Homework Answers
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Interest expense recorded by Stephanie in 2020 = 100,000 * 10% * 1 month/12 months = 10,000 * 1/12 = 833.33 Comment if you face any issues |
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10. Brewer Company loaned $100,000 to Stephanie, Inc. on March 31, 2019. The principal plus interest...
On December 31, 2020, Millers Grocery Inc. had a 10-year, 7% note payable balance of $100,000....
On December 31, 2020, Millers Grocery Inc. had a 10-year, 7% note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021. How will the note payable in each of the following separate scenarios be classified on the balance sheet of Millers Grocery on December 31, 2020? a. The company intends to pay off the note payable when it comes due. b. The company intends...
Stinson Corporation issued $540,000 of 7 %, 10-year bonds payable on March 31, 2019. The market...
Stinson Corporation issued $540,000 of 7 %, 10-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 10% , and the bonds pay interest semiannually. Stinson Corporation's year-end is March 31. Review the following amortization table for Stinson's bonds: (Click the icon to view the amortization table.) Read the requirements. 1. How much cash did Stinson Corporation borrow on March 31, 2019? How much cash will the company pay back at maturity on...
ents due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest....
ents due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. redit More Info 2018 Mar. 1 Borrowed $300,000 from Bartow Bank. The 15-year, 9% note requires payments due annually, on March 1. Each psyment consists of $20,000 principal plus one year's interest Dec. 1 Mortgaged the warehouse for $400,000 cash with Sammon Bank. The mortgage requires monthly payments of $6,000. The interest rate on the note is 6 % and accrues monthly. The first...
Allen Inc. took out a one-year, 8%, $100,000 loan on March 31, 2021. Interest is due...
Allen Inc. took out a one-year, 8%, $100,000 loan on March 31, 2021. Interest is due upon maturity of the loan. What adjusting entry, if any, should Allen Inc. record on December 31, 2021?
CALCULATOR PRINTER VERSION CRACK Exercise 10-08 On December 31, 2019. Shamrock Inc. borrowed $3.240,000 at 13%...
CALCULATOR PRINTER VERSION CRACK Exercise 10-08 On December 31, 2019. Shamrock Inc. borrowed $3.240,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $388,800: June 1, $648,000: July 1, $1,620,000; December 1, $1,620,000. The building was completed in February 2021. Additional Information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, Interest payable annually 6-year, 11% note, dated...
On December 31, 2019, Sarasota Inc. borrowed $4,140,000 at 13% payable annually to finance the construction...
On December 31, 2019, Sarasota Inc. borrowed $4,140,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $496,800; June 1, $828,000; July 1, $2,070,000; December 1, $2,070,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $5,520,000 6-year, 11% note, dated December 31, 2017, interest payable...
On December 31, 2019, Novak Inc. borrowed $3,300,000 at 13% payable annually to finance the construction...
On December 31, 2019, Novak Inc. borrowed $3,300,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $396,000; June 1, $660,000; July 1, $1,650,000; December 1, $1,650,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $4,400,000 6-year, 11% note, dated December 31, 2017, interest payable...
On December 31, 2019, Windsor Inc. borrowed $3,780,000 at 13% payable annually to finance the construction...
On December 31, 2019, Windsor Inc. borrowed $3,780,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $453,600; June 1, $756,000; July 1, $1,890,000; December 1, $1,890,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $5,040,000 6-year, 11% note, dated December 31, 2017, interest payable...
Grouper Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2019, for $108,980...
Grouper Corp. purchased a $100,000 face-value bond of Myers Corp. on August 31, 2019, for $108,980 plus accrued interest. The bond pays interest annually each November 1 at a rate of 9%. On November 1, 2019, Grouper Corp. received the annual interest. On December 31, 2019, Grouper’s year end, the fair value for these bonds was 108.1. Grouper sold the bond on January 15, 2020, for $107,800 plus accrued interest. Assume Grouper Corp. follows IFRS. Prepare the journal entries to...
On December 31, 2019, Main Inc. borrowed $3,000,000 at 12% payable annually to finance the construction...
On December 31, 2019, Main Inc. borrowed $3,000,000 at 12%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000;
December 1, $1,500,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 13% bond, December 31, 2013, interest payable
annually
$4,000,000
6-year, 10% note, dated December 31, 2017, interest payable...
Stinson Corporation issued $540,000 of 7 %, 10-year bonds payable on March 31, 2019. The market interest rate at the date of issuance was 10% , and the bonds pay interest semiannually. Stinson Corporation's year-end is March 31. Review the following amortization table for Stinson's bonds: (Click the icon to view the amortization table.) Read the requirements. 1. How much cash did Stinson Corporation borrow on March 31, 2019? How much cash will the company pay back at maturity on...
ents due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. redit More Info 2018 Mar. 1 Borrowed $300,000 from Bartow Bank. The 15-year, 9% note requires payments due annually, on March 1. Each psyment consists of $20,000 principal plus one year's interest Dec. 1 Mortgaged the warehouse for $400,000 cash with Sammon Bank. The mortgage requires monthly payments of $6,000. The interest rate on the note is 6 % and accrues monthly. The first...
CALCULATOR PRINTER VERSION CRACK Exercise 10-08 On December 31, 2019. Shamrock Inc. borrowed $3.240,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $388,800: June 1, $648,000: July 1, $1,620,000; December 1, $1,620,000. The building was completed in February 2021. Additional Information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, Interest payable annually 6-year, 11% note, dated...
On December 31, 2019, Windsor Inc. borrowed $3,780,000 at 13% payable annually to finance the construction of a new building. In 2020, the company made the following expenditures related to this building: March 1, $453,600; June 1, $756,000; July 1, $1,890,000; December 1, $1,890,000. The building was completed in February 2021. Additional information is provided as follows. 1. Other debt outstanding 10-year, 14% bond, December 31, 2013, interest payable annually $5,040,000 6-year, 11% note, dated December 31, 2017, interest payable...
On December 31, 2019, Main Inc. borrowed $3,000,000 at 12%
payable annually to finance the construction of a new building. In
2020, the company made the following expenditures related to this
building: March 1, $360,000; June 1, $600,000; July 1, $1,500,000;
December 1, $1,500,000. The building was completed in February
2021. Additional information is provided as follows.
1.
Other debt outstanding
10-year, 13% bond, December 31, 2013, interest payable
annually
$4,000,000
6-year, 10% note, dated December 31, 2017, interest payable...
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