Homework Answers
Interest expense as on Dec 31st (6 months) = $320,000 X 12% X 6/12 = $19,200
Interest expense as on Sep 30th (3 months) = $320,000 X 12% X 3/12 = $9,600
| December 31 | $19,200 |
| September 30 | $9,600 |
Add Answer to:
On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity....
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is...
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30 On September 30
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $1,200 million. Interest...
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $1,200 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Fiscal Year End: Principal (million) x Interest Rate x Time = Interest Expense December 31, 2021 $1,200 x 11 % x = million September 30,...
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $600 million. Interest...
On July 1, 2021, Ross-Livermore Industries issued nine-month notes in the amount of $600 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Fiscal Year End: Principal (million) x Interest Rate x Time = Interest Expense December 31, 2021 $600 x 10 % x = million September 30,...
ved On July 1, 2021, Ross Livermore Industries issued nine month notes in the amount of...
ved On July 1, 2021, Ross Livermore Industries issued nine month notes in the amount of $800 million Interest is payable at maturity Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions (Enter your answers in millions (ie., 10,000,000 should be entered as 10).) Fiscal Year End: Interest Rate * Time - Interest Expense Principal million) $ 800 $ 800 x million December 31, 2021 September...
On July 1, 2018, Ross-Livermore Industries issued nine-month notes in the amount of $800 million. Interest...
On July 1, 2018, Ross-Livermore Industries issued nine-month notes in the amount of $800 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Fiscal Year Ends: Principal (million) x Rate x Time = Interest Expense December 31, 2018 $ 800 x 14% x = million September 30, 2018...
Assume that on July 1, 2021, Togo's Sandwiches issues a $2.02 million, one-year note. Interest is...
Assume that on July 1, 2021, Togo's Sandwiches issues a $2.02 million, one-year note. Interest is payable at maturity. Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions. Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Interest Rate Fiscal Year-End Interest Expense 1. 8 % December 31 2. 9 % September 30 3. 6...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $180,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. C. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr....
Exercise 8-5A Determine interest expense (LO8-2) EOS Environmental provides cost-effective solutions for managing regulatory requirements and...
Exercise 8-5A Determine interest expense (LO8-2) EOS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $4.4 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (i.e. 5 should be...
Exercise 8-5A Determine interest expense (LO8-2) OS Environmental provides cost-effective solutions for managing regulatory requirements and...
Exercise 8-5A Determine interest expense (LO8-2) OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $4.4 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (.e. 5 should be...
On June 30, 2021, Chu Industries issued 9-month notes in the amount of $760,000. Assume that...
On June 30, 2021, Chu Industries issued 9-month notes in the amount of $760,000. Assume that interest is payable at maturity in the following three independent cases: Required: Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption: (Round your final answers to the nearest whole dollar amount.) Interest Rate Fiscal Year-End Interest Expense 9% December 31 ni 6% August 31 October 31 12%
July 1 Orcas ab issued a $180,000.13%, month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30 On September 30
ved On July 1, 2021, Ross Livermore Industries issued nine month notes in the amount of $800 million Interest is payable at maturity Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions (Enter your answers in millions (ie., 10,000,000 should be entered as 10).) Fiscal Year End: Interest Rate * Time - Interest Expense Principal million) $ 800 $ 800 x million December 31, 2021 September...
On August 31, 2020, Pine Company issued a 9-month, 12% note payable to National Bank in the amount of $180,000. Interest is due at maturity. Record the entries for Pine Company on the following dates. a. Issuance of the note on August 31, 2020. b. Adjusting entry on December 31, 2020, Pine Company's fiscal year-end. C. Payment of the note payable on May 31, 2021. Note: List multiple debits or credits (when applicable) in alphabetical order. Date Account Name Dr....
Exercise 8-5A Determine interest expense (LO8-2) EOS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $4.4 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (i.e. 5 should be...
Exercise 8-5A Determine interest expense (LO8-2) OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year note for the amount of $4.4 million. Interest is payable at maturity. Required: Determine the amount of interest expense that should be recorded in a year-end adjusting entry under each of the following independent assumptions: (Enter your answers in dollars, not in millions (.e. 5 should be...
On June 30, 2021, Chu Industries issued 9-month notes in the amount of $760,000. Assume that interest is payable at maturity in the following three independent cases: Required: Determine the amount of interest expense that should be accrued in a year-end adjusting entry under each assumption: (Round your final answers to the nearest whole dollar amount.) Interest Rate Fiscal Year-End Interest Expense 9% December 31 ni 6% August 31 October 31 12%
Most questions answered within 3 hours.
-
Name two areas of the human body with the highest concentration
of lymph nodes and speculate...
asked 1 minute ago -
Angel Corporation has $10,000,000 of
8.0% 25 year bonds dated May 1, 2018 with interest payable...
asked 36 minutes ago -
7.
________ involves individuals trading goods they already have or
providing services in exchange for something...
asked 40 minutes ago -
Share your research problem. What databases did you search as
you gathered evidence to support your...
asked 40 minutes ago -
what process occurs to form microspores and megaspores in flowering
plants?
asked 47 minutes ago -
C++
I need to use the function getData to put in all my data using
arrays....
asked 47 minutes ago -
A block is hung by a string from the inside roof of a van. When
the...
asked 54 minutes ago -
Do you think companies should not go for long term debt in their
capital structure to...
asked 1 hour ago -
I create an address book where the user enters the name, phone
and email in the...
asked 1 hour ago -
The production capacity for acrylonitrile
(C3H3N) in the United States exceeds 2
million pounds per year....
asked 1 hour ago -
explain and comment out your answer
43. How many address lines are required to address a...
asked 1 hour ago -
A sample of 45 observations is selected from a normal
population. The sample mean is 49,...
asked 1 hour ago