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On January 1, Portillo, Inc. lends a corporate customer $114,000 at 7% interest. The amount of...
On January 1, a company lends $90,000 to a customer for one year at a 7%...
On January 1, a company lends $90,000 to a customer for one year at a 7% annual interest rate. The note requires the payment of interest twice each year on June 30 and December 31. The company records adjusting entries on a monthly basis. At the end of each month in which the company does not receive any interest payments, the company: Multiple Choice records an entry with a debit to Cash of $525 and a credit to Interest Revenue...
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate....
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Notes Receivable and a credit to Cash for $175,000 Interest Receivable and a credit to Interest Revenue for $6,125 Cash and a credit to Interest Revenue for $12.250 Cash and a credit to Notes Payable for $175,000 Help Save & Wrangler Inc....
A company lends its supplier $151,000 for 3 years at a 7% annual interest rate. Interest...
A company lends its supplier $151,000 for 3 years at a 7% annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Cash and a credit to Notes Payable for $151,000. Notes Receivable and a credit to Cash for $151,000. Interest Receivable and a credit to Interest Revenue for $5,285. Cash and a credit to Interest Revenue for $10,570.
What is the interest expense? Please explain the answer step by step. Thank you! Maurice Inc....
What is the interest expense?
Please explain the answer step by step. Thank you!
Maurice Inc. was started on January 1, 2017 and provided you with the following ending balances of its accounts on December 31, 2017: Cash Equipment Accounts payable Accounts receivable Buildings Note payable A, due March 31, 2018 Sales revenue Note payable B, due December 31, 2019 $44,800 36,000 Advertising expense 85,120 97,440 Inventory 560,000 Prepaid rent Salary and wages expense $78,400 11,200 6,720 11,200 6,720 744,880...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually be able to collect the debt, which of the following entries should most interest note Riverbed ly be made by Orole? shoot the note and does not pay at maturity but Oriol expects Accounts Receivable Notes Receivable 54000 Interest Revenue O Cash Nos Receivable Accounts Receivable Neces Recevable Interest Recevable Accounts Receivable Notece
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note....
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
Watt Service Inc. completed a major renovation contract and billed the customer $56,000 on January 1,...
Watt Service Inc. completed a major renovation contract and billed the customer $56,000 on January 1, 2020. Cash of $16,000 was collected, and a 5% note was received for the remaining $40,000, payable in three equal annual installments (including principal plus interest) each December 31 of 2020, 2021, and 2022. The market rate of interest for notes with comparable risk is 12%. Required a. Compute the amount of each of the three annual payments on the note. b. Compute the...
Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepa...
Novak Corp. lends Sunland Company $63600 on August 1, 2017, accepting a 9-month, 15% interest note. If Novak Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make? a. Interest Receivable 3975 Interest Revenue 3975 b. Notes Receivable 3975 Interest Revenue 3975 c. Cash 3975 Interest Revenue 3975 d. Accounts Receivable 3975 Interest Receivable 3975
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Aloan Co. provides the following sales forecast for the next three months: January February March 3,200...
Aloan Co. provides the following sales forecast for the next three months: January February March 3,200 4,400 5,200 Sales units The company wants to end each month with ending finished goods inventory equal to 20% of the next month's sales. Finished goods inventory on December 31 is 640 units. The budgeted production units for January are: Multiple Choice 3,200 units. 4,080 units. 128 units. 3,440 units. 2,960 units. Webster Corporation is preparing its cash budget for April. The March 31...
On January 1, a company lends $90,000 to a customer for one year at a 7% annual interest rate. The note requires the payment of interest twice each year on June 30 and December 31. The company records adjusting entries on a monthly basis. At the end of each month in which the company does not receive any interest payments, the company: Multiple Choice records an entry with a debit to Cash of $525 and a credit to Interest Revenue...
A company lends its supplier $175,000 for 3 years at a 7 % annual interest rate. Interest payments are to be made twice a year. The entry to record this lending transaction includes a debit to: Multiple Choice Notes Receivable and a credit to Cash for $175,000 Interest Receivable and a credit to Interest Revenue for $6,125 Cash and a credit to Interest Revenue for $12.250 Cash and a credit to Notes Payable for $175,000 Help Save & Wrangler Inc....
What is the interest expense?
Please explain the answer step by step. Thank you!
Maurice Inc. was started on January 1, 2017 and provided you with the following ending balances of its accounts on December 31, 2017: Cash Equipment Accounts payable Accounts receivable Buildings Note payable A, due March 31, 2018 Sales revenue Note payable B, due December 31, 2019 $44,800 36,000 Advertising expense 85,120 97,440 Inventory 560,000 Prepaid rent Salary and wages expense $78,400 11,200 6,720 11,200 6,720 744,880...
Orole Company lends Riverbed industries 554000 on January 1, 2022, accepting 9-month that it will eventually be able to collect the debt, which of the following entries should most interest note Riverbed ly be made by Orole? shoot the note and does not pay at maturity but Oriol expects Accounts Receivable Notes Receivable 54000 Interest Revenue O Cash Nos Receivable Accounts Receivable Neces Recevable Interest Recevable Accounts Receivable Notece
Harper Company lends Hewell Company $160,000 on December 1, accepting a four- month, 6% interest note. Harper Company prepares financial statements on December 31. What adjusting entry should be made before the financial statements can be prepared? debit cash 200, credit interest revenue 200 debit interest receivable 800, credit interest revenue 800 O debit interest receivable 200, credit interest revenue debit note receivable 40,000, credit cash 40,000
Watt Service Inc. completed a major renovation contract and billed the customer $56,000 on January 1, 2020. Cash of $16,000 was collected, and a 5% note was received for the remaining $40,000, payable in three equal annual installments (including principal plus interest) each December 31 of 2020, 2021, and 2022. The market rate of interest for notes with comparable risk is 12%. Required a. Compute the amount of each of the three annual payments on the note. b. Compute the...
On September 1, Kennedy Company loaned $115,000, at 12% annual interest, to a customer Interest and principal will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make on December 31, the calendar year-end? Multiple Choice Debit Cash, $4,600; credit Interest Revenue. 54,600. Debit interest Receivable, 4600, credit interest Revenue, $4,600. o Debit interest Expense, $4,600; credit...
Aloan Co. provides the following sales forecast for the next three months: January February March 3,200 4,400 5,200 Sales units The company wants to end each month with ending finished goods inventory equal to 20% of the next month's sales. Finished goods inventory on December 31 is 640 units. The budgeted production units for January are: Multiple Choice 3,200 units. 4,080 units. 128 units. 3,440 units. 2,960 units. Webster Corporation is preparing its cash budget for April. The March 31...
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