a) | Cash paid for Interest in 2018 | = | $ - | |||
b) | Interest recognized in 2018 | = | $ 105000 x 7% x 3/12 | |||
= | $ 1,838 | |||||
c) | Total Liabilities as on Dec 31, 2018 | = | $ 105000 + $ 1838 | |||
= | $ 1,06,838 | |||||
d) | Amount paid to bank on Mar 31, 2019 | = | $ 1838 + ($ 105000 x 7% x 3/12) + $ 105000 | |||
= | $ 1,08,675 | |||||
e) | Interest recognized in 2019 | = | $ 1,838 |
Abardeen Corporation borrowed $105,000 from the bank on October 1, 2018. The note had an 7...
Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 8 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Abardeen Corporation borrowed $52.000 from the bank on October 1, 2018. The note had an 10 percent annual rate of Interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for Interest in 2018? b. What amount of Interest expense was recognized on the 2018 Income statement? c. What amount of total liabilities was reported on the December 31, 2018, balance sheet? d....
Can you check my work? Abardeen Corporation borrowed $74,000 from the bank on October 1, 2018. The note had an 6 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was recognized on the 2018 income statement? c. What amount of total liabilities was reported on the December...
Abardeen Corporation borrowed $114,000 from the bank on October 1. Year 1. The note had an 4 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
Abardeen Corporation borrowed $85,000 from the bank on October 1, Year 1. The note had an 6 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in Year 1? b. What amount of interest expense was recognized on the Year 1 income statement? (Do not round intermediate calculations. Round your answer to the nearest dollar...
A Streaming. Maintenance Conn... Connect - Sign In S The GOAT. Let's gra.. ework i Saved Help Save & Exit Check my Abardeen Corporation borrowed $125,000 from the bank on October 1, 2018. The note had an 7 percent annual rate of interest and matured on March 31, 2019. Interest and principal were paid in cash on the maturity date. Required a. What amount of cash did Abardeen pay for interest in 2018? b. What amount of interest expense was...
A company borrowed $500,000 on a one-year, 10% note on October 1, 2018, with interest and principal to be paid at maturity. How much interest should be reported on the income statement for the year ending December 31, 2019? a. $50,000 b. $150,000 c. $75,000 d. $37,500
On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note payable. Calculate the amount of interest expense reported by TGW Company in its 2023 income statement related to this loan.On October 1, 2022, TGW Company borrowed $26,000 from a bank on a 9%, 8-month note payable. Calculate the amount of interest expense reported by TGW Company in its 2023 income statement related to this loan.
On January 1, 2018, Brown Co. borrowed cash from First Bank by issuing a $52,000 face value, four-year term note that had an 6 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,007 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $24,960 cash per year. Required a. Prepare an amortization schedule for the...
Can anyone help with this problem below? It's accounting Workshop 4 Problems Student Q Search Shoot + View AA. Doo Home Insert Page Layout Formulas Data , Xcut Calibri (Body) - 12 . A- A Paste Format B IU. .A. G11 x fx Review = = - EWrap Text Morge & Center General $ . % Good Check Cell . Insert * Dolete ) Conditional Format Formatting as Table Format Clear Filter H I J K L M N O...