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10. Susan received a promissory note issued on July 20, 2020 with $2000 on face and...
421m 9) A promissory note received from a customer in exchange for an account receivable is...
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
On July 1, 2020 Splish Limited issued bonds with a face value of $1,090,000 due in...
On July 1, 2020 Splish Limited issued bonds with a face value of $1,090,000 due in 20 years, paying interest at a face rate of 8% on January 1 and July 1 each year. The bonds were issued to yield 10%. The company’s year-end was September 30. The company used the effective interest method of amortization. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values...
On July 1, 2019, East Carolina Chair Company issued $700,000 face value of 5%, 20 year...
On July 1, 2019, East Carolina Chair Company issued $700,000 face value of 5%, 20 year bonds. The bonds call for semiannual interest payments and they mature on July 1, 2039. The company received cash of $492,176, a price that provides an annual yield of 8%. The company's fiscal year ends on March 31. Required: Using the interest method of accounting for bonds, prepare journal entries (to the nearest dollar) to record the following: A. The issuance of the bonds...
Bramble Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2020,...
Bramble Corporation, a publicly-traded company, agreed to loan money to another company. On July 1, 2020, the company received a five-year promissory note with a face value of $503,000, paying interest at a face rate of 6% on July 1 each year. The note was issued to yield an effective interest rate of 7%. Bramble used the effective interest method of amortization for discounts or premiums, and the company’s year-end is September 30. Use 1. PV.1 Tables, 2. a financial...
On July 1, 2020, Metlock Inc. made two sales: 1. It sold excess land in exchange...
On July 1, 2020, Metlock Inc. made two sales: 1. It sold excess land in exchange for a four-year, non–interest-bearing promissory note in the face amount of $1,244,650. The land’s carrying value is $630,000. 2. It rendered services in exchange for an eight-year promissory note having a face value of $410,000. Interest at a rate of 2% is payable annually. The customers in the above transactions have credit ratings that require them to borrow money at 12% interest. Metlock recently...
I need help pls ASAP. Thank you On July 1, 2020 Pharoah Limited issued bonds with...
I need help pls ASAP. Thank you On July 1, 2020 Pharoah Limited issued bonds with a face value of $990,000 due in 20 years, paying interest at a face rate of 7% on January 1 and July 1 each year. The bonds were issued to yield 9%. The company’s year-end was September 30. The company used the effective interest method of amortization. 1) Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium...
On July 1, 2020 Pronghorn Limited issued bonds with a face value of $980,000 due in...
On July 1, 2020 Pronghorn Limited issued bonds with a face value of $980,000 due in 20 years, paying interest at a face rate of 10% on January 1 and July 1 each year. The bonds were issued to yield 11%. The company’s year-end was September 30. The company used the effective interest method of amortization. Using 1. factor Tables 2. a financial calculator, or 3. Excel function PV, calculate the premium or discount on the bonds. (Round factor values...
At the beginning of 2020 Corp A issued at 96.4 a $10,000,000, 10 year note payable...
At the beginning of 2020 Corp A issued at 96.4 a $10,000,000, 10 year note payable to Corp B at the rate of 6.2%. The debt had an annual coupon due December 31st, and Corp A made the first 2 payments. On Jan 4, 2022, the debt was restructured due to bankruptcy by changing the coupon rate to 4% and the maturity value to $6,800,000. Record the 2022 journal entries for both Corp A and Corp B. Please show all...
Blossom Ltd. issued an installment note on January 1, 2020 (with a required yield of 8%)...
Blossom Ltd. issued an installment note on January 1, 2020 (with a required yield of 8%) in exchange for land that it purchased from Safayeni Ltd. Safayeni’s real estate agent had listed the land on the market for $125,000. The note calls for three equal blended payments of $44,624 that are to be made at December 31, 2020, 2021, and 2022. (You. may use facctor table of the present value of 1 and the factor table of the present value...
the convertible bond was issued on january 2, 2020 with a face value of 5,000,000, a term of 10 years, and it pays inter...
the convertible bond was issued on january 2, 2020 with a face value of 5,000,000, a term of 10 years, and it pays interest each june and december 31 at an annual rate of 4%. the company received 4,600,000 cash; the cash was later used to acquire land and buildings on july 1, 2020 valued at 1,400,000 and 3,200,000 respectively. The remaining 400,000 of convertible bonds was also issued on January 2, 2020, in exchange for equipment valued at $400,000....
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
On July 1, 2019, East Carolina Chair Company issued $700,000 face value of 5%, 20 year bonds. The bonds call for semiannual interest payments and they mature on July 1, 2039. The company received cash of $492,176, a price that provides an annual yield of 8%. The company's fiscal year ends on March 31. Required: Using the interest method of accounting for bonds, prepare journal entries (to the nearest dollar) to record the following: A. The issuance of the bonds...
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