole dollar.)
On September 1, 2018, Lowe Co. issued a note payable to National Bank in the amount...
On September 1, 2018, Lowe Co. issued a note payable to National Bank in the amount of $1,800,000, bearing interest at 9%, and payable in three equal annual principal payments of $600,000 plus interest. The first payment for interest and principal was made on September 1, 2019. At December 31, 2019, Lowe should record accrued interest payable of a. $27,000. b. $36,000. c. $40,500. d. $54,000. e. $108,000.
Oakland Tax Planning Service bought computer equipment for $21,000 on January 1, 2018. It has an...
Oakland Tax Planning Service bought computer equipment for $21,000 on January 1, 2018. It has an estimated useful life of four years and zero residual value. Oakland uses the straight – line method to calculate depreciation and records depreciation expense in the books at the end of each month. Calculate the amount of Depreciation Expense for the period, January 1, 2018 through September 30, 2018, for this equipment. (Round any intermediate calculations to two decimal places, and your final answer...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado Enterprises in payment of an account receivable. Seacrest's year-end is December 31. Delgado paid the note and interest on the due date. Assume 360 days in the year, Required: 1. Who is the maker and who is the payee of the note? The makers Seacrest Inc. and the payee is Delgado Enterprises 2. What is the maturity date of the note> March 1, 2018...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 7%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., .1234 as 12.34%.) Multiple Choice Ο 700%. Ο 734%. Ο 7.26%. Ο 727%.
On June 1, 2018, Dirty Harry Co. borrowed cash by issuing a 6-month noninterest-bearing note with a maturity value of $440,000 and a discount rate of 6%. Assuming straight-line amortization of the discount, what is the carrying value of the note as of September 30, 2018? (Round all calculations to the nearest whole dollar amount.) Multiple Choice 0 $426,800 O $418,000 0 $462.000 0 $435,600
Problem 2(20 points) On September 1, 2018, Smit Co. received a 12%, six-month note receivable in settlement of accounts receivable of $320,000. Smit Co. insists that any customer who fails to pay an account receivable when due must replace their unpaid account receivable with an interest-bearing note receivable. Assume the company makes adjusting entries for accrued interest revenue once a year on December 31. Journalize the following events on the books of Smit Co.: 1. Record the receipt of the...
Finance Co lent $9.7 million to Corbin Construction on January 1, 2018, to construct a playground. Corbin signed a three year, 6% Installment note to be paid in three equal payments at the end of each year (FV of $1. PV O SLEVA O 51. PVA of $1. EVAD of S1 and PVAD of SD (Use appropriate factor(s) from the tables provided.) Required: 1. Prepare the journal entry for FinanceCo's lending the funds on January 1, 2018 2. Prepare an...
On September 1, 2018, Lowe Co. issued a note payable to National Bank in the amount of $1,800,000, bearing interest at 9%, and payable in three equal annual principal payments of $600,000 plus interest. The first payment for interest and principal was made on September 1, 2019. At December 31, 2019, Lowe should record accrued interest payable of a. $27,000. b. $36,000. c. $40,500. d. $54,000. e. $108,000.
Oakland Tax Planning Service bought computer equipment for $21,000 on January 1, 2018. It has an estimated useful life of four years and zero residual value. Oakland uses the straight – line method to calculate depreciation and records depreciation expense in the books at the end of each month. Calculate the amount of Depreciation Expense for the period, January 1, 2018 through September 30, 2018, for this equipment. (Round any intermediate calculations to two decimal places, and your final answer...
Notes Receivable On September 1, 2017, Seacrest Inc, accepted a six-month, $48,600 interest-bearing note from Delgado Enterprises in payment of an account receivable. Seacrest's year-end is December 31. Delgado paid the note and interest on the due date. Assume 360 days in the year, Required: 1. Who is the maker and who is the payee of the note? The makers Seacrest Inc. and the payee is Delgado Enterprises 2. What is the maturity date of the note> March 1, 2018...
On September 1, 2018, Hiker Shoes issued a $104,000, 8-month, noninterest-bearing note. The loan was made by Second Commercial Bank where the stated discount rate is 7%. Hiker's effective interest rate on this loan (rounded) is: (Do not round intermediate calculations. Round your final answer to two decimal places, e.g., .1234 as 12.34%.) Multiple Choice Ο 700%. Ο 734%. Ο 7.26%. Ο 727%.
Most questions answered within 3 hours.
-
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 18 minutes ago -
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 15 minutes ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 1 hour ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 1 hour ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 3 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 3 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 4 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 5 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 5 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 6 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 6 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 7 hours ago