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Problem 9-92A (Algorithmic) Entries for and Financial Statement Presentation of a Note TIL Perez Company borrowed...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed $716,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $708,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount Accounting sumerie field 2. Prepare the necessary journal entry at June 30, 2020. If required, round...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year,...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Perez's journal 2019. June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019. December 31 Record interest expense 2020. December 31 Record interest expense 3. Prepare the necessary journal...
Problem 9-94A (Algorithmic) Note Computations and Entries Straight Line) On January 1, 2020, Sisek Company borrowed...
Problem 9-94A (Algorithmic) Note Computations and Entries Straight Line) On January 1, 2020, Sisek Company borrowed $886,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $878,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Cash 878,800 Discount on Notes Payable 7,200 Notes Payable 886,000 Record issuance of notes at discount Feedback 2. Prepare the necessary journal...
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported...
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2019: Monon Cable Television Company Income Statement For the year ended December 31, 2019 Sales $519,000 Less operating expenses: Royalties expense Salaries expense $240,000 26,000 83,000 Utilities expense Supplies expense 13,000 Rent expense 79,000 Depreciation expense 28,000 469,000 Income from operations $50,000 Other income (expenses) Gain on disposal of property, plant and equipment $800 Interest expense (1,800) (1,000) Income...
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $25,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $7,381, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) Record the payment of the first installment payment of interest and principal on...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company borrowed $27,500 by issuing 3-year, 8.5% bonds with a face amount of $25,000. Interest is paid annually on December 31. Required: Prepare an amortization table. Note: If an amount box does not require an entry, leave it blank and if the answer is zero, enter "O". Round all amounts to the nearest dollar. And, if necessary, round final year to complete the amortization. Distel...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020: Accounts payable $59,400 800,000 41,500 Bonds payable (9.4%, due in 2027) Capital lease liability Bonds payable (8.7%, due in 2023) Deferred tax liability Discount on bonds payable (9.4%, due in 2027) Income taxes payable 50,000 133,400 12,600 26,900 38,700 Interest payable 120,000 400,000 Installment note payable (8% equal installments due 2021 to 2024) Notes payable (7.8%,...
On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note.
Exercise 10-13 Installment note entries LO C1 On January 1, 2019, Eagle Company borrows $24,000 cash by signing a four-year, 8% installment note. The note requires four equal payments of $7,246, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022. Prepare the journal entries for Eagle to record the note's issuance and the four payments. (Round your intermediate calculations and final answers to the nearest dollar amount.) 1 Eagle borrows $24,000 cash by signing a four-year,...
Problem 8-77A (Algorithmic) Excise Taxes Clinton Power provides electricity to a wide area of western Kentucky. Du...
Problem 8-77A (Algorithmic) Excise Taxes Clinton Power provides electricity to a wide area of western Kentucky. During October 2019 it billed 18,700 of its residential customers located in the town of Heyworth a total of $2,540,000 for electricity (this is considered revenue). In addition Clinton is required to collect the following taxes: a. State Excise Tax: A tax of $3.00 per customer plus 2% of billing used to fund the Kentucky Energy Commission b. Federal Excise Tax: A tax of...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note....
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare the journal entries for Eagle to record the note's issuance and the four payments (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
Problem 9-94A (Algorithmic) Note Computations and Entries (Straight line) On January 1, 2020, Sisek Company borrowed $716,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $708,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Record issuance of notes at discount Accounting sumerie field 2. Prepare the necessary journal entry at June 30, 2020. If required, round...
Perez Company borrowed $54,000 from the First National Bank on June 1, 2019, on a 3-year, 8.7% note. Interest is paid annually on May 31. If required, round amounts to the nearest dollar. Required: 1. Record the borrowing transaction in Perez's journal 2019. June 1 Record issuance of note at par 2. Prepare the adjusting entries made at December 31, 2019 and 2020. 2019. December 31 Record interest expense 2020. December 31 Record interest expense 3. Prepare the necessary journal...
Problem 9-94A (Algorithmic) Note Computations and Entries Straight Line) On January 1, 2020, Sisek Company borrowed $886,000 with a 10-year, 9.75% note, interest payable semiannually on June 30 and December 31. Cash in the amount of $878,800 was received when the note was issued. Required: 1. Prepare the necessary journal entry at January 1, 2020. 2020 Jan. 1 Cash 878,800 Discount on Notes Payable 7,200 Notes Payable 886,000 Record issuance of notes at discount Feedback 2. Prepare the necessary journal...
eBook Calculator Problem 11-56A (Algorithmic) Preparing a statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2019: Monon Cable Television Company Income Statement For the year ended December 31, 2019 Sales $519,000 Less operating expenses: Royalties expense Salaries expense $240,000 26,000 83,000 Utilities expense Supplies expense 13,000 Rent expense 79,000 Depreciation expense 28,000 469,000 Income from operations $50,000 Other income (expenses) Gain on disposal of property, plant and equipment $800 Interest expense (1,800) (1,000) Income...
Problem 9-93A (Algorithmic) Preparing a Bond Amortization Table (Straight Line) On January 1, 2021, Distel Company borrowed $27,500 by issuing 3-year, 8.5% bonds with a face amount of $25,000. Interest is paid annually on December 31. Required: Prepare an amortization table. Note: If an amount box does not require an entry, leave it blank and if the answer is zero, enter "O". Round all amounts to the nearest dollar. And, if necessary, round final year to complete the amortization. Distel...
Problem 9-91A (Algorithmic) Reporting Long-Term Debt Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2020: Accounts payable $59,400 800,000 41,500 Bonds payable (9.4%, due in 2027) Capital lease liability Bonds payable (8.7%, due in 2023) Deferred tax liability Discount on bonds payable (9.4%, due in 2027) Income taxes payable 50,000 133,400 12,600 26,900 38,700 Interest payable 120,000 400,000 Installment note payable (8% equal installments due 2021 to 2024) Notes payable (7.8%,...
Problem 8-77A (Algorithmic) Excise Taxes Clinton Power provides electricity to a wide area of western Kentucky. During October 2019 it billed 18,700 of its residential customers located in the town of Heyworth a total of $2,540,000 for electricity (this is considered revenue). In addition Clinton is required to collect the following taxes: a. State Excise Tax: A tax of $3.00 per customer plus 2% of billing used to fund the Kentucky Energy Commission b. Federal Excise Tax: A tax of...
On January 1, 2019, Eagle Company borrows $35,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $10,333, consisting of accrued interest and principal on December 31 of each year from 2019 through 2022 Prepare the journal entries for Eagle to record the note's issuance and the four payments (Round your intermediate calculations and final answers to the nearest dollar amount.) View transaction list Eagle borrows $35,000 cash by signing a four-year, 7% installment...
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