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Question 16 (2 points) Smith, Inc. entered into a 5 year loan for the purchase of...
Question 13 (3 points) Smith Corporation has the following information on their adjusted trial balance as...
Question 13 (3 points) Smith Corporation has the following information on their adjusted trial balance as of December 31, 2020. Use this information to determine the amount of current liabilities Do not use dollar signs, commas, or decimals in your answer. Account Dec 31, 2020 Dividends payable on February 1, 2021 $ 14,000 Bonds Payable (matures December 2028) 175,000 Interest payable on March 1, 2021 3,500 Note payable (due June 30, 2021) 70,000 Accounts payable 210,000 Salaries 49,000 A
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The...
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discounted at 10% was $81,100. Ten annual lease payments of $12,000 are due each year beginning July 1, 2021. Smith Co. had constructed the equipment recently for $66,000, and its retail fair value was $81,100. What amount did Smith Co. record in its income statement for the reporting year ending December 31, 2021, in connection with the lease?...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The...
Karla Salons leased equipment from Smith Co. on July 1, 2021, in a finance lease. The present value of the lease payments discounted at 8% was $61,600. Ten annual lease payments of $8,500 are due each year beginning July 1, 2021. Smith Co. had constructed the equipment recently for $53,500, and its retail fair value was $61,600. What amount of interest revenue from the lease should Smith Co. report in its December 31, 2021, income statement? Multiple Choice $8,500. $3,080....
On December 31, 2020, Millers Grocery Inc. had a 10-year, 7% note payable balance of $100,000....
On December 31, 2020, Millers Grocery Inc. had a 10-year, 7% note payable balance of $100,000. The note payable was originally issued on June 30, 2011. The company will issue its financial statements on March 15, 2021. How will the note payable in each of the following separate scenarios be classified on the balance sheet of Millers Grocery on December 31, 2020? a. The company intends to pay off the note payable when it comes due. b. The company intends...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1,...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
On January 1, 2020, Better, Inc. entered into an equipment lease with Canyon Corp. under which...
On January 1, 2020, Better, Inc. entered into an equipment lease with Canyon Corp. under which Better agrees to lease equipment that was manufactured by Canyon and that has an expected useful life of 4 years. The cost to manufacture the equipment was $500,000 and its normal sales price is $600,000. The lease term is 3 years and Canyon expects to recover the equipment’s normal sales price through 3 lease payments in order to earn an 8% rate of return....
7) (35 points) EmKay, Inc. is considering the purchase of new automated equipment to increase its...
7) (35 points) EmKay, Inc. is considering the purchase of new automated equipment to increase its production capacity. For this purchase, the following data apply: Purchase price = $450,000 ($250,000 from own funds (equity) and $200,000 from a loan) Equipment Life: 4 years Depreciation: MACRS-GDS 3-year property Estimated salvage: $90,000 Effective tax rate: 35% EOY Expected O&M Costs Estimated revenue $30,000 $180,000 2 $40,000 $200,000 3 $50,000 $220,000 4 $60,000 $240,000 Conditions on loan: $200,000 borrowed at a nominal rate...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020,...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
correct version DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down...
correct version
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7% instalment loan LORETIRE payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 and include both interest and principal. The following is an extract from the loan GENER amortization table the supplier provided to DueNorth : Beginning Ending Payment loan Dates balance Payment...
Question 13 (3 points) Smith Corporation has the following information on their adjusted trial balance as of December 31, 2020. Use this information to determine the amount of current liabilities Do not use dollar signs, commas, or decimals in your answer. Account Dec 31, 2020 Dividends payable on February 1, 2021 $ 14,000 Bonds Payable (matures December 2028) 175,000 Interest payable on March 1, 2021 3,500 Note payable (due June 30, 2021) 70,000 Accounts payable 210,000 Salaries 49,000 A
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Brief Exercise 15-06 The balance sheet for Crane Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable Less: Discount on bonds payable $3,600,000 Rec 252,000 $3,348,000 Crane decides to redeem these bonds at 100 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 Exercise 15-08 The...
7) (35 points) EmKay, Inc. is considering the purchase of new automated equipment to increase its production capacity. For this purchase, the following data apply: Purchase price = $450,000 ($250,000 from own funds (equity) and $200,000 from a loan) Equipment Life: 4 years Depreciation: MACRS-GDS 3-year property Estimated salvage: $90,000 Effective tax rate: 35% EOY Expected O&M Costs Estimated revenue $30,000 $180,000 2 $40,000 $200,000 3 $50,000 $220,000 4 $60,000 $240,000 Conditions on loan: $200,000 borrowed at a nominal rate...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
correct version
DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7% instalment loan LORETIRE payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 and include both interest and principal. The following is an extract from the loan GENER amortization table the supplier provided to DueNorth : Beginning Ending Payment loan Dates balance Payment...
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