On July 1, 20X3, Clear Water Corp. received a $45,000, three-year, 6% note receivable from a...
On July 1, 20X3, Clear Water Corp. received a $45,000, three-year, 6% note receivable from a customer for services performed. Interest is payable annually, with the first payment due on June 30, 20X4. The market rate for similar notes is 8%. Clear Water has a December 31 fiscal year end. How much interest revenue should Clear Water recognize in the December 31, 20X3, fiscal year?
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On July 1, 20X3, Clear Water Corp. received a $45,000,
three-year, 6% note receivable from a...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
The following transactions occurred during July: 1. Received $900 cash for services provided to a customer...
The following transactions occurred during July:1. Received $900 cash for services provided to a customer during July.2. Received $2,200 cash investment from Bob Johnson, the owner of the business.3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Provided services to a customer on credit, $375.5. Borrowed $6,000 from the bank by signing a promissory note.6. Received $1,250 cash from a customer for services to be performed next year.What was the...
On July 1, 20X3, Roxy Co. obtained fire insurance for a three-year period at an annual...
On July 1, 20X3, Roxy Co. obtained fire insurance for a three-year period at an annual premium of $72,000 payable on July 1 of each year. The first premium payment was made July 1, 20X3. On October 1, 20X3, Roxy paid $24,000 for real estate taxes to cover the period ending September 30, 20X4. This prepayment was made to obtain a discount. In its Decemnber 31, 20X3, Balance Sheet, Roxy should report prepaid expenses of: O $60,000. O s46,000. O...
Vulture, Co. noted the following transactions which occurred in July: July 1 Received a $1,500 cash...
Vulture, Co. noted the following transactions which occurred in July: July 1 Received a $1,500 cash payment from a customer for services provided in June on account. July 6 Provided $850 worth of services to a customer on account. July 8 Provided $1,160 worth of services to a customer who paid cash. July July July 11 18 25 Received a $400 cash payment from a customer for whom Vulture had already provided services for on July 6th. Received a $910...
Refrain, Inc. noted the following transactions which occurred in July: July 1 Received a $1,500 cash...
Refrain, Inc. noted the following transactions which occurred in July: July 1 Received a $1,500 cash payment from a customer for services provided in June on account. July 6 Provided $850 worth of services to a customer on account. July 8 Provided $1,160 worth of services to a customer who paid cash. July July 11 18 Received a $400 cash payment from a customer for whom Refrain had already provided services for on July 6th. Received a $910 cash payment...
Wildhorse Co.closes its books on its July 31 year-end. The company does not make entries to...
Wildhorse Co.closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $26,800. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate 8% April 21 Coote Inc. May 25 Brady Co. June 30 BMG Corp. $5,200 90 days July 20 8,400 60 days July 24 13,200 6 months December 31 10% 69 During July, the...
Luke Corp. issued $2,000,000 of 20 year, calable bonds on July 1 Year 1, with interest...
Luke Corp. issued $2,000,000 of 20 year, calable bonds on July 1 Year 1, with interest payable on June 30 and December 31. The fiscal year of the compan is the entry to record the payment of interest on December 31 in the year the bonds were issued 180,000 a. Interest Expense Cash b. Interest Payable 180,000 90,000 90,000 180,000 Cash e. Interest Expense Cash 90,000 90,000 90,000 Interest Expense 90,000
Kolton Company closes its books on its July 31 year-end. The company does not make entries...
Kolton Company closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate April 21 Booth Inc. $6,000 90 days July 20 8% May 25 Manning Co. 7,800 60 days July 24 10% June 30 ANF Corp. 10,000 6 months December 31 6% During July,...
The ABC Company rendered services on 1/1/15 and accepted a $10,000, 4%, 5-year note receivable with...
The ABC Company rendered services on 1/1/15 and accepted a $10,000, 4%, 5-year note receivable with interest to be paid annually on December 31 through 12/31/19. The principal will be paid in full on 12/31/19. ABC's imputed interest rate is 8% and the effective amortization method is used. The initial journal entry to record the receipt of the note will include an entry to which account for what approximate amount? Select one: a. Debit to Discount on Notes Receivable for...
Bridgeport Corp.closes its books on its July 31 year-end. The company does not make entries to...
Bridgeport Corp.closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $25,000 Notes Receivable include the following Maker Date Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,000 90 days July 20 8% May 25 Brady Co. 9,000 60 days July 24 11% June 30 BMG Corp. 12,000 6 months December 31 6 % During July,...
. me following transactions occurred during the fiscal year ended June 30, 20X3: Received a gift of $100,000 on July 7, 20X2, from an alumnus who stipulated that half the gift be restricted to purchase books for the university library and the remainder be used to establish an endowed scholarship fund. The alumnus further requested that the income generated by the scholarship fund be used annually to award a scholarship to a qualified disadvantaged student. On July 20, 20X2, the...
On July 1, 20X3, Roxy Co. obtained fire insurance for a three-year period at an annual premium of $72,000 payable on July 1 of each year. The first premium payment was made July 1, 20X3. On October 1, 20X3, Roxy paid $24,000 for real estate taxes to cover the period ending September 30, 20X4. This prepayment was made to obtain a discount. In its Decemnber 31, 20X3, Balance Sheet, Roxy should report prepaid expenses of: O $60,000. O s46,000. O...
Wildhorse Co.closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $26,800. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate 8% April 21 Coote Inc. May 25 Brady Co. June 30 BMG Corp. $5,200 90 days July 20 8,400 60 days July 24 13,200 6 months December 31 10% 69 During July, the...
Luke Corp. issued $2,000,000 of 20 year, calable bonds on July 1 Year 1, with interest payable on June 30 and December 31. The fiscal year of the compan is the entry to record the payment of interest on December 31 in the year the bonds were issued 180,000 a. Interest Expense Cash b. Interest Payable 180,000 90,000 90,000 180,000 Cash e. Interest Expense Cash 90,000 90,000 90,000 Interest Expense 90,000
The ABC Company rendered services on 1/1/15 and accepted a $10,000, 4%, 5-year note receivable with interest to be paid annually on December 31 through 12/31/19. The principal will be paid in full on 12/31/19. ABC's imputed interest rate is 8% and the effective amortization method is used. The initial journal entry to record the receipt of the note will include an entry to which account for what approximate amount? Select one: a. Debit to Discount on Notes Receivable for...
Bridgeport Corp.closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $25,000 Notes Receivable include the following Maker Date Face Value Term Maturity Date Interest Rate April 21 Coote Inc. $4,000 90 days July 20 8% May 25 Brady Co. 9,000 60 days July 24 11% June 30 BMG Corp. 12,000 6 months December 31 6 % During July,...
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