Homework Answers
| Journal 1 in Precision Cast Parts | ||
| Debit | Credit | |
| October 1 2018 | ||
| Cash | 40,700,000.00 | |
| Notes Payable | 40,700,000.00 | |
| (Being cash received by Midwest Bank payable @ 9 % PA ) | ||
| Journal 1 in Midwest Bank | ||
| October 1 2018 | ||
| Accounts receivable - Precision Cast Parts | 40,700,000.00 | |
| Cash | 40,700,000.00 | |
| (Being cash paid to Midwest Bank payable @ 9 % PA ) | ||
| Notes Receivable from Precision Cast Parts | 40,700,000.00 | |
| Accounts receivable - Precision Cast Parts | 40,700,000.00 | |
| (Being entries moved to Notes receivable account) | ||
| Journal 2 in Precision Cast Parts | ||
| December 31 2018 | ||
| Interest Expense | 915750 | |
| Interest Payable | 915750 | |
| (To record accrued Interest for 3 months (40700000*9%*3/12) | ||
| Journal 2 in Midwest Bank | ||
| December 31 2018 | ||
| Precision Cast Parts | 915750 | |
| Interest Income | 915750 | |
| To record the Interest receivable from Precision Cast Parts |
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using this info how do i slove thses problems given
Precision Castparts, a manufacturer of processed...
Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of...
Required information [The following information applies to the questions displayed below.] Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $40.1 million cash on October 1, 2021, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Required: Prepare the journal entries on October 1,...
On April 1, 2017, Mendoza Company borrowed 514.000 euros for one year at an interest rate...
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I need help with writing the journal entry. Each picture I posted is a different journal...
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Problem 8-2B Record notes payable and notes receivable (LO8-2) [The following information applies to the questions...
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[The following
information applies to the questions displayed below.]
Eskimo Joe’s,
designer of the world’s second best-selling T-shirt (just behind
Hard Rock Cafe), borrows $19.9 million cash on November 1,
2021. Eskimo Joe’s signs a six-month, 9% promissory note to
Stillwater National Bank under a prearranged short-term line of
credit. Interest on the note is payable at maturity. Each firm has
a December 31 year-end.
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On January 1, 2017, Eagle borrows $31,000 cash by signing a four-year, 8% installment note.. The...
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On April 1, 2017, Mendoza Company borrowed 514.000 euros for one year at an interest rate of 5 percent per annum. Mendoza must make its first interest payment on the loan on October 1, 2017 and will make a second interest payment on March 31, 2018 when the loan is repaid. Mendoza prepares U.S.-dollar financial statements and has a December 31 year-end. Prepare all journal entries related to this foreign currency borrowing assuming the following exchange rates for 1 euro...
with this info given i need to know how to do the journal entry
from 1-5?
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and 51 par value common. The following transactions affect stockholders' equity duri January 2 Issue 100,000 shares of common stock for $60 per share February 14 Issue 50,000 shares of preferred stock for $11 per share. May 8 Repurchase 10,000 shares of its own common stock for $50 per share May...
Given this infomation i need to know how to do all 6 jounral entry?
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2018, 340 sha issued. The following transactions affect stockholders' equity during 2018: March 1 Issues 1,500 shares of common stock for $46 per share May 15 Purchase 440 shares of treasury stock for $39 per share. July 10 Reissues 240 shares of treasury stock purchased...
I need help with writing the journal entry. Each picture I
posted is a different journal entry that I need to write...I
included the numbers for each one. The pictures are legible on my
computer.
Required information [The following information applies to the questions displayed below.) Eskimo Joe's, designer of the world's second best-selling T-shirt (just behind Hard Rock Cafe), borrows $20.2 million cash on November 1, 2021. Eskimo Joe's signs a six-month, 9% promissory note to Stillwater National Bank...
Federal Semiconductors issued 10% bonds, dated January 1, with a face amount of $920 million on January 1, 2018. The bonds sold for $846187,826 and mature on December 31, 2037 (20 years). For bonds of similar risk and maturity the market yield was 11%. Interest is paid semiannually on June 30 and December 31. Federal determines interest at the effective rate. Federal elected the option to report these bonds at their fair value. On December 31, 2018, the fair value...
Exercise 15-7 Sales-type lease with no selling profit; lessor [LO15-2] Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2018. Edison purchased the equipment from International Machines at a cost of $110,623. (EV of $1. PV of S1. FVA of $1, PVA of $1. EVAD of $1 and PVAD of $) (Use appropriate factor(s) from the tables provided.) Related Information Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also...
On January 1, 2018, Twister Enterprises, a manufacturer of a
variety of transportable spin rides, issues $500,000 of 7% bonds,
due in 20 years, with interest payable semiannually on June 30 and
December 31 each year.
Required: 1. If the market interest rate is 7%, the bonds will issue at $500,000. Record the bond issue on January 1, 2018, and the first two semiannual interest payments on June 30, 2018, and December 31, 2018. (If no entry is required for...
Problem 8-2B Record notes payable and notes receivable
(LO8-2)
[The following
information applies to the questions displayed below.]
Eskimo Joe’s,
designer of the world’s second best-selling T-shirt (just behind
Hard Rock Cafe), borrows $19.9 million cash on November 1,
2021. Eskimo Joe’s signs a six-month, 9% promissory note to
Stillwater National Bank under a prearranged short-term line of
credit. Interest on the note is payable at maturity. Each firm has
a December 31 year-end.
Required information Problem 8-2B Record notes...
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