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Question 4 2.5 pts Franklin Company borrowed $60,000 from a bank on June 1, 2020 and...
Franklin Company borrowed $60,000 from a bank on June 1, 2020 and agreed to pay it...
Franklin Company borrowed $60,000 from a bank on June 1, 2020 and agreed to pay it back in ten months at an interest rate of 14% per year. Calculate the amount of interest expense related to this loan reported in Franklin Company's 2021 income statement.
Question 3 4 pts Franklin Company borrowed $144,000 from a bank on March 1, 2021 and...
Question 3 4 pts Franklin Company borrowed $144,000 from a bank on March 1, 2021 and agreed to pay it back in eleven months at an interest rate of 19% per year. Calculate the amount of interest expense related to this loan reported in Franklin Company's 2022 income statement. Question 4 3.5 pts Which of the following accounts would be classified as a nominal account and have a normal balance of a debit? retained earnings patent salaries payable service revenue...
Question 4 2.5 pts on August 1, 2018, Salmon Company borrowed $48,eee from a bank on...
Question 4 2.5 pts on August 1, 2018, Salmon Company borrowed $48,eee from a bank on a 6%, 9-month note payable. Calculate the amount of interest expense reported by salmon Company in its 2019 income statement related to this loan.
On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note...
On October 1, 2022, TGW Company borrowed $26,000 from a bank on
a 9%, 8-month note payable.
Calculate the amount of interest expense reported by TGW Company
in its 2023 income statement related to this loan.On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note payable. Calculate the amount of interest expense reported by TGW Company in its 2023 income statement related to this loan.
Question 2 9 pts IYQ Company began operations on June 1, 2019. The company entered into...
Question 2 9 pts IYQ Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $449,000 and borrowed $76,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $150,000 by paying $43,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $11,000 of interest on its bank...
Part 4: Interest Calculations Healthy Farms borrowed $83,500 on March 31, 2020. The loan had a...
Part 4: Interest Calculations Healthy Farms borrowed $83,500 on March 31, 2020. The loan had a 7% interest rate and is due on March 31, 2021. (round to the nearest dollar) 1. Calculate the interest incurred by Healthy Farms during 2020. Where will this appear in the financial statements for the year ended December 31, 2020? 2. How much interest will Healthy Farms incur in 2021? 3. How much will Healthy Farms pay the bank on March 31, 2021? How...
A company has borrowed 1,000,000 from a bank which charges 14 % interest per annum. The...
A company has
borrowed 1,000,000 from a bank which charges 14 % interest per
annum. The loan has to be recovered in 5 years compounded
annually
(a) How much
should the company pay at the end of each year to the bank
(assuming uniform payment)?
(b) The bank
changes the interest rate to 13 % p.a . at the beginning of 3rd
year
(i) What will
the amount of the company's last payment (i.e. payment at the end
of year...
Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an...
Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 8...
Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 8 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Abardeen Corporation borrowed $105,000 from the bank on October 1, 2018. The note had an 7...
Abardeen Corporation borrowed $105,000 from the bank on October 1, 2018. The note had an 7 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Franklin Company borrowed $60,000 from a bank on June 1, 2020 and agreed to pay it back in ten months at an interest rate of 14% per year. Calculate the amount of interest expense related to this loan reported in Franklin Company's 2021 income statement.
Question 3 4 pts Franklin Company borrowed $144,000 from a bank on March 1, 2021 and agreed to pay it back in eleven months at an interest rate of 19% per year. Calculate the amount of interest expense related to this loan reported in Franklin Company's 2022 income statement. Question 4 3.5 pts Which of the following accounts would be classified as a nominal account and have a normal balance of a debit? retained earnings patent salaries payable service revenue...
Question 4 2.5 pts on August 1, 2018, Salmon Company borrowed $48,eee from a bank on a 6%, 9-month note payable. Calculate the amount of interest expense reported by salmon Company in its 2019 income statement related to this loan.
On October 1, 2022, TGW Company borrowed $26,000 from a bank on
a 9%, 8-month note payable.
Calculate the amount of interest expense reported by TGW Company
in its 2023 income statement related to this loan.On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note payable. Calculate the amount of interest expense reported by TGW Company in its 2023 income statement related to this loan.
Question 2 9 pts IYQ Company began operations on June 1, 2019. The company entered into the following transactions during 2019: June 1: Sold common stock to owners in the amount of $449,000 and borrowed $76,000 from the bank on a three-year note payable. June 1: Purchased a parcel of land costing $150,000 by paying $43,000 in cash and agreeing to pay the remainder within 90 days. July 31: IYQ Company earned and received $11,000 of interest on its bank...
Part 4: Interest Calculations Healthy Farms borrowed $83,500 on March 31, 2020. The loan had a 7% interest rate and is due on March 31, 2021. (round to the nearest dollar) 1. Calculate the interest incurred by Healthy Farms during 2020. Where will this appear in the financial statements for the year ended December 31, 2020? 2. How much interest will Healthy Farms incur in 2021? 3. How much will Healthy Farms pay the bank on March 31, 2021? How...
A company has
borrowed 1,000,000 from a bank which charges 14 % interest per
annum. The loan has to be recovered in 5 years compounded
annually
(a) How much
should the company pay at the end of each year to the bank
(assuming uniform payment)?
(b) The bank
changes the interest rate to 13 % p.a . at the beginning of 3rd
year
(i) What will
the amount of the company's last payment (i.e. payment at the end
of year...
Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 8 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Abardeen Corporation borrowed $105,000 from the bank on October 1, 2018. The note had an 7 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
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