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Problems Problem 10-IA Current versus non-current portions of debt LO1...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,999 81,099 81,099 81,099 81,099 Principal Portion of payment $63,599 66,779 70,118 73,624 75,880 Interest Portion of Payment $17,500 14,320 18,981 7,475 5,219 Principal Balance at Year-End $286,401 219,622 149,504 75,880 Required: Using the information provided, complete the following...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2015. your company borrowed $15.000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $2,000; 2017, $3,000: 2018. $4,000; and 2019, $6,000. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required....
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed...
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
E5.8 (LO1, 2) (Current vs. Non-Current Liabilities) Pascal Corporation is preparing its December 31, 2019, statement...
E5.8 (LO1, 2) (Current vs. Non-Current Liabilities) Pascal Corporation is preparing its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability 1. On December 15, 2019, Pascal declared a cash dividend of $2.00 per share to shareholders of record on December 31. The dividend is payable on January 15, 2020. Pascal has issued 1,000,000 ordinary shares of which 50,000 shares are held in treasury. 2. At December 31, bonds...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $132,000 by signing a mortgage payable at an annual interest rate of 9%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also be June 30. Prepare...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $90,000 by signing a mortgage payable at an annual interest rate of 6%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also be June 30. nterest...
Exercise 9-3 Current Liabilities Section LO1 Jackie Company had the following accounts and balances on December...
Exercise 9-3 Current Liabilities Section LO1 Jackie Company had the following accounts and balances on December 31, 2017: $ 1,000 67,500 Notes Payable, 10 % , due June 2, 2018 Accounts Recevable Discount on Notes Payable Income Taxes Payable Allowance for Doubeful Accounts Accounts Payable interest Receivable $61,250 17,800 24,400 5.000 150 6900 Curent Maturites of Long-Term Debt Interest Payable Uneaned Revenue 4,320 3,010 6.000 Wages Payable Required Prepare the Current Liabilities section of Jackie Company's balance sheet as of...
Pls help me out:) WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for...
Pls help me out:)
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidiurn Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $124,000 by signing a mortgage payable at an annual interest rate of 8%. The mortgage is repayable over 5 years in annual instalments, due each Jure 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also...
On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in 5 years on December 31, 2024. Annual payments are $81,099 each December 31. The payment schedule is: Year 2020 2021 2022 2023 2024 Annual Payment $81,999 81,099 81,099 81,099 81,099 Principal Portion of payment $63,599 66,779 70,118 73,624 75,880 Interest Portion of Payment $17,500 14,320 18,981 7,475 5,219 Principal Balance at Year-End $286,401 219,622 149,504 75,880 Required: Using the information provided, complete the following...
TER 10 Liabilities LO 10-2 M10-5 Reporting Current and Noncurrent Portions of Long-Term Debt Assume that on December 1, 2015. your company borrowed $15.000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments: 2016, $2,000; 2017, $3,000: 2018. $4,000; and 2019, $6,000. Show how this loan will be reported in the December 31, 2016 and 2015 balance sheets, assuming that principal payments will be made when required....
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
E5.8 (LO1, 2) (Current vs. Non-Current Liabilities) Pascal Corporation is preparing its December 31, 2019, statement of financial position. The following items may be reported as either a current or non-current liability 1. On December 15, 2019, Pascal declared a cash dividend of $2.00 per share to shareholders of record on December 31. The dividend is payable on January 15, 2020. Pascal has issued 1,000,000 ordinary shares of which 50,000 shares are held in treasury. 2. At December 31, bonds...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $132,000 by signing a mortgage payable at an annual interest rate of 9%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also be June 30. Prepare...
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $90,000 by signing a mortgage payable at an annual interest rate of 6%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also be June 30. nterest...
Exercise 9-3 Current Liabilities Section LO1 Jackie Company had the following accounts and balances on December 31, 2017: $ 1,000 67,500 Notes Payable, 10 % , due June 2, 2018 Accounts Recevable Discount on Notes Payable Income Taxes Payable Allowance for Doubeful Accounts Accounts Payable interest Receivable $61,250 17,800 24,400 5.000 150 6900 Curent Maturites of Long-Term Debt Interest Payable Uneaned Revenue 4,320 3,010 6.000 Wages Payable Required Prepare the Current Liabilities section of Jackie Company's balance sheet as of...
Pls help me out:)
WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidiurn Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $124,000 by signing a mortgage payable at an annual interest rate of 8%. The mortgage is repayable over 5 years in annual instalments, due each Jure 30. The first payment is due June 30, 2019 and the ski hill company's year-end will also...
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