Homework Answers
| A | ||
| Interest | ||
| 1 | 1080 | =24000*9%*180/360 |
| 2 | 256 | =6400*12%*4/12 |
| 3 | 1450 | =29000*10%*180/360 |
| B | ||
| Balance in Notes payable | 35400 | =6400+29000 |
| $24,000 note has been paid before December 31,2019 | ||
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Wrigley Company issued the following notes during 2019. Find the interest due on each of the...
Wrigley Company issued the following notes during 2019. Find the interest due on each of the...
Wrigley Company issued the following notes during 2019. Find the interest due on each of the notes, using the interest formula method. points Analyze What is the balance in Notes Payable on December 31, 2019, assuming that all notes were paid when due? References Complete this question by entering your answers in the tabs below. Interest Due Analyze Find the interest due on each of the notes, using the interest formula method. (Use 360 days a year.) 1. A $27,000...
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No....
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No. 21 Interest Rate Date Jan. 5 June 3 Sept. 28 Face Amount $50, eee 14,000 8,000 Period 3 months 90 days 3 months 10% 98 Required: Compute the maturity value of each note. Analyze: What is the total interest expense on these notes for the year? Complete this question by entering your answers in the tabs below. Maturity Value Analyze Compute the maturity value...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
1The bank notes, issued August 1, 2021, are due on July 31, 2022, and pay interest...
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On...
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 12 percent. Note No. Date Face Amount Period Interest Rate 31 Apr. 4, 2019 $ 33,000 6 months 10 % 32 June 11, 2019 17,100 120 days 7 % 33 July 31, 2019 14,800 60 days 12 % Required: Compute the net proceeds received from...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $133,965 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on...
On May 16, 2019, Safeway Company received a 90-day, 9 percent, $6,000 interest-bearing note from Black...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
The unadjusted trial balance of the s 2018 financial statements were issued on April 1, 2019...
The unadjusted trial balance of the s 2018 financial statements were issued on April 1, 2019 32,000 663,000 310,000 Bank notes payable Other information a The bank notes, issued August 1, 2018, are due on July 31, 2019, and pay interest at a rate of 10%, payable at maturity. mortgage note is due on March 1, 2019 interest at 9% has been paid up to December 31 (assume 9% is a realistic rate). e and r s were of two...
A company issues two separate short term notes payable: - October 1st 2017, they issued zero...
A company issues two separate short term notes payable: - October 1st 2017, they issued zero interest note payable due on April 1st 2019 in the amount of 106,000 as a payment for 100,000. - November 1st 2017, they issue a 200,000 note at 10% interest due on April 1st 2019 prepare journal entries and adjusting entries from October to April what balances of these loans would be on the company's 2018 balance sheets and how would they be classified.
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $...
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 6,800 2,400 13,800 8,300 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $2,300 1.150 575 525 Prepare the liabilities section of its classified balance sheet. (Negative amount(s) should be indicated by a minus sign.) WOOHOO CO. Liabilities Section of Balance Sheet December 31 Liabilities Current liabilities Total current liabilities 1 Long-term liabilities TO . I Total long-term...
Wrigley Company issued the following notes during 2019. Find the interest due on each of the notes, using the interest formula method. points Analyze What is the balance in Notes Payable on December 31, 2019, assuming that all notes were paid when due? References Complete this question by entering your answers in the tabs below. Interest Due Analyze Find the interest due on each of the notes, using the interest formula method. (Use 360 days a year.) 1. A $27,000...
** VOUC. LU 102 The following notes were received by Miller Company during 2019: Note No. 21 Interest Rate Date Jan. 5 June 3 Sept. 28 Face Amount $50, eee 14,000 8,000 Period 3 months 90 days 3 months 10% 98 Required: Compute the maturity value of each note. Analyze: What is the total interest expense on these notes for the year? Complete this question by entering your answers in the tabs below. Maturity Value Analyze Compute the maturity value...
The Gaynor Company had the following transactions involving notes payable during 2019. 7 Jan. 15 Purchased office equipment from Corporate Outfitters and issued a 180- day, 10 percent note for $21,000. Apr. 10 Borrowed $14,000 at 12 percent from the Guarantee Bank by discounting a 60-day note payable. June 9 Paid the note due Guarantee Bank. July 14 Paid the note due Corporate Outfitters. Prepare the entries in general journal form to record these transactions. (Assume 360 days in a...
1The bank notes, issued August
1, 2021, are due on July 31, 2022, and pay interest at a rate of
12%, payable at maturity.
2 The mortgage note is due on March 1, 2022. Interest at 11% has
been paid up to December 31 (assume 11% is a realistic rate).
Manufacturing intended at December 31, 2021, to refinance the note
on its due date with a new 10-year mortgage note. In fact, on March
1, Manufacturing paid $260,000 in cash...
Problem 10-5A Installment notes LO C1 On November 1, 2019, Norwood borrows $580,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal payments of $133,965 each year on October 31. Required: 1. Complete an amortization table for this installment note. 2. Prepare the journal entries in which Norwood records the following: (a) Accrued interest as of December 31, 2019 (the end of its annual reporting period). (b) The first annual payment on...
On May 16, 2019, Safeway Company received a 90-day, 9 percent,
$6,000 interest-bearing note from Black Company in settlement of
Black's past-due account. On June 30, Safeway discounted this note
at Fargo Bank and Trust. The bank charged a discount rate of 14
percent. On August 15, Safeway received a notice that Black had
paid the note and the interest on the due date.
Required: Prepare the entries in general journal form to record
these transactions.
Analyze: If the company...
The unadjusted trial balance of the s 2018 financial statements were issued on April 1, 2019 32,000 663,000 310,000 Bank notes payable Other information a The bank notes, issued August 1, 2018, are due on July 31, 2019, and pay interest at a rate of 10%, payable at maturity. mortgage note is due on March 1, 2019 interest at 9% has been paid up to December 31 (assume 9% is a realistic rate). e and r s were of two...
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 6,800 2,400 13,800 8,300 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $2,300 1.150 575 525 Prepare the liabilities section of its classified balance sheet. (Negative amount(s) should be indicated by a minus sign.) WOOHOO CO. Liabilities Section of Balance Sheet December 31 Liabilities Current liabilities Total current liabilities 1 Long-term liabilities TO . I Total long-term...
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