Homework Answers
|
December 31 |
|
Particulars |
2020 |
2021 |
2022 |
2023 |
|
Current Liabilities: |
||||
|
Current Portion of Non Current debt |
$63,599.00 |
$66,779.00 |
$70,118.00 |
$73,624.00 |
|
Interest Payable |
$17,500.00 |
$14,320.00 |
$10,981.00 |
$7,475.00 |
|
Non – Current Liabilities: |
||||
|
Long –Term Debt |
$286,401.00 |
$219,622.00 |
$149,504.00 |
$75,880.00 |
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On January 2, 2020, Brook Company acquired machinery by issuing a 5%, $350,000 note due in...
Thank you very much for answering! Problems Problem 10-IA Current versus non-current portions of debt LO1...
Thank you very much for answering!
Problems Problem 10-IA Current versus non-current portions of debt LO1 On January 2, 2017, Brook Company acquired machinery by issuing a 3% $300,000 note due in five on December 31, 2020. Annual payments are $78,608 each December 31. The payment schedule is: Principal Balance at Year-End Principal Portion of Payment $67,808 69,842 71,937 74,096 76,317 Interest Portion of Payment $10,800 8,766 6,671 4,512 2,291 Annual Payment Year 2017 2018 2019 2020 2021 $78,608 78,608...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed...
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
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 $ 5,000 1,500 12,000 6,500 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $1,400 700 350 300 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 Long-term liabilities Total long-term liabilities Total liabilities Exercise...
At December 31, 2020, Sheffield Company has outstanding three long-term debt issues. The first is a...
At December 31, 2020, Sheffield Company has outstanding three long-term debt issues. The first is a $2,020,000 note payable which matures June 30, 2023. The second is a $7,060,000 bond issue which matures September 30, 2024. The third is a $14,840,000 sinking fund debenture with annual sinking fund payments of $2,968,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020. Long-term Debt 2021 $ 2022 $ 2023 $...
Accounting At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is...
Accounting
At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is a $1,960,000 note payable which matures June 30, 2023. The second is a $6,760,000 bond issue which matures September 30, 2024. The third is a $13,530,000 sinking fund debenture with annual sinking fund payments of $2,706,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020. Long-term Debt 2021 $ 2022 $ 2023...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price...
P7.8 On December 31, 2020, Zhang Ltd. rendered services to Beggy Corp. at an agreed price of $91,844.10. In payment, Zhang accepted $36,000 cash and agreed to receive the balance in four equal instalments of $18,000 that are due each December 31. An interest rate of 11% is applicable. Instructions a. Calculate the value of the note receivable at December 31, 2020, and prepare an instalment note receivable schedule. b. Prepare the entries recorded by Zhang Ltd. for the sale...
At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $19 million under a 10% note...
At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $19 million under a 10% note due December 31, 2023. Interest was paid last on December 31, 2019. Brainard was experiencing severe financial difficulties and asked Second BancCorp to modify the terms of the debt agreement. After negotiation Second BancCorp agreed to: a. Forgive the interest accrued for the year just ended. 6. Reduce the remaining two years' interest payments to $1 million each and delay the first payment until...
Thank you very much for answering!
Problems Problem 10-IA Current versus non-current portions of debt LO1 On January 2, 2017, Brook Company acquired machinery by issuing a 3% $300,000 note due in five on December 31, 2020. Annual payments are $78,608 each December 31. The payment schedule is: Principal Balance at Year-End Principal Portion of Payment $67,808 69,842 71,937 74,096 76,317 Interest Portion of Payment $10,800 8,766 6,671 4,512 2,291 Annual Payment Year 2017 2018 2019 2020 2021 $78,608 78,608...
Sheridan Inc. issues a $336,000, 10-year, 6% mortgage note payable on November 30, 2021, to obtain financing for a new building. The terms provide for monthly instalment payments. (a) Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $2,800. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
QUESTION I-CURRENT LIABILITIES continued... amptons Inc. has a calendar year-end. On January 2, 2017, Hamptons signed as year loan for 405,000 with annual interest of 4.5% per annum. Interest for the year is paid on December Equal annual payments of are $93.000 are due at the end of each year. The payment schedule is as follows: Balance as at Annual Principal Dec. 31 balance end payment Principal interest of year opening 2017 $ 465,000 $ 113,925 $ 93,000 $ 20,925...
Notes payable (due in 5 years) Accounts payable Bonds payable (due in 10 years) Machinery $ 5,000 1,500 12,000 6,500 Discount on bonds payable Wages payable Interest payable (due in 2 weeks) Sales tax payable $1,400 700 350 300 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 Long-term liabilities Total long-term liabilities Total liabilities Exercise...
At December 31, 2020, Sheffield Company has outstanding three long-term debt issues. The first is a $2,020,000 note payable which matures June 30, 2023. The second is a $7,060,000 bond issue which matures September 30, 2024. The third is a $14,840,000 sinking fund debenture with annual sinking fund payments of $2,968,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020. Long-term Debt 2021 $ 2022 $ 2023 $...
Accounting
At December 31, 2020, Tamarisk Company has outstanding three long-term debt issues. The first is a $1,960,000 note payable which matures June 30, 2023. The second is a $6,760,000 bond issue which matures September 30, 2024. The third is a $13,530,000 sinking fund debenture with annual sinking fund payments of $2,706,000 in each of the years 2022 through 2026. Prepare the required note disclosure for the long-term debt at December 31, 2020. Long-term Debt 2021 $ 2022 $ 2023...
QUESTION I-CURRENT LIABILITIES continued.. b) Hamptons Inc. has a calendar yea pons Inc. has a calendar year-end. On January 2, 2017. Hamptons signed a year loan for 1965,000 with annual interest of Equal annual pa ud annual payments of are $92.000 are due at the end of each year. The payment schedule is as interest for the year is paid on December follows: Balance as at Principal Annual balance end Dec. 31 payment Principal interest of year opening $ 465,000...
December 31 2021 2022 2020 2023 Current liabilities: Current portion of non-current debt Interest payable Non-current liabilities: Long-term debt................ Problem 10-2A Asset purchased with a note LO2,3 cm Quebec Construction Company purchased some equipment on September 10, 2020, that had a cost of $190,000 (ignore GST/PST). Show the journal entries that would record this purchase and payment under these three separate situations: a. The company paid cash for the full purchase price. b. The company purchased the equipment on credit...
At January 1, 2021, Brainard Industries, Inc., owed Second BancCorp $19 million under a 10% note due December 31, 2023. Interest was paid last on December 31, 2019. Brainard was experiencing severe financial difficulties and asked Second BancCorp to modify the terms of the debt agreement. After negotiation Second BancCorp agreed to: a. Forgive the interest accrued for the year just ended. 6. Reduce the remaining two years' interest payments to $1 million each and delay the first payment until...
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