Strax co received a loan of $ 36,000 on 1 April 2016 from Tega co. The...
Strax co received a loan of $ 36,000 on 1 April 2016 from Tega
co. The bond was for one year and bore 7% interest. Strax co had
$1,700 cash sales in 2016 and $ 1,400 in 2017. Suppose no other
transactions have occurred in this example.
What was the result of 2017 for Strax co?
a. $ 770 profit
b $ 630 profit
c $ -190 loss
d $ 1,890 profit
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Strax co received a loan of $ 36,000 on 1 April 2016 from Tega
co. The...
Strax co received a loan of 36,000 $ on 1 April 2016 from Tega co. The...
Strax co received a loan of 36,000 $ on 1 April 2016 from Tega co. The bond was for one year and bore 7% interest. Strax co had $ 1,700 cash sales in 2016 and $ 1,400 in 2017. Suppose no other transactions have occurred in this example. What were the liabilities in the accounts of Strax co in 2016 and 2017? a 36,000 $ / 630 $. b 37.890 $. / 0 $. c 37,890 $. / 38.520 $....
On July 1, 2016, the City of Corfu received a gift of debt securities of XYZ...
On July 1, 2016, the City of Corfu received a gift of debt securities of XYZ Company with a nominal (par) value of $1,600,000. Income is to be used to make awards for civic achievements. As of the date of the gift, the securities had a market value of $1,668,000. Included in this amount is accrued interest of $18,000. The bonds carried an annual interest rate of 5%, payable semiannually on April 1 and October 1. During the fiscal year...
Vivo Co. received an 8-month, 9% note for $100,000 from its agent on October 1, 2016....
Vivo Co. received an 8-month, 9% note for $100,000 from its agent on October 1, 2016. The note is due on May 30, 2017. If Vivo accounting period ends on December 31, 2016, how much interest revenue should Vivo recognize during 2016 and 2017? 2016 2017 a. $2,250 $3,750 b. $3,375 $5,625 c. $9,000 $0 d. $3,750 $2,250
Exercise 240 These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year,...
Exercise 240 These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T. Foley. Dec. 31 Accrued interest revenue on the T. Foley note. 2017 May 1 Received principal plus interest on the T. Foley note. (No interest has been accrued since December 31, 2016.) Record the transactions in general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent man...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000. --...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of...
Effective April 1, 2016. ABC Inc, which has a year-end of December 31st, authorized $1500000 of callable, mortgage bonds (secured by 2200000 of property and equipment at market value ). The bond paid interest at a rate of 8% per year and had a term of 6 year. Interest way payable each September 30th and march 31st. On July 1, 2017 ABC INC issued 1000 of the bonds in exchange for cash in the total amount of $906000. On October...
On July 1, 2016, the Morgan County School District received a $54,000 gift from a local...
On July 1, 2016, the Morgan County School District received a $54,000 gift from a local civic organization with the stipulation that, on June 30 of each year, $3,900 plus any interest earnings on the unspent principal be awarded as a college scholarship to the high school graduate with the highest academic average. A private-purpose trust fund, the Civic Scholarship Fund, was created. On July 1, 2016, the gift was received and immediately invested. On June 30, 2017, $3,900 of...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. inve 2016 Apr. 20...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. inve 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000....
On April 1, 2016, Mumford Company sold equipment to its wholly owned subsidiary, Stapp Corporation, for...
On April 1, 2016, Mumford Company sold equipment to its wholly owned subsidiary, Stapp Corporation, for $306,000. At the time of the transfer, the asset had an original cost (to Mumford) of $350,000 and accumulated depreciation of $110,000. The equipment has a ten-year estimated remaining life. Stapp reported net income of $500,000, $580,000 and $620,000 in 2016, 2017, and 2018, respectively. Mumford received dividends from Stapp of $180,000, $210,000 and $240,000 for 2016, 2017, and 2018, respectively. Assume Mumford uses...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000. Paid...
Exercise 240 These transaction took place for Sanders Co. 2016 May 1 Received a $15,000, 1-year, 9% note in exchange for an outstanding account receivable from T. Foley. Dec. 31 Accrued interest revenue on the T. Foley note. 2017 May 1 Received principal plus interest on the T. Foley note. (No interest has been accrued since December 31, 2016.) Record the transactions in general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent man...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000. --...
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. inve 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000....
Tyrell Co. entered into the following transactions involving short-term liabilities in 2016 and 2017. 2016 Apr. 20 Purchased $36,000 of merchandise on credit from Locust, terms n/30. Tyrell uses the perpetual inventory system. May 19 Replaced the April 20 account payable to Locust with a 90-day, $35,000 note bearing 9% annual interest along with paying $1,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 12% interest-bearing note with a face value of $57,000. Paid...
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