Homework Answers
a) Interest expense accrued = 85000*6%*5/12 = 2125
b) The amount of final interest payment on July 31,2018 = 85000+(85000*6%) = 90100
c) Interest expense for 2017 = 2125
Interest expense for 2018 = 2125*7/5 = 2975
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Transactions 2017 Aug 1 Dec 31 2018 Aug 1 Purchased kitchen equipment costing $85,000 by issuing...
Cran Sales Company completed the following note payable transactions: (Click the icon to view the transactions.)...
Cran Sales Company completed the following note payable transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. How much interest expense must be accrued at December 31, 2018? (Round your answer to the nearest whole dollar.) The interest expense accrued at December 31, 2018 is $ L 1 Requirements X - More Info 1. 2018 How much interest expense must be accrued at December 31, 2018? (Round your answer to the nearest whole dollar.) Determine the...
On September 30, 2017, Coldwater Corporation purchased equipment for $1,020,000. The equipment was purchased with a...
On September 30, 2017, Coldwater Corporation purchased equipment
for $1,020,000. The equipment was purchased with a $100,000 down
payment and a three-year, 4%, $920,000 bank loan for the balance.
The terms provide for payment of the bank loan with quarterly fixed
principal payments of $76,667, plus interest, starting on December
31. Coldwater has a November 30 year end and records adjusting
entries annually.
(I only need help with the boxes in red!) Thank u so much
Record the first two...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased with a $80,000 down payment and a three-year, 3%, 5950,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $79,167, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $940,000. The equipment was purchased...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $940,000. The equipment was purchased with a $100,000 down payment and a three-year, 5%, $840,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $70,000, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
Transactions 2017 Mar. Apr. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 10%...
Transactions 2017 Mar. Apr. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 10% note. 30 Borrowed $50,000 on a 15% note payable that calls for annual installment payments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable. 3 Paid the six-month, 10% note at maturity. 31 Accrued warranty expense, which is estimated at 5.5% of sales of $196,000. 31 Accrued interest on the outstanding note payable. Sept....
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view...
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view the transactions.) Journalize the transactions in Seattle's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $9,000, signing a six-month, 8% note payable for that amount. Date Accounts Debit Credit Jan. 9 * More Info 2017 Jan. 9Purchased computer equipment at a...
11:28 PR 14 4A Entries for bonds payable and installment note transactions The following transa...
11:28 PR 14 4A Entries for bonds payable and installment note transactions The following transactions were completed by Winklevoss Ine, whose fiscal year is the calendar year 2016 July 1 Issued $74,000,000 of 20 year, 11% callable bonds dated July 1, 2016, at a mar- 64 317 346 ket (effective) rate of 15%, receiving cash of $64,532,267 Interest is payable semiannually on December 31 and June 30 Oct 1 Borrowed $200,000 by issuing a six-year, 6% installment note to Nicks...
On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased with a...
On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased with a $80,000 down payment and a three-year, 4%, $950,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $79,167, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole dollar, e.g....
Date Account Debit Credit Year 1 July 1 Oct. 1 Dec. 31-Note Dec. 31-Bond Year 2...
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,210,000. The equipment was purchased...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,210,000. The equipment was purchased with a $130,000 down payment and a three-year, 4%, $1,080,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $90,000, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
Cran Sales Company completed the following note payable transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. How much interest expense must be accrued at December 31, 2018? (Round your answer to the nearest whole dollar.) The interest expense accrued at December 31, 2018 is $ L 1 Requirements X - More Info 1. 2018 How much interest expense must be accrued at December 31, 2018? (Round your answer to the nearest whole dollar.) Determine the...
On September 30, 2017, Coldwater Corporation purchased equipment
for $1,020,000. The equipment was purchased with a $100,000 down
payment and a three-year, 4%, $920,000 bank loan for the balance.
The terms provide for payment of the bank loan with quarterly fixed
principal payments of $76,667, plus interest, starting on December
31. Coldwater has a November 30 year end and records adjusting
entries annually.
(I only need help with the boxes in red!) Thank u so much
Record the first two...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased with a $80,000 down payment and a three-year, 3%, 5950,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $79,167, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $940,000. The equipment was purchased with a $100,000 down payment and a three-year, 5%, $840,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $70,000, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
Transactions 2017 Mar. Apr. 3 Purchased a Steinway piano (inventory) for $41,500, signing a six-month, 10% note. 30 Borrowed $50,000 on a 15% note payable that calls for annual installment payments of $25,000 principal plus interest. Record the short-term note payable in a separate account from the long-term note payable. 3 Paid the six-month, 10% note at maturity. 31 Accrued warranty expense, which is estimated at 5.5% of sales of $196,000. 31 Accrued interest on the outstanding note payable. Sept....
The following transactions of Seattle Pharmacies occurred during 2017 and 2018: (Click the icon to view the transactions.) Journalize the transactions in Seattle's general journal. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 9, 2017: Purchased computer equipment at a cost of $9,000, signing a six-month, 8% note payable for that amount. Date Accounts Debit Credit Jan. 9 * More Info 2017 Jan. 9Purchased computer equipment at a...
11:28 PR 14 4A Entries for bonds payable and installment note transactions The following transactions were completed by Winklevoss Ine, whose fiscal year is the calendar year 2016 July 1 Issued $74,000,000 of 20 year, 11% callable bonds dated July 1, 2016, at a mar- 64 317 346 ket (effective) rate of 15%, receiving cash of $64,532,267 Interest is payable semiannually on December 31 and June 30 Oct 1 Borrowed $200,000 by issuing a six-year, 6% installment note to Nicks...
On September 30, 2017, Coldwater Corporation purchased equipment for $1,030,000. The equipment was purchased with a $80,000 down payment and a three-year, 4%, $950,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $79,167, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole dollar, e.g....
Date
Account
Debit
Credit
Year 1
July 1
Oct. 1
Dec. 31-Note
Dec. 31-Bond
Year 2
June 30
Sept. 30
Dec. 31-Note
Dec. 31-Bond
Year 3
June 30
Sept. 30
2. Indicate the amount of the interest expense
in (a) Year 1 and (b) Year 2.
a. Year 1 $
b. Year 2 $
3. Determine the carrying amount of the bonds
as of December 31, Year 2.
$
Entries for Bonds Payable and Installment Note Transactions The following transactions...
Problem 10-3A On September 30, 2017, Coldwater Corporation purchased equipment for $1,210,000. The equipment was purchased with a $130,000 down payment and a three-year, 4%, $1,080,000 bank loan for the balance. The terms provide for payment of the bank loan with quarterly fixed principal payments of $90,000, plus interest, starting on December 31. Coldwater has a November 30 year end and records adjusting entries annually. Record the purchase of equipment on September 30, 2017. (Round answers to the nearest whole...
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